Negotiating Loan Modifications for ClientsBy Tracie R. Porter & Michael W. van ZalingenReal Estate Law, June 2009Homeowners need to know options are available when they find themselves having difficulty paying their mortgage. Whether the assistance comes through the lender/servicers or the federal government, homeowners need to know when to stay in the game and keep their homes, and when to count their losses and move out of a bad situation. Attorneys who are equipment with the information to help their clients will find that they can still provide real HOPE for continued home ownership for their clients.
An examination of lease subordination issues in an economic downturnBy David J. AlexanderReal Estate Law, April 2009If negotiating a lease as a tenant, tenant’s counsel or tenant’s broker, be certain that the basic language regarding subordination, non-disturbance and attornment is present and clearly stated so as to ensure that the tenant is adequately protected.
Private sales after mortgage foreclosure sales—An updateBy Jeffrey G. LissCommercial Banking, Collections, and Bankruptcy, August 2008The Illinois Supreme Court appears to have resolved a conflict between appellate districts as to the permissibility of private foreclosure sales consummated after a mortgage foreclosure sale but before confirmation of that sale.
IMFL: Attempted private sales after foreclosure salesBy Jeffrey G. LissCommercial Banking, Collections, and Bankruptcy, April 2008In the First District of the Illinois Appellate Court, different Divisions have apparently found themselves at odds on a significant issue involving the Illinois Mortgage Foreclosure Law (IMFL), 735 ILCS 5/15-1101 et seq.
Who’s liable?By Myles Jacobs & Robert DuffinReal Estate Law, March 2008An attorney represents a client whose house is in foreclosure.
Mortgage foreclosure redemptions under IMFLBy Jeffrey G. LissReal Estate Law, December 2007Note: The following should be substituted for the final two paragraphs of Mr. Liss’ article that appeared in the November 2007 issue of this publication. – ed.
When a foreclosure sale preempts mortgagor’s right to sellBy Gary R. GehlbachCommercial Banking, Collections, and Bankruptcy, October 2007In 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 sellBy Gary R. GehlbachReal Estate Law, September 2007In 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 101By Donald P. ShriverYoung Lawyers Division, December 2006Regardless of the current state of the economy, homeowners default on their mortgage loans and lenders file routine foreclosure actions.
Lis pendens noticesBy Bradley W. SmallCommercial Banking, Collections, and Bankruptcy, October 2006When 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 actionBy Mark C. PalmerCommercial Banking, Collections, and Bankruptcy, September 2006The 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).
Legal notice for foreclosure sale, public auction of real estateCommercial Banking, Collections, and Bankruptcy, March 2003At the premises I, Lyle Dirks, having been designated by the Circuit Court of the Fourteenth Judicial Circuit, Whiteside County, Illinois in the case entitled Sterling Federal Bank, F.S.B., a corporation, v. Dennis O. Walrath, Sandra K. Walrath, and Mortgage Electronic Registration Systems, Inc., Case No. 02 CH 7 ST, as sale officer to conduct the sale, will sell the following described property at public auction to the highest qualified bidder.
Response to article pertaining to third-party purchaser at judicial foreclosure salesBy Phillip H. Ward, Jr.Commercial Banking, Collections, and Bankruptcy, March 2003Messrs. 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 mortgagesBy Kyle RomingerYoung Lawyers Division, April 1999Foreclosing 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.
