Synopsis As Introduced Amends the Mortgage Foreclosure Article of the Code of Civil Procedure. Provides that specified procedures and counseling requirements that are described as providing homeowner protection in the foreclosure process are repealed 3 years after the effective date of the amendatory Act (instead of April 6, 2011). Effective immediately.
Replaces everything after the enacting clause. Provides that the amendatory Act may be referred to as the Save Our Neighborhoods Act of 2010. Amends the Illinois Housing Development Act, the Illinois Municipal Code, the Mortgage Foreclosure Article of the Code of Civil Procedure, and the State Finance Act. Provides that the Illinois Housing Development Authority shall establish and administer a Foreclosure Prevention Program to be funded by grants from the Foreclosure Prevention Program Fund and an Abandoned Residential Property Municipality Relief Program to be funded by grants from the Abandoned Residential Property Municipality Relief Fund, and contains provisions regarding grants to approved counseling agencies for approved housing counseling and to approved community-based organizations for approved foreclosure prevention outreach programs, grants to municipalities, distribution of funds, rules (including emergency rules), definitions, and other matters. Provides that all amounts received by a municipality for costs incurred under provisions regarding removal, securing, or enclosing costs with respect to abandoned residential property for which the municipality has been reimbursed under the new provisions shall be remitted to the State Treasurer for deposit into the Abandoned Residential Property Municipality Relief Fund. With respect to residential real estate, provides that a plaintiff filing a foreclosure complaint shall pay the clerk of the court a $50 fee for deposit into the Foreclosure Prevention Program Fund and disbursement to the clerk of the court. Provides that upon and at the judicial sale of foreclosed residential real estate, the purchaser (subject to provisions involving mortgagees) shall pay to the person conducting the sale a fee according to a specified formula for deposit into the Abandoned Residential Property Municipality Relief Fund and disbursement to the clerk of the court. Includes the Foreclosure Prevention Program Fund and the Abandoned Residential Property Municipality Relief Fund as special funds in the State treasury. Makes other changes. Effective 60 days after becoming law.