As federal and Illinois state courts seem to disagree as to whether in personam deficiency judgments are mandatory or discretionary under the Illinois Mortgage Foreclosure Law (IMFL), what’s a client to do? In his October Illinois Bar Journal article, “The Illinois-Federal Foreclosure Split,” Morgan I. Marcus writes that there are practical considerations for creditors and borrowers to keep in mind.

Morgan writes that creditors must decide which venue to file their complaint and what language to include in loan documents that contemplate in personam deficiency judgments. For borrowers, Morgan says they should carefully consider what defenses to evaluate raising when facing motions to confirm sales in federal court.

Read the October IBJ article, "The Illinois-Federal Foreclosure Split."