Sunday, January 22, 2012

FYI: Illinois Requires Response to Short Sale Offers W/in 90 Days

Illinois Governor Pat Quinn signed SB 1259 into law, requiring that foreclosing plaintiffs respond to "bona fide" written short sale offers from third parties within 90 days of receipt.
The text of the new legislation is available at:
The law amends the Illinois Mortgage Foreclosure Law, and applies to foreclosing "mortgagees," which are defined to include "(i) the holder of an indebtedness or obligee of a non-monetary obligation secured by a mortgage or any person designated or authorized to act on behalf of such holder and (ii) any person claiming through a mortgagee as successor."
Failure to accept the short sale offer will not impair or abrogate in any way the rights of the mortgagee, or affect the status of the foreclosure proceedings.
In addition, the 90-day period for responding to short sale offers does not operate as a stay of the foreclosure proceedings. 
The new law became effective on January 13, 2012.

Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
The Loop Center Building
105 W. Madison Street, 18th Floor
Chicago, Illinois 60602
Direct: (312) 551-9320
Fax: (312) 284-4751
Mobile: (312) 493-0874

NOTICE: We do not send unsolicited emails. If you received this email in error, or if you wish to be removed from our update distribution list, please simply reply to this email and state your intention. Thank you.

Our updates are available on the internet, in searchable format, at: