Sen. Ira I. Silverstein
Filed: 3/28/2011
 
 

 

 

 
09700SB1259sam003LRB097 00223 AJO 53287 a



1
AMENDMENT TO SENATE BILL 1259




2    AMENDMENT NO. ______. Amend Senate Bill 1259, AS AMENDED, 
3by replacing everything after the enacting clause with the 
4following:

 
5    "Section 5. The Code of Civil Procedure is amended  by 
6adding Section 15-1401.1 as follows:
 
7    (735 ILCS 5/15-1401.1 new)
8    Sec. 15-1401.1. Short sale in foreclosure.
9    (a)  For purposes of this Section, "short sale" means the 
10sale of real
estate that is subject to a mortgage for an amount 
11that is less
than the amount owed to the mortgagee on the 
12outstanding
mortgage note.
13    (b)  In a foreclosure of residential property, if (i) the

14mortgagor presents to the mortgagee, which is a banking

15organization or corporation, a bona fide written offer from a

16third party to purchase the property that is the subject of the

 
 
09700SB1259sam003- 2 -LRB097 00223 AJO 53287 a

1foreclosure proceeding, (ii) the written offer to purchase is

2for an amount which constitutes a short sale of the property,

3and (iii) the mortgagor makes a written request to the

4mortgagee to approve the sale on the terms of the offer to

5purchase, the mortgagee must respond to the mortgagor within 90

6days after receipt of the written offer and written request. 
7    (c) The mortgagee shall determine whether to accept the 
8mortgagor's short sale offer. Failure to accept the offer shall 
9not impair or abrogate in any way the rights of the mortgagee 
10or affect the status of the foreclosure proceedings. The 90-day 
11period shall not operate as a stay of the proceedings. 
 

12    Section 99. Effective date. This Act takes effect upon 
13becoming law.".