Article XV - Mortgage Foreclosure
(735 ILCS 5/15‑1101) (from Ch. 110, par. 15‑1101) Sec. 15‑1101. Title. This Article shall be known, and may be 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 to enforce any order entered pursuant to this Article by contempt process 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 court continues during the entire pendency of the foreclosure and until disposition of all matters arising out of the foreclosure. (Source: P.A. 85‑907.) |
(735 ILCS 5/15‑1104) (from Ch. 110, par. 15‑1104) Sec. 15‑1104. Wrongful Inducement of Abandonment. Any person who willfully misrepresents to the Court any fact resulting in a finding of abandonment of mortgaged real estate in connection with subsection (b) of Section 15‑1603 or subsection (d) of Section 15‑1706 of this Article or who threatens to injure the person or property of occupants of mortgaged real estate, or who knowingly gives such occupants false and misleading information, or who harasses or intimidates such occupants, with the intent of inducing such occupants to abandon the mortgaged premises, in order to obtain a finding of abandonment under subsection (b) of Section 15‑1603 or subsection (d) of Section 15‑1706 of this Article, 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" as used in this Article means permissive and not mandatory. (b) "Shall." The word "shall" as used in this Article means 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) Exclusive Procedure. From and after the effective date of this amendatory Act of 1986, the following shall be foreclosed in a foreclosure pursuant to this Article: (1) any mortgage created prior to, on or after the effective date of this amendatory Act of 1986; (2) any real estate installment contract for residential real estate entered into on or after the effective date of this amendatory Act of 1986 and under which (i) the purchase price is to be paid in installments over a period in excess of five years and (ii) the amount unpaid under the terms of the contract at the time of the filing of the foreclosure complaint, including principal and due and unpaid interest, at the rate prior to default, is less than 80% of the original purchase price of the real estate as stated in the contract; (3) any collateral assignment of beneficial interest made on or after the effective date of this amendatory Act of 1986 (i) which is made with respect to a land trust which was created contemporaneously with the collateral assignment of beneficial interest, (ii) which is made pursuant to a requirement of the holder of the obligation to secure the payment of money or performance of other obligations and (iii) as to which the security agreement or other writing creating the collateral assignment permits the real estate which is the subject of the land trust to be sold to satisfy the obligations. (b) Uniform Commercial Code. A secured party, as defined in Article 9 of the Uniform Commercial Code, may at its election enforce its security interest in a foreclosure under this Article if its security interest was created on or after the effective date of this amendatory Act of 1986 and is created by (i) a collateral assignment of beneficial interest in a land trust or (ii) an assignment for security of a buyer's interest in a real estate installment contract. Such election shall be made by filing a complaint stating that it is brought under this Article, in which event the provisions of this Article shall be exclusive in such foreclosure. (c) Real Estate Installment Contracts. A contract seller may at its election enforce in a foreclosure under this Article any real estate installment contract entered into on or after the effective date of this Amendatory Act of 1986 and not required to be foreclosed under this Article. Such election shall be made by filing a complaint stating that it is brought under this Article, in which event the provisions of this Article shall be exclusive in such foreclosure. A contract seller must enforce its contract under this Article if the real estate installment contract is one described in paragraph (2) of subsection (a) of Section 15‑1106. (d) Effect of Election. An election made pursuant to subsection (b) or (c) of Section 15‑1106 shall be binding only in the foreclosure and shall be void if the foreclosure is terminated prior to entry of judgment. (e) Supplementary General Principles of Law. General principles of law and equity, such as those relating to capacity to contract, principal and agent, marshalling of assets, priority, subrogation, estoppel, fraud, misrepresentations, duress, collusion, mistake, bankruptcy or other validating or invalidating cause, supplement this Article unless displaced by a particular provision of it. Section 9‑110 of the Code of Civil Procedure shall not be applicable to any real estate installment contract which is foreclosed under this Article. (f) Pending Actions. A complaint to foreclose a mortgage filed before July 1, 1987, and all proceedings and third party actions in connection therewith, shall be adjudicated pursuant to the Illinois statutes and applicable law in effect immediately prior to July 1, 1987. Such statutes shall remain in effect with respect to such complaint, proceedings and third party actions notwithstanding the amendment or repeal of such statutes on or after July 1, 1987. (Source: P.A. 85‑907.) |
(735 ILCS 5/15‑1202) (from Ch. 110, par. 15‑1202) Sec. 15‑1202. Collateral Assignment of Beneficial Interest. "Collateral assignment of beneficial interest" means any pledge or assignment of the beneficial interest in a land trust to any person to secure a debt or other obligation. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1203) (from Ch. 110, par. 15‑1203) Sec. 15‑1203. Foreclosure. "Foreclosure" means an action commenced under this Article and "to foreclose" means to terminate legal and equitable interests in real estate pursuant to a foreclosure. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1204) (from Ch. 110, par. 15‑1204) Sec. 15‑1204. Guarantor. "Guarantor" means any person who has undertaken to pay any indebtedness or perform any obligation of a mortgagor under a mortgage or of any other person who owes payment or the performance of other obligations secured by the mortgage, which undertaking is made by a guaranty or surety agreement of any kind. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1205) (from Ch. 110, par. 15‑1205) Sec. 15‑1205. Land Trust. "Land trust" means any trust arrangement under which the legal and equitable title to real estate is held by a trustee, the interest of the beneficiary of the trust is personal property and the beneficiary or any person designated in writing by the beneficiary has (i) the exclusive power to direct or control the trustee in dealing with the title to the trust property, (ii) the exclusive control of the management, operation, renting and selling of the trust property and (iii) the exclusive right to the earnings, avails and proceeds of the trust property. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1207) (from Ch. 110, par. 15‑1207) Sec. 15‑1207. Mortgage. "Mortgage" means any consensual lien created by a written instrument which grants or retains an interest in real estate to secure a debt or other obligation. The term "mortgage" includes, without limitation: (a) mortgages securing "reverse mortgage" loans as authorized by subsection (a) of Section 5 of the Illinois Banking Act; (b) mortgages securing "revolving credit" loans as authorized by subsection (c) of Section 5 of the Illinois Banking Act, Section 1‑6b of the Illinois Savings and Loan Act and Section 46 of the Illinois Credit Union Act; (c) every deed conveying real estate, although an absolute conveyance in its terms, which shall have been intended only as a security in the nature of a mortgage; (d) equitable mortgages; and (e) instruments which would have been deemed instruments in the nature of a mortgage prior to the effective date of this amendatory Act of 1987. (Source: P.A. 85‑907.) |
(735 ILCS 5/15‑1208) (from Ch. 110, par. 15‑1208) Sec. 15‑1208. Mortgagee. "Mortgagee" means (i) the holder of an indebtedness or obligee of a non‑monetary obligation secured by a mortgage or any person designated or authorized to act on behalf of such holder and (ii) any person claiming through a mortgagee as successor. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1209) (from Ch. 110, par. 15‑1209) Sec. 15‑1209. Mortgagor. "Mortgagor" means (i) the person whose interest in the real estate is the subject of the mortgage and (ii) any person claiming through a mortgagor as successor. Where a mortgage is executed by a trustee of a land trust, the mortgagor is the trustee and not the beneficiary or beneficiaries. (Source: P.A. 85‑907.) |
(735 ILCS 5/15‑1210) (from Ch. 110, par. 15‑1210) Sec. 15‑1210. Nonrecord Claimant. "Nonrecord claimant" means any person (i) who has or claims to have an interest in mortgaged real estate, (ii) whose name or interest, at the time a notice of foreclosure is recorded in accordance with Section 15‑1503, is not disclosed of record either (1) by means of a recorded notice or (2) by means of a proceeding which under the law as in effect at the time the foreclosure is commenced would afford constructive notice of the existence of such interest and (iii) whose interest falls in any of the following categories: (1) right of homestead, (2) judgment creditor, (3) beneficial interest under any trust other than the beneficial interest of a beneficiary of a trust in actual possession of all or part of the real estate or (4) mechanics' lien claim. Notwithstanding the foregoing, for the purpose of this Article no proceeding shall be deemed to constitute constructive notice of the interest of any nonrecord claimant in the mortgaged real estate unless in the proceeding there is a legal description of the real estate sufficient to identify it with reasonable certainty. The classification of any person as a nonrecord claimant under the foregoing definition shall not be affected by any actual notice or knowledge of or attributable to the mortgagee. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1211) (from Ch. 110, par. 15‑1211) Sec. 15‑1211. Notice of Foreclosure. "Notice of foreclosure" means the notice of a foreclosure which is made and recorded in accordance with Section 15‑1503 of this Article. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1212) (from Ch. 110, par. 15‑1212) Sec. 15‑1212. Owner of Redemption. "Owner of redemption" means a mortgagor, or other owner or co‑owner of the mortgaged real estate. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1213) (from Ch. 110, par. 15‑1213) Sec. 15‑1213. Real Estate. "Real estate" means land or any estate or interest in, over or under land (including minerals, air rights, structures, fixtures and other things which by custom, usage or law pass with a conveyance of land though not described or mentioned in the contract of sale or instrument of conveyance). "Mortgaged real estate" means the real estate which is the subject of a mortgage. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1214) (from Ch. 110, par. 15‑1214) Sec. 15‑1214. Real Estate Installment Contract. "Real estate installment contract" means any agreement or contract for a deed under which the purchase price is to be paid in installments with title to the real estate to be conveyed to the buyer upon payment of the purchase price or a specified portion thereof. For the purpose of this definition, an earnest money deposit shall not be considered an installment. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1215) (from Ch. 110, par. 15‑1215) Sec. 15‑1215. Receiver. "Receiver" means a receiver appointed pursuant to Section 15‑1704 of this Article. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1216) (from Ch. 110, par. 15‑1216) Sec. 15‑1216. Recorder. "Recorder" means (i) the Recorder of the county in which the mortgaged real estate is located or (ii) if the mortgaged real estate is registered under the Torrens Act, the Registrar of Titles of the county in which the mortgaged real estate is located. "Recorder" includes any authorized assistant or employee of the Recorder. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1218) (from Ch. 110, par. 15‑1218) Sec. 15‑1218. Recorded Notice. "Recorded notice" with respect to any real estate means (i) any instrument filed in accordance with Sections 2‑1901 or 12‑101 of the Code of Civil Procedure or (ii) any recorded instrument which discloses (a) the names and addresses of the persons making the claim or asserting the interest described in the notice; (b) that such persons have or claim some interest in or lien on the subject real estate; (c) the nature of the claim; (d) the names of the persons against whom the claim is made; (e) a legal description of the real estate sufficient to identify it with reasonable certainty; (f) the name and address of the person executing the notice; and (g) the name and address of the person preparing the notice. (Source: P.A. 85‑907.) |
(735 ILCS 5/15‑1219) (from Ch. 110, par. 15‑1219) Sec. 15‑1219. Residential Real Estate. "Residential real estate" means any real estate, except a single tract of agricultural real estate consisting of more than 40 acres, which is improved with a single family residence or residential condominium units or a multiple dwelling structure containing single family dwelling units for six or fewer families living independently of each other, which residence, or at least one of which condominium or dwelling units, is occupied as a principal residence either (i) if a mortgagor is an individual, by that mortgagor, that mortgagor's spouse or that mortgagor's descendants, or (ii) if a mortgagor is a trustee of a trust or an executor or administrator of an estate, by a beneficiary of that trust or estate or by such beneficiary's spouse or descendants or (iii) if a mortgagor is a corporation, by persons owning collectively at least 50 percent of the shares of voting stock of such corporation or by a spouse or descendants of such persons. The use of a portion of residential real estate for non‑residential purposes shall not affect the characterization of such real estate as residential real estate. (Source: P.A. 85‑907.) |
(735 ILCS 5/15‑1220) (from Ch. 110, par. 15‑1220) Sec. 15‑1220. Statutory Judgment Rate. "Statutory judgment rate" means the rate of interest on judgments specified in Section 2‑1303 of the Code of Civil Procedure. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1221) (from Ch. 110, par. 15‑1221) Sec. 15‑1221. Unknown Owner. "Unknown owner" means the same as "unknown owner" as used in Section 2‑413 of the Code of Civil Procedure. (Source: P.A. 84‑1462.) |
(735 ILCS 5/15‑1223) Sec. 15‑1223. Occupant. "Occupant" means a person in lawful physical possession of all or part of the mortgaged real estate. (Source: P.A. 88‑265.) |
(735 ILCS 5/15‑1301) (from Ch. 110, par. 15‑1301) Sec. 15‑1301. Lien Created. Except as provided in Section 15‑1302, from the time a mortgage is recorded it shall be a lien upon the real estate that is the subject of the mortgage for all monies advanced or applied or other obligations secured in accordance with the terms of the mortgage or as authorized by law, including the amounts specified in a judgment of foreclosure in accordance with subsection (d) of Section 15‑1603. (Source: P.A. 84‑1462.) |
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