How do I provide notice to unknown heirs of a deceased mortgagor?Ī potential conflict involving this issue has developed between Illinois statutory law and case law in Cook County. It should be noted that Sub-section 15-1106(c) declares that a contract seller mayelect to use the IMFL to enforce an installment contract even if the above requirements are not met.Ģ. Section 15-1106(a)(2) of the Code of Civil Procedure provides that a contract seller mustuse the IMFL to foreclose an installment contract on residential property if: (1) the contract states that the debtor has more than five years to repay the property's purchase price and(2) the balance due under the contract is less than eighty percent (i.e., the purchaser has repaid more than twenty percent) of the original purchase price, including principal and interest due at the rate prior to default, at the time the seller files the foreclosure complaint. When must I use the Illinois Mortgage Foreclosure Law (IMFL) to foreclose an installment contract? Here are answers to our most commonly asked questions:ġ. The ATG Underwriting Department receives many questions about mortgage foreclosure procedure in the context of reviewing title. ![]() ![]() ![]() Top Ten Mortgage Foreclosure Questions Answered
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