With foreclosure rates on the rise in 2023, lenders in Illinois should take particular care to ensure that they are in compliance with the various state, county and municipal notice and registration requirements for properties subject to foreclosure proceedings.

Section 15-1503 of the Illinois Mortgage Foreclosure Law (the “IMFL”) requires that a notice of foreclosure shall be recorded in the county in which the mortgaged real estate is located and shall be constructive notice of the pendency of the foreclosure action.^[1] As of June 2023, Illinois Senate Bill No. 201 struck the additional notice requirements of Section 15-1503(b) previously applicable to residential real estate.

Formerly, Section 15-1503(b) of the IMFL required that lenders foreclosing on residential real estate, in addition to recording the notice of foreclosure with the county in which the property was situated, also issue a copy of the notice of foreclosure to the local municipality where the property was located.

To continue reading the rest of the article, please click on the source link below:

https://www.natlawreview.com/article/2023-updates-to-illinois-mortgage-foreclosure-law-and-property-registration