Topic:
Mortgage foreclosure and abandoned property
(Wilhelmi, D-Joliet) creates a definition of "abandoned residential property" that is not inhabited by a mortgagor or bona fide tenant if any two of 14 different "indicia of abandonment" exist. It creates an expedited judgment and sale procedure for abandoned residential property. Makes the period of redemption ends for abandoned residential property on the date that the judgment confirms the judicial sale. It makes other changes. Senate Bill 2534 was just introduced and has been referred to the Senate Committee on Assignments.