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91_HB1781ham001
LRB9105136WHdvam01
1 AMENDMENT TO HOUSE BILL 1781
2 AMENDMENT NO. . Amend House Bill 1781 by replacing
3 lines 17 through 31 on page 1 and lines 1 through 20 on page
4 2 with the following:
5 "that which is residential real estate at the time the
6 foreclosure is commenced, the redemption period shall end
7 on the later of (i) the date 7 months from the date the
8 mortgagor or, if more than one, all the mortgagors (A)
9 have been served with summons or by publication or (B)
10 have otherwise submitted to the jurisdiction of the
11 court, or (ii) the date 3 months from the date of entry
12 of a judgment of foreclosure.
13 (2) In all other foreclosures, the redemption
14 period shall end on the later of (i) the date 6 months
15 from the date the mortgagor or, if more than one, all the
16 mortgagors (A) have been served with summons or by
17 publication or (B) have otherwise submitted to the
18 jurisdiction of the court, or (ii) the date 3 months from
19 the date of entry of a judgment of foreclosure.
20 (3) Notwithstanding paragraphs (1) and (2), the
21 redemption period shall end at the later of the
22 expiration of any reinstatement period provided for in
23 Section 15-1602 or the date 60 days after the date the
24 judgment of foreclosure is entered, if the court finds
-2- LRB9105136WHdvam01
1 that (i) the value of the mortgaged real estate as of the
2 date of the judgment is less than 90% of the amount
3 specified pursuant to subsection (d) of Section 15-1603
4 and (ii) the mortgagee waives any and all rights to a
5 personal judgment for a deficiency against the mortgagor
6 and against all other persons liable for the indebtedness
7 or other obligations secured by the mortgage.
8 (4) Notwithstanding paragraphs (1) and (2), the
9 redemption period shall end on the date 30 days after the
10 date the judgment of foreclosure is entered if the court
11 finds that the mortgaged real estate has been abandoned.
12 In cases where the redemption period is shortened on
13 account of abandonment, the reinstatement period shall
14 not extend beyond the redemption period as shortened.".