written statement of the amount necessary to pay off yourloan. Your mortgage company (identified above) mustprovide you this statement within 10 business days ofreceiving your request, provided that your request is inwriting and includes your name, the address of theproperty, and the mortgage account or loan number. Yourfirst payoff statement will be free.
8. GET ADVICE:
This information is not exhaustive anddoes not replace the advice of a professional. You may haveother options. Get professional advice from a lawyer orcertified housing counselor about your rights and optionsto avoid foreclosure.
If you do not have a lawyer, you may be ableto find assistance by contacting the Illinois State BarAssociation or a legal aid organization that provides freelegal assistance.
10. PROCEED WITH CAUTION:
You may be contacted bypeople offering to help you avoid foreclosure. Beforeentering into any transaction with persons offering to helpyou, please contact a lawyer, government official, orhousing counselor for advice.(735 ILCS 5/15-1505.5 new)Sec. 15-1505.5. Payoff demands.(a) In a foreclosure action subject to this Article, on thewritten demand of a mortgagor or the mortgagor's authorizedagent (which shall include the mortgagor's name, the mortgagedproperty's address, and the mortgage account or loan number), amortgagee or the mortgagee's authorized agent shall prepare anddeliver an accurate statement of the total outstanding balanceof the mortgagor's obligation that would be required to satisfythe obligation in full as of the date of preparation ("payoffdemand statement") to the mortgagor or the mortgagor'sauthorized agent who has requested it within 10 business daysafter receipt of the demand. For purposes of this Section, apayoff demand statement is accurate if prepared in good faithbased on the records of the mortgagee or the mortgagee's agent.(b) The payoff demand statement shall include thefollowing:(1) the information necessary to calculate the payoffamount on a per diem basis for the lesser of a period of 30days or until the date scheduled for judicial sale;(2) estimated charges (stated as such) that themortgagee reasonably believes may be incurred within 30days from the date of preparation of the payoff demandstatement; and(3) the loan number for the obligation to be paid, theaddress of the mortgagee, the telephone number of themortgagee and, if a banking organization or corporation,the name of the department, if applicable, and itstelephone number and facsimile phone number.(c) A mortgagee or mortgagee's agent who willfully fails toprepare and deliver an accurate payoff demand statement within10 business days after receipt of a written demand is liable tothe mortgagor for actual damages sustained for failure todeliver the statement. The mortgagee or mortgagee's agent isliable to the mortgagor for $500 if no actual damages aresustained. For purposes of this subsection, "willfully" means afailure to comply with this Section without just cause or
Page 2 of 6Illinois General Assembly - Full Text of Public Act 095-09613/20/2011http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=095-0961&GA=095