Stay informed on the intricacies of the latest legal developments in Illinois! Our latest article, written by Senior Associate, Daniel May delves into the recently enacted CCRAFA that goes into effect January 1, 2024
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Illinois Eases State-Wide Foreclosure Notice Requirements... but Beware of Local Ordinances Still at Play
Previously, under the Illinois Mortgage Foreclosure Law, lenders and servicers foreclosing on a residential property were required to send a notice of foreclosure to the municipality where the property is located, and for properties located in Chicago, to send a notice to the respective Alderman of Ward. Illinois repealed this provision in June 2023, however, which will make the initial filing of foreclosures in Illinois move a bit faster.