Topic:
Mortgage Foreclosure Act
(Collins, D-Chicago; Lyons, D-Chicago) creates two new acts with two new fees to administer and fund foreclosure-counseling programs for consumers and to defray municipalities’ costs to remove and secure abandoned residential by property. (1) The plaintiff in a mortgage foreclosure for residential property must pay a $50 fee for the benefit of the counseling programs. (2) The purchaser of residential property at a judicial sale must pay a sliding fee calculated at $1 for each $1,000 or fraction of the amount paid by the purchaser to defray municipalities' costs. This fee is capped at $300, and there is exception for mortgagees, judgment creditors, or other lienors acquiring the residential property by rights that arose before the judicial sale. Passed both chambers.