Sen. Ira I. Silverstein

Filed: 3/28/2011

 

 


 

 


 
09700SB1259sam003LRB097 00223 AJO 53287 a

1
AMENDMENT TO SENATE BILL 1259

2    AMENDMENT NO. ______. Amend Senate Bill 1259, AS AMENDED,
3by replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Code of Civil Procedure is amended by
6adding Section 15-1401.1 as follows:
 
7    (735 ILCS 5/15-1401.1 new)
8    Sec. 15-1401.1. Short sale in foreclosure.
9    (a) For purposes of this Section, "short sale" means the
10sale of real estate that is subject to a mortgage for an amount
11that is less than the amount owed to the mortgagee on the
12outstanding mortgage note.
13    (b) In a foreclosure of residential property, if (i) the
14mortgagor presents to the mortgagee, which is a banking
15organization or corporation, a bona fide written offer from a
16third party to purchase the property that is the subject of the

 

 

09700SB1259sam003- 2 -LRB097 00223 AJO 53287 a

1foreclosure proceeding, (ii) the written offer to purchase is
2for an amount which constitutes a short sale of the property,
3and (iii) the mortgagor makes a written request to the
4mortgagee to approve the sale on the terms of the offer to
5purchase, the mortgagee must respond to the mortgagor within 90
6days after receipt of the written offer and written request.
7    (c) The mortgagee shall determine whether to accept the
8mortgagor's short sale offer. Failure to accept the offer shall
9not impair or abrogate in any way the rights of the mortgagee
10or affect the status of the foreclosure proceedings. The 90-day
11period shall not operate as a stay of the proceedings.
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.".