Bill Title: Amends the Mortgage Foreclosure Article of the Code of Civil Procedure. Defines "loss mitigation" as a program or mechanism designed to maximize the opportunity for a mortgagor to retain ownership of the mortgaged real estate and cure delinquencies on his or her mortgage or for a mortgagor and mortgagee to mitigate losses that would result from foreclosure by using alternatives to foreclosure. Provides that a foreclosure complaint shall include a statement as to loss mitigation. Provides that a judgment of foreclosure shall include a finding by the court that the mortgagee has complied with applicable loss mitigation requirements or there are no applicable loss mitigation requirements, and provides that if the court finds that the mortgagee has not complied with applicable loss mitigation requirements, the court shall stay the matter until the court determines that the mortgagee has complied with those requirements. Adds failure by the mortgagee to fulfill applicable loss mitigation requirements as a condition under which the court shall not enter an order confirming a judicial sale.

Spectrum: Partisan Bill (Democrat 12-0)

Status: (Passed) 2010-07-23 - Public Act . . . . . . . . . 96-1245 [HB5735 Detail]

Text: Latest bill text (Enrolled) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Al Riley [D]	Sponsor	Sponsored Bills	HD-038	FollowTheMoney	Ballotpedia	VoteSmart
Representative William Burns [D]	Sponsor	Sponsored Bills	HD-026	FollowTheMoney	Ballotpedia	VoteSmart
Representative Marlow Colvin [D]	Sponsor	Sponsored Bills	HD-033	FollowTheMoney	Ballotpedia	VoteSmart
Representative LaShawn Ford [D]	Sponsor	Sponsored Bills	HD-008	FollowTheMoney	Ballotpedia	VoteSmart
Representative Karen Yarbrough [D]	Sponsor	Sponsored Bills	HD-007	FollowTheMoney	Ballotpedia	VoteSmart
Representative Julie Hamos [D]	Sponsor	Sponsored Bills	HD-018	FollowTheMoney	Ballotpedia	VoteSmart
Representative Elizabeth Hernandez [D]	Sponsor	Sponsored Bills	HD-002	FollowTheMoney	Ballotpedia	VoteSmart
Representative Elaine Nekritz [D]	Sponsor	Sponsored Bills	HD-057	FollowTheMoney	Ballotpedia	VoteSmart
Representative Edward Acevedo [D]	Sponsor	Sponsored Bills	HD-002	FollowTheMoney	Ballotpedia	VoteSmart
Representative Deborah Graham [D]	Sponsor	Sponsored Bills	HD-078	FollowTheMoney	Ballotpedia	VoteSmart
Representative Cynthia Soto [D]	Sponsor	Sponsored Bills	HD-004	FollowTheMoney	Ballotpedia	VoteSmart
Representative William Davis [D]	Sponsor	Sponsored Bills	HD-030	FollowTheMoney	Ballotpedia	VoteSmart

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