Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau

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Photo of Consumer Financial Services Law Blog John F. Rhoades
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Showing 1 post by John F. Rhoades.

Illinois Courts Continue to Examine Low Foreclosure Sale Prices

Judicial confirmation of the sale is the final hurdle in the foreclosure process in Illinois in both commercial and residential cases. Upon entry of a judgment of foreclosure, the real estate that is the subject of the judgment must be sold at a judicial sale on the terms and conditions specified in the judgment of foreclosure. 735 ILCS 5/15-1507(a)-(b). But, title does not pass to a successful bidder until the sale is confirmed by the court and, under the Illinois Mortgage Foreclosure Law’s sale confirmation statute, 735 ILCS 5/15-1508(b), a court may void a foreclosure sale if (1) notice of sale was not given; (2) the terms of the sale were unconscionable; (3) the sale was conducted fraudulently; or (4) “justice was otherwise not done.” Parties bidding at foreclosure sales should be aware that bidding significantly less than the appraised value of the property could result in an evidentiary hearing and a delay in confirmation of the sale.  Read More ›