Topic:
Mortgage foreclosure
(Colvin, D-Chicago) makes numerous changes in foreclosure proceedings for residential property. (1) It requires that a plaintiff comply with any applicable federal, State, local, or contractual loss mitigation program before legal proceedings may begin. If there is no program applicable or does not result in a modification of the mortgage, the plaintiff must review the mortgage under any other programs it uses. (2) Creates “foundational requirements for affidavits used in foreclosure proceeding that includes a detailed description of the affiant's claimed personal knowledge. (3) If a note is not attached to the complaint, the plaintiff must file a detailed affidavit about the efforts to locate the note and the note's terms and riders. (4) Each foreclosure complaint must include a loss-mitigation affidavit describing what steps were taken by the plaintiff to assess the mortgage loan's eligibility for modification under designated federal programs. (5) A foreclosure judgment must include a finding by the court that the plaintiff complied with applicable federal, State, or local loss-mitigation requirements or that there are no such applicable requirements. If the plaintiff has not complied, the proceedings are stayed until the court determines compliance. House Bill 6951 may be heard in House Judiciary next week, and is an initiative of Attorney General Lisa Madigan.