Court posts rules on foreclosures
SPRINGFIELD (AP) – Mortgage lenders in Illinois will have to prove to judges that they’ve offered underwater homeowners a variety of options – including modifications to their loans – before foreclosing, the state Supreme Court said Friday.
The court issued a new set of foreclosure rules formulated by a committee that began work nearly 2 years ago when lending institutions were being scrutinized for what some regulators said were questionable practices that fueled the nation’s financial crisis.
The rules apply to all lenders. They take effect March 1 in most counties.
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