2023 updates to the Illinois Mortgage Foreclosure Law and property registration considerations for lenders in Illinois
With foreclosure rates on the rise in 2023, lenders in Illinois should take particular care to ensure that they are in compliance with the various ...
With foreclosure rates on the rise in 2023, lenders in Illinois should take particular care to ensure that they are in compliance with the various state, county and municipal notice and registration requirements for properties subject to foreclosure proceedings. Section 15-1503 of the Illinois Mortgage Foreclosure Law (the 'IMFL') requires that a notice of foreclosure shall be recorded in the county in which the mortgaged real estate is located and shall be constructive notice of the pendency of the foreclosure action.