Foreclosure Mortgage Fraud Bill Introduced in Illinois
November 2, 2016
Synopsis As Introduced
Amends the Counties Code. Provides that in counties with a population of more than 3,000,000, if a mortgagee is the purchaser of any property on which it holds a mortgage at a judicial sale, the mortgagee, and any real estate professional listing the property on behalf of the mortgagee after the judicial sale, shall register with the county’s property fraud alert system. Further provides that the property fraud alert system shall notify all registered property owners and registered real estate professionals not later than 15 days after a document is recorded with the county recorder that relates to a registered property. Amends the Mortgage Foreclosure Article of the Code of Civil Procedure making conforming changes. Amends the Mortgage Act. Provides that a mortgagee shall publish a telephone number, email address, or both where a real estate professional may contact the mortgagee to verify the mortgagee’s ownership interest in property. Further provides that a mortgagee shall respond by phone or e-mail no later than the next business day after the inquiry to verify ownership of the property.
Source: Illinois General Assembly (HB 6619 information)