Section Newsletters

Articles on Illinois Mortgage Foreclosure Law

Illinois Mortgage Foreclosure Law amended to allow for a strict foreclosure of an omitted subordinate interest By Adam J. Wilde Commercial Banking, Collections, and Bankruptcy, December 2014 Under the new section of the IMFL, if a subordinate lien is omitted from a foreclosure, the holder of the superior lien (the loan that was actually foreclosed) may file a strict foreclosure action against that omitted lien.
“Good cause”: A phrase in search of a definition By Michael G. Cortina Bench and Bar, July 2014 Until the IMFL is amended to include a definition of “good cause,” mortgagors and mortgagees alike will be saddled with the burden of creating arguments as to why “good cause” exists and leave the decision to the discretion of the trial court judge.
“Good cause”: A phrase in search of a definition By Michael G. Cortina Commercial Banking, Collections, and Bankruptcy, April 2014 Until the IMFL is amended to include a definition of “good cause,” mortgagors and mortgagees alike will be saddled with the burden of creating arguments as to why “good cause” exists and leave the decision to the discretion of the trial court judge.
Personal observations of 20 years with the Illinois mortgage foreclosure law By Jack H. Tibbetts Real Estate Law, January 2009 The author provides his insight as a member of the ISBA committee that helped draft the IMFL, and his review of the law 20 years after its adoption.
IMFL: Attempted private sales after foreclosure sales By Jeffrey G. Liss Real Estate Law, November 2007 In 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.

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