Public Act 097-0666
SB1259 EnrolledLRB097 00223 AJO 40238 b

    AN ACT concerning civil law.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Code of Civil Procedure is amended by adding
Section 15-1401.1 as follows:
    (735 ILCS 5/15-1401.1 new)
    Sec. 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 mortgage note.
    (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.
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 1/13/2012