|
Public Act 097-0666
|
| SB1259 Enrolled | LRB097 00223 AJO 40238 b |
|
|
AN ACT concerning civil law.
|
Be it enacted by the People of the State of Illinois,
|
represented in the General Assembly:
|
Section 5. The Code of Civil Procedure is amended by adding |
Section 15-1401.1 as follows:
|
(735 ILCS 5/15-1401.1 new) |
Sec. 15-1401.1. Short sale in foreclosure. |
(a) For purposes of this Section, "short sale" means the |
sale of real
estate that is subject to a mortgage for an amount |
that is less
than the amount owed to the mortgagee on the |
outstanding
mortgage note. |
(b) In a foreclosure of residential real estate, if (i) the
|
mortgagor presents to the mortgagee a bona fide written offer |
from a
third party to purchase the property that is the subject |
of the
foreclosure proceeding, (ii) the written offer to |
purchase is
for an amount which constitutes a short sale of the |
property,
and (iii) the mortgagor makes a written request to |
the
mortgagee to approve the sale on the terms of the offer to
|
purchase, the mortgagee must respond to the mortgagor within 90
|
days after receipt of the written offer and written request. |
(c) The mortgagee shall determine whether to accept the |
mortgagor's short sale offer. Failure to accept the offer shall |
not impair or abrogate in any way the rights of the mortgagee |