- Notice of intent to foreclose illinois template full#
- Notice of intent to foreclose illinois template code#
Section 9-110 of this Code shall not be applicable to any real estate installment contract which is foreclosed under this Article. General principles of law and equity, such as those relating to capacity to contract, principal and agent, marshalling of assets, priority, subrogation, estoppel, fraud, misrepresentations, duress, collusion, mistake, bankruptcy or other validating or invalidating cause, supplement this Article unless displaced by a particular provision of it. (e) Supplementary General Principles of Law. An election made pursuant to subsection (b) or (c) of this Section shall be binding only in the foreclosure and shall be void if the foreclosure is terminated prior to entry of judgment. A contract seller must enforce its contract under this Article if the real estate installment contract is one described in paragraph (2) of subsection (a) of this Section. Such election shall be made by filing a complaint stating that it is brought under this Article, in which event the provisions of this Article shall be exclusive in such foreclosure. A contract seller may at its election enforce in a foreclosure under this Article any real estate installment contract entered into on or after J(the effective date of Public Act 84-1462) and not required to be foreclosed under this Article. A secured party, as defined in Article 9 of the Uniform Commercial Code, may at its election enforce its security interest in a foreclosure under this Article if its security interest was created on or after J(the effective date of Public Act 84-1462) and is created by (i) a collateral assignment of beneficial interest in a land trust or (ii) an assignment for security of a buyer's interest in a real estate installment contract. Made on or after J(the effective date of Public Act 84-1462) (i) which is made with respect to a land trust which was created contemporaneously with the collateral assignment of beneficial interest, (ii) which is made pursuant to a requirement of the holder of the obligation to secure the payment of money or performance of other obligations and (iii) as to which the security agreement or other writing creating the collateral assignment permits the real estate which is the subject of the land trust to be sold to satisfy the obligations. (3) any collateral assignment of beneficial interest
Residential real estate entered into on or after J(the effective date of Public Act 84-1462) and under which the amount unpaid under the terms of the contract at the time of the filing of the foreclosure complaint, including principal and due and unpaid interest, at the rate prior to default, is less than 80% of the original purchase price of the real estate as stated in the contract (2) any real estate installment contract for (1) any mortgage created prior to, on or after Julyġ, 1987 (the effective date of Public Act 84-1462) From and after J(the effective date of Public Act 84-1462), the following shall be foreclosed in a foreclosure pursuant to this Article: (b) "Shall." The word "shall" as used in this Article means mandatory and not permissive. (a) "May." The word "may" as used in this Article means permissive and not mandatory.
Any person who willfully misrepresents to the Court any fact resulting in a finding of abandonment of mortgaged real estate in connection with subsection (b) of Section 15-1603 or subsection (d) of Section 15-1706 of this Article or who threatens to injure the person or property of occupants of mortgaged real estate, or who knowingly gives such occupants false and misleading information, or who harasses or intimidates such occupants, with the intent of inducing such occupants to abandon the mortgaged premises, in order to obtain a finding of abandonment under subsection (b) of Section 15-1603 or subsection (d) of Section 15-1706 of this Article, shall be guilty of a Class B misdemeanor. The authority of the court continues during the entire pendency of the foreclosure and until disposition of all matters arising out of the foreclosure.
Notice of intent to foreclose illinois template full#
The Court has full power to enforce any order entered pursuant to this Article by contempt process or by such other order as may be appropriate. This Article shall be known, and may be cited, as the Illinois Mortgage Foreclosure Law. XV heading) ARTICLE XV MORTGAGE FORECLOSURE