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Illinois Mortgage Foreclosure Law - Statutes

Illinois Mortgage Foreclosure Law - Statutes

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Published by: ForeclosureGate.org Library on Mar 21, 2011
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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent lawsmay not yet be included in the ILCS database, but they are found on this site asPublic Actssoonafter they become law. For information concerning the relationship between statutes and PublicActs, refer to theGuide.Because the statute database is maintained primarily for legislative drafting purposes, statutorychanges are sometimes included in the statute database before they take effect. If the source noteat the end of a Section of the statutes includes a Public Act that has not yet taken effect, the versionof the law that is currently in effect may have already been removed from the database and youshould refer to that Public Act to see the changes made to the current law.
CIVIL PROCEDURE(735 ILCS 5/) Code of Civil Procedure.
(735 ILCS 5/Art. XV heading)
 
ARTICLE XVMORTGAGE FORECLOSURE
 
(735 ILCS 5/Art. XV Pt. 11 heading)
 
Part 11. General Provisions
 
(735 ILCS 5/15
-
1101)
 
(from Ch. 110, par. 15
-
1101)Sec. 15
-
1101. Title. This Article shall be known, and maybe cited, as the Illinois Mortgage Foreclosure Law.(Source: P.A. 84
-
1462.)(735 ILCS 5/15
-
1102)
 
(from Ch. 110, par. 15
-
1102)Sec. 15
-
1102. Enforcement. The Court has full power toenforce any order entered pursuant to this Article by contemptprocess or by such other order as may be appropriate.(Source: P.A. 84
-
1462.)(735 ILCS 5/15
-
1103)
 
(from Ch. 110, par. 15
-
1103)Sec. 15
-
1103. Jurisdiction. The authority of the courtcontinues during the entire pendency of the foreclosure anduntil disposition of all matters arising out of theforeclosure.(Source: P.A. 85
-
907.)(735 ILCS 5/15
-
1104)
 
(from Ch. 110, par. 15
-
1104)Sec. 15
-
1104. Wrongful Inducement of Abandonment. Anyperson who willfully misrepresents to the Court any factresulting in a finding of abandonment of mortgaged real estatein connection with subsection (b) of Section 15
-
1603 orsubsection (d) of Section 15
-
1706 of this Article or whothreatens to injure the person or property of occupants of
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mortgaged real estate, or who knowingly gives such occupantsfalse and misleading information, or who harasses orintimidates such occupants, with the intent of inducing suchoccupants to abandon the mortgaged premises, in order toobtain a finding of abandonment under subsection (b) ofSection 15
-
1603 or subsection (d) of Section 15
-
1706 of thisArticle, shall be guilty of a Class B misdemeanor.(Source: P.A. 84
-
1462.)(735 ILCS 5/15
-
1105)
 
(from Ch. 110, par. 15
-
1105)Sec. 15
-
1105. Interpretation. (a) "May." The word "may" asused in this Article means permissive and not mandatory.(b) "Shall." The word "shall" as used in this Articlemeans mandatory and not permissive.(Source: P.A. 84
-
1462.)(735 ILCS 5/15
-
1106)
 
(from Ch. 110, par. 15
-
1106)Sec. 15
-
1106. Applicability of Article. (a) ExclusiveProcedure. From and after the effective date of thisamendatory Act of 1986, the following shall be foreclosed in aforeclosure pursuant to this Article:(1) any mortgage created prior to, on or after theeffective date of this amendatory Act of 1986;(2) any real estate installment contract for residentialreal estate entered into on or after the effective date ofthis amendatory Act of 1986 and under which (i) the purchaseprice is to be paid in installments over a period in excess offive years and (ii) the amount unpaid under the terms of thecontract at the time of the filing of the foreclosurecomplaint, including principal and due and unpaid interest, atthe rate prior to default, is less than 80% of the originalpurchase price of the real estate as stated in the contract;(3) any collateral assignment of beneficial interest madeon or after the effective date of this amendatory Act of 1986(i) which is made with respect to a land trust which wascreated contemporaneously with the collateral assignment ofbeneficial interest, (ii) which is made pursuant to arequirement of the holder of the obligation to secure thepayment of money or performance of other obligations and (iii)as to which the security agreement or other writing creatingthe collateral assignment permits the real estate which is thesubject of the land trust to be sold to satisfy theobligations.(b) Uniform Commercial Code. A secured party, as definedin Article 9 of the Uniform Commercial Code, may at itselection enforce its security interest in a foreclosure underthis Article if its security interest was created on or afterthe effective date of this amendatory Act of 1986 and iscreated by (i) a collateral assignment of beneficial interestin a land trust or (ii) an assignment for security of abuyer's interest in a real estate installment contract. Suchelection shall be made by filing a complaint stating that itis brought under this Article, in which event the provisionsof this Article shall be exclusive in such foreclosure.(c) Real Estate Installment Contracts. A contract sellermay at its election enforce in a foreclosure under thisArticle any real estate installment contract entered into on
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or after the effective date of this Amendatory Act of 1986 andnot required to be foreclosed under this Article. Suchelection shall be made by filing a complaint stating that itis brought under this Article, in which event the provisionsof this Article shall be exclusive in such foreclosure. Acontract seller must enforce its contract under this Articleif the real estate installment contract is one described inparagraph (2) of subsection (a) of Section 15
-
1106.(d) Effect of Election. An election made pursuant tosubsection (b) or (c) of Section 15
-
1106 shall be binding onlyin the foreclosure and shall be void if the foreclosure isterminated prior to entry of judgment.(e) Supplementary General Principles of Law. Generalprinciples of law and equity, such as those relating tocapacity to contract, principal and agent, marshalling ofassets, priority, subrogation, estoppel, fraud,misrepresentations, duress, collusion, mistake, bankruptcy orother validating or invalidating cause, supplement thisArticle unless displaced by a particular provision of it.Section 9
-
110 of the Code of Civil Procedure shall not beapplicable to any real estate installment contract which isforeclosed under this Article.(f) Pending Actions. A complaint to foreclose a mortgagefiled before July 1, 1987, and all proceedings and third partyactions in connection therewith, shall be adjudicated pursuantto the Illinois statutes and applicable law in effectimmediately prior to July 1, 1987. Such statutes shall remainin effect with respect to such complaint, proceedings andthird party actions notwithstanding the amendment or repeal ofsuch statutes on or after July 1, 1987.(Source: P.A. 85
-
907.)(735 ILCS 5/15
-
1107)
 
(from Ch. 110, par. 15
-
1107)Sec. 15
-
1107. Mode of Procedure.(a) Other Statutes. Except as otherwise provided in thisArticle, the mode of procedure, including the manner ofservice of pleadings and other papers and service bypublication, shall be in accordance with the provisions ofArticle II of the Illinois Code of Civil Procedure and anyother statutes of this State which are from time to timeapplicable, and with Illinois Supreme Court Rules applicableto actions generally or otherwise applicable. If a mortgagelien is being foreclosed under this Article and one or morenon
-
mortgage liens or encumbrances is being foreclosed orenforced in the same proceedings, then, regardless of therespective priorities of the various liens or encumbrances,the procedures and all other provisions of this Article shallgovern such proceedings, and any inconsistent statutoryprovisions shall not be applicable. Without limiting theforegoing, any provision of Article XII or any other Articleof the Code of Civil Procedure shall apply unless inconsistentwith this Article and, in case of such inconsistency, shallnot be applicable to actions under this Article.(b) Mechanics' Liens. Mechanics' liens shall be enforcedas provided in the Mechanics Lien Act; provided, however, thatany mechanics' lien claimant may assert such lien in aforeclosure under this Article, may intervene in such
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