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90_HB0209
735 ILCS 5/15-1604 from Ch. 110, par. 15-1604
Amends the mortgage foreclosure Article of the Code of
Civil Procedure. Authorizes a "special right to redeem"
residential real estate if the foreclosure sale price was
less than 90% of the real estate's fair market value (now,
less than the amount required to redeem otherwise provided by
statute).
LRB9001747DJcd
LRB9001747DJcd
1 AN ACT to amend the Code of Civil Procedure by changing
2 Section 15-1604.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Code of Civil Procedure is amended by
6 changing Section 15-1604 as follows:
7 (735 ILCS 5/15-1604) (from Ch. 110, par. 15-1604)
8 Sec. 15-1604. Special Right to Redeem.
9 (a) Circumstances. With respect to residential real
10 estate, if (i) the purchaser at the sale was a mortgagee who
11 was a party to the foreclosure or its nominee and (ii) the
12 sale price was less than 90% of the real estate's fair market
13 value the amount specified in subsection (d) of Section
14 15-1603, then, and only in such circumstances, an owner of
15 redemption as specified in subsection (a) of Section 15-1603
16 shall have a special right to redeem, for a period ending 30
17 days after the date the sale is confirmed, by paying to the
18 mortgagee (A) (i) the sale price, (B) (ii) all additional
19 costs and expenses incurred by the mortgagee set forth in the
20 report of sale and confirmed by the court, and (C) (iii)
21 interest at the statutory judgment rate from the date the
22 purchase price was paid or credited as an offset. For
23 purposes of item (ii) in the preceding sentence, if the real
24 estate's fair market value is disputed, then that fair market
25 value shall be determined by appraisal, and the mortgagee and
26 the mortgagor shall each be liable for 50% of the cost of the
27 appraisal.
28 (b) Procedure. Upon receipt of such amount, the
29 mortgagee shall assign to the redeeming owner of redemption
30 its certificate of sale or its right to such certificate or
31 to a deed. The mortgagee shall give to the redeeming owner
-2- LRB9001747DJcd
1 of redemption an executed duplicate of such assignment,
2 marked "Duplicate", which duplicate the owner of redemption
3 shall file with the court. If a deed has been issued to the
4 mortgagee or its nominee, the holder of such deed, or such
5 holder's successor in title, shall execute and deliver a deed
6 conveying the mortgaged real estate to the redeeming owner of
7 redemption subject only to those encumbrances that would
8 normally arise on title if a redemption were made under
9 Section 15-1603, including a deficiency, if any, resulting
10 from the foreclosure sale. Nothing contained herein shall
11 affect the right to a personal or in rem deficiency judgment,
12 and enforcement thereof shall be allowed as provided by law.
13 Any deficiency judgment shall retain the same priority on
14 title as did the mortgage from which it arose. The
15 mortgagee, its nominee or its successors in title shall not
16 permit encumbrances on title arising on or after the date of
17 the deed to the mortgagee or nominee caused by or relating to
18 the mortgagee or its nominee or its successors in title.
19 (Source: P.A. 86-974.)