Publications

Section Newsletter Articles on Foreclosures

When a foreclosure sale preempts mortgagor’s right to sell By Gary R. Gehlbach Commercial Banking, Collections, and Bankruptcy, October 2007 In Household Bank, FSB, v. Lewis et al., the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
When a foreclosure sale preempts mortgagor’s right to sell By Gary R. Gehlbach Real Estate Law, September 2007 In Household Bank, FSB, v. Lewis et al., 311 Ill.Dec. 677, 869 N.E.2d 351, the First District of the Illinois Appellate Court reversed the Cook County trial court, finding that the expiration of the mortgagors’ statutory right of redemption precluded the mortgagors from selling the property.
Residential Foreclosure 101 By Donald P. Shriver Young Lawyers Division, December 2006 Regardless of the current state of the economy, homeowners default on their mortgage loans and lenders file routine foreclosure actions.
Lis pendens notices By Bradley W. Small Commercial Banking, Collections, and Bankruptcy, October 2006 When it comes to parties with competing interests in real estate, the lis pendens notice plays an integral part in establishing priority of such interests.
Right of redemption or not, junior mortgagee has right to file separate foreclosure action By Mark C. Palmer Commercial Banking, Collections, and Bankruptcy, September 2006 The Appellate Court of Illinois 3d District recently reversed and remanded a Marshall Co. Circuit Court’s ruling that required a junior mortgagee to redeem the senior mortgage prior to foreclosing its mortgage. React Financial v. Long, --- N.E.2d ----, 2006 WL 1476263 (Ill.App. 3d Dist., 2006).
Response to article pertaining to third-party purchaser at judicial foreclosure sales By Phillip H. Ward, Jr. Commercial Banking, Collections, and Bankruptcy, March 2003 Messrs. Moody and Potter's thorough article on representing a potential third-party purchaser at a foreclosure sale (Real Property Newsletter, October 2001) furnishes an excellent argument for their firm (and many others) to change its sale procedure.
Foreclosure of residential mortgages By Kyle Rominger Young Lawyers Division, April 1999 Foreclosing a residential mortgage consists of four main steps. First, a complaint is filed against all parties with an interest in the property. Second, a judgment of foreclosure against those parties is obtained.