Sen. Ira I. Silverstein
Filed: 3/30/2011
 
 

 

 

 
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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 real estate, if (i) the

14mortgagor presents to the mortgagee a bona fide written offer 
15from a
third party to purchase the property that is the subject 
16of the
foreclosure proceeding, (ii) the written offer to 
 
 
09700SB1259sam004- 2 -LRB097 00223 AJO 53563 a

1purchase is
for an amount which constitutes a short sale of the 
2property,
and (iii) the mortgagor makes a written request to 
3the
mortgagee to approve the sale on the terms of the offer to

4purchase, the mortgagee must respond to the mortgagor within 90

5days after receipt of the written offer and written request. 
6    (c) The mortgagee shall determine whether to accept the 
7mortgagor's short sale offer. Failure to accept the offer shall 
8not impair or abrogate in any way the rights of the mortgagee 
9or affect the status of the foreclosure proceedings. The 90-day 
10period shall not operate as a stay of the proceedings. 
 

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