Ill. Supreme Court issues rules on foreclosures
SPRINGFIELD – 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 two years ago when lending institutions were being scrutinized for what some regulators said were questionable practices that fueled the nation's financial crisis.
The new rules will "ensure homeowners who have been thrown out of work during the years of a troubled economy are aware of their rights and where to turn for help," Chief Justice Thomas Kilbride said in a statement.
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