Illinois Supreme Court Issues New Procedural Rules for Foreclosures

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On February 22, 2013, the Illinois Supreme Court adopted a set of new procedural rules that will impact both residential and commercial foreclosures in Illinois. The new rules are scheduled to go into effect as early as March 1, 2013. While procedural in nature and intended principally to address residential foreclosures and “robo-signing” concerns, the new rules apply equally in the commercial context and may present some procedural hurdles, especially in cases where the loan was acquired from another lender.

New procedural requirements include:

- A copy of the note as it currently exists, including all indorsements and allonges, must be attached to the complaint at the time of filing.

- A prove-up affidavit submitted in support of foreclosure must include a payment history in contested matters; identify the computer program/software used to record and track payments; identify the books, records and documents relied upon; and address any transfer of the loan/servicing rights to the current lender.

Please see full advisory below for more information.

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Topics:  Affidavits, Foreclosure, Lenders, Loans, Robo-Signing

Published In: Civil Procedure Updates, Finance & Banking Updates, Commercial Real Estate Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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