(735 ILCS 5/15-1401.1)
Short sale in foreclosure.
(a) For purposes of this Section, "short sale" means the sale of real
estate that is subject to a mortgage for an amount that is less
than the amount owed to the mortgagee on the outstanding
(b) In a foreclosure of residential real estate, if (i) the
mortgagor presents to the mortgagee a bona fide written offer from a
third party to purchase the property that is the subject of the
foreclosure proceeding, (ii) the written offer to purchase is
for an amount which constitutes a short sale of the property,
and (iii) the mortgagor makes a written request to the
mortgagee to approve the sale on the terms of the offer to
purchase, the mortgagee must respond to the mortgagor within 90
days after receipt of the written offer and written request.
(c) The mortgagee shall determine whether to accept the mortgagor's short sale offer. Failure to accept the offer shall not impair or abrogate in any way the rights of the mortgagee or affect the status of the foreclosure proceedings. The 90-day period shall not operate as a stay of the proceedings.
(Source: P.A. 97-666, eff. 1-13-12.)