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State Supreme Court issues new foreclosure rules

Fri, 22 Feb 2013 16:14:16 CST
By: AP

The Illinois Supreme Court is issuing a new set of rules addressing how mortgage foreclosures are handled in the state. The court says the rules are aimed at avoiding abuses during the foreclosure process. The guidelines require lenders to prove to judges that they have exhausted all possibilities to help a homeowner before seeking a foreclosure judgment against the borrower. All mortgage lenders will be subject to these rules. The court's guidelines will be in effect in all counties no later than June 1. Lenders will have to provide an affidavit showing all the programs that were offered to individual borrowers to help them avoid foreclosure. Foreclosures in Illinois at times can last almost two years. The new rules aren't expected to shorten that timeframe.

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