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| | SB1259 Engrossed | | LRB097 00223 AJO 40238 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Code of Civil Procedure is amended by adding |
| 5 | | Section 15-1401.1 as follows:
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| 6 | | (735 ILCS 5/15-1401.1 new) |
| 7 | | Sec. 15-1401.1. Short sale in foreclosure. |
| 8 | | (a) For purposes of this Section, "short sale" means the |
| 9 | | sale of real
estate that is subject to a mortgage for an amount |
| 10 | | that is less
than the amount owed to the mortgagee on the |
| 11 | | outstanding
mortgage note. |
| 12 | | (b) In a foreclosure of residential real estate, if (i) the
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| 13 | | mortgagor presents to the mortgagee a bona fide written offer |
| 14 | | from a
third party to purchase the property that is the subject |
| 15 | | of the
foreclosure proceeding, (ii) the written offer to |
| 16 | | purchase is
for an amount which constitutes a short sale of the |
| 17 | | property,
and (iii) the mortgagor makes a written request to |
| 18 | | the
mortgagee to approve the sale on the terms of the offer to
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| 19 | | purchase, the mortgagee must respond to the mortgagor within 90
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| 20 | | days after receipt of the written offer and written request. |
| 21 | | (c) The mortgagee shall determine whether to accept the |
| 22 | | mortgagor's short sale offer. Failure to accept the offer shall |
| 23 | | not impair or abrogate in any way the rights of the mortgagee |