Illinois General Assembly - Full Text of SB1259
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Full Text of SB1259  97th General Assembly

SB1259sam004 97TH GENERAL ASSEMBLY

Sen. Ira I. Silverstein

Filed: 3/30/2011

 

 


 

 


 
09700SB1259sam004LRB097 00223 AJO 53563 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 real estate, if (i) the
14mortgagor presents to the mortgagee a bona fide written offer
15from a third party to purchase the property that is the subject
16of the foreclosure proceeding, (ii) the written offer to

 

 

09700SB1259sam004- 2 -LRB097 00223 AJO 53563 a

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