New Foreclosure Rules


The new mandatory regulations regarding foreclosures, recently developed by the Illinois Supreme Court, went into effect on Match 1st. The rules came about due to the deceptive practices that judges observed as well as the fact that homeowners often don’t even appear in court, believing that they have little or no chance of fighting mortgage lenders.

With more than 77,000 foreclosure cases pending in Cook County alone, the Court adopted three new rules which require, among other things, foreclosure counseling for homeowners, proof of the homeowner’s debt and proof that a mortgage modification is not possible. Now borrowers have their day in court and, according to Judge Lewis Nixon who headed the Supreme Court Committee on foreclosures which developed, if they are proactive in trying to save their home the judge can now order the lenders to work with them.

Topics:  Foreclosure, Lenders, Loan Modifications, Unfair or Deceptive Trade Practices

Published In: General Business Updates, Consumer Protection Updates, Finance & Banking 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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