New Illinois Supreme Court Rules on Foreclosure

On May 1, 2013 new Illinois Supreme Court Rules go into affect that are designed to stop some of the abuses of the foreclosure process by the mortgage industry, which will hopefully prove a great benefit to individuals attempting to save their homes.

The new rules require that banks and mortgage companies seeking to foreclose on homes file additional disclosures with the court in order to obtain a judgment. The rules for example require that the lender attest that they have complied with the any applicable loss mitigation programs and to provide greater disclosure of the actual records the mortgage company has used in making their allegations of how much the homeowner owes under the mortgage.

The new rules should make it harder for homeowners willing to defend themselves in court to lose their property based on the boiler plate statements in the standard foreclosure complaint filed with the court. In the past these generic documents have made it difficult for the defendant in the court case to know, if the statements the mortgage company in making are accurate or not, and the supplemental disclosures required by the new rules should prove a relief to those attempting to save their homes.