Full Text of HB5731 97th General Assembly
HB5731 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB5731 Introduced 2/16/2012, by Rep. Monique D. Davis SYNOPSIS AS INTRODUCED: |
| 735 ILCS 5/15-1202.5 | | 735 ILCS 5/15-1701 | from Ch. 110, par. 15-1701 | 735 ILCS 5/15-1707 new | |
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Amends the Code of Civil Procedure. Provides that a mortgagor has a right to remain in the mortgaged premises as a renter following foreclosure proceedings by paying rent to the mortgagee in possession or the purchaser at the judicial sale. Defines terms. Provides for a mortgagee's notice to the mortgagor of the right to remain in the mortgaged premises as a tenant, terms of tenancy, mortgagor's responsibilities while renting the foreclosed property, rental rate set by the court, responsibility for maintenance of the foreclosed property, and other matters. Effective June 1, 2012.
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| | A BILL FOR |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Code of Civil Procedure is amended by | 5 | | changing Sections 15-1202.5 and 15-1701 and by adding Section | 6 | | 15-1707 as follows: | 7 | | (735 ILCS 5/15-1202.5)
| 8 | | Sec. 15-1202.5. Dwelling unit. For the purposes of Sections | 9 | | 15-1508, 15-1508.5, 15-1703, and 15-1704 , and 15-1707 only, | 10 | | "dwelling unit" means a room or suite of rooms providing | 11 | | complete, independent living facilities for at least one | 12 | | person, including permanent provisions for sanitation, | 13 | | cooking, eating, sleeping, and other activities routinely | 14 | | associated with daily life.
| 15 | | (Source: P.A. 96-111, eff. 10-29-09; 97-575, eff. 8-26-11.)
| 16 | | (735 ILCS 5/15-1701) (from Ch. 110, par. 15-1701)
| 17 | | Sec. 15-1701. Right to possession.
| 18 | | (a) General. The provisions of
this Article shall govern | 19 | | the right to possession of the mortgaged real
estate during | 20 | | foreclosure. Possession under this Article includes physical
| 21 | | possession of the mortgaged real estate to the same extent to | 22 | | which the
mortgagor, absent the foreclosure, would have been |
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| 1 | | entitled to physical
possession. For the purposes of Part 17, | 2 | | real estate is residential real estate
only if it is | 3 | | residential real estate at the time the foreclosure is | 4 | | commenced.
| 5 | | (b) Pre-Judgment. Prior to the entry of a judgment of | 6 | | foreclosure:
| 7 | | (1) In the case of residential real estate, the | 8 | | mortgagor shall be
entitled to possession of the real | 9 | | estate except if (i) the mortgagee shall
object and show | 10 | | good cause, (ii) the mortgagee is so authorized by the | 11 | | terms of
the mortgage or other written instrument, and | 12 | | (iii) the court is satisfied that
there is a reasonable | 13 | | probability that the mortgagee will prevail on a final
| 14 | | hearing of the cause, the court shall upon request place | 15 | | the mortgagee in
possession. If the residential real estate | 16 | | consists of more than one dwelling
unit, then for the | 17 | | purpose of this Part residential real estate shall mean | 18 | | only
that dwelling unit or units occupied by persons | 19 | | described in clauses (i), (ii)
and (iii) of Section | 20 | | 15-1219.
| 21 | | (2) In all other cases, if (i) the mortgagee is so | 22 | | authorized by the
terms of the mortgage or other written | 23 | | instrument, and (ii) the court is
satisfied that there is a | 24 | | reasonable probability that the mortgagee will
prevail on a | 25 | | final hearing of the cause, the mortgagee shall
upon | 26 | | request be placed in possession of the real estate, except |
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| 1 | | that if the
mortgagor shall object and show good cause, the | 2 | | court shall allow the
mortgagor to remain in possession.
| 3 | | (c) Judgment Through 30 Days After Sale Confirmation. After | 4 | | the entry
of a judgment of foreclosure and through the 30th day | 5 | | after a foreclosure
sale is confirmed:
| 6 | | (1) Subsection (b) of Section 15-1701 shall be | 7 | | applicable, regardless of
the provisions of the mortgage or | 8 | | other instrument, except that after a
sale pursuant to the | 9 | | judgment the holder of the certificate of sale
(or, if | 10 | | none, the purchaser at the sale) shall have the mortgagee's | 11 | | right to be
placed in possession, with all rights and | 12 | | duties of a mortgagee in possession
under this Article.
| 13 | | (2) Notwithstanding paragraph (1) of subsection (b) | 14 | | and paragraph (1) of
subsection (c) of Section 15-1701, | 15 | | upon request of the mortgagee, a mortgagor
of residential | 16 | | real estate shall not be allowed to remain in possession | 17 | | between
the expiration of the redemption period and through | 18 | | the 30th day after sale
confirmation unless (i) the | 19 | | mortgagor pays to the mortgagee or such holder or
| 20 | | purchaser, whichever is applicable, monthly the lesser of | 21 | | the interest due
under the mortgage calculated at the | 22 | | mortgage rate of interest applicable as if
no default had | 23 | | occurred or the fair rental value of the real estate, or | 24 | | (ii)
the mortgagor otherwise shows good cause. Any amounts | 25 | | paid by the mortgagor
pursuant to this subsection shall be | 26 | | credited against the amounts due from the
mortgagor.
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| 1 | | (d) After 30 Days After Sale Confirmation. The holder of
| 2 | | the certificate of sale or deed issued pursuant to that | 3 | | certificate or, if
no certificate or deed was issued, the | 4 | | purchaser, except to the extent the
holder or purchaser may | 5 | | consent otherwise, shall be entitled to possession of
the | 6 | | mortgaged real estate, as of the date 30 days after the order | 7 | | confirming
the sale is entered, against those parties to the | 8 | | foreclosure whose interests
the court has ordered terminated, | 9 | | without further notice to any party, further
order of the | 10 | | court, or resort to proceedings under any other statute other | 11 | | than
this Article.
This right to possession shall be limited by | 12 | | the provisions
governing entering and enforcing orders of | 13 | | possession under subsection (g) of
Section
15-1508.
If the | 14 | | holder or purchaser determines that there are occupants
of the | 15 | | mortgaged real estate who have not been made parties to the | 16 | | foreclosure
and had their interests terminated therein, the | 17 | | holder or purchaser may bring a
proceeding under subsection (h) | 18 | | of this Section or under Article 9 of this Code
to terminate | 19 | | the rights of possession of any such occupants. The holder or
| 20 | | purchaser shall not be entitled to proceed against any such | 21 | | occupant under
Article 9 of this Code until after 30 days after | 22 | | the order confirming the sale
is entered.
| 23 | | (e) Termination of Leases. A lease of all or any part of | 24 | | the mortgaged
real estate shall not be terminated automatically | 25 | | solely by virtue of the entry
into possession by (i) a | 26 | | mortgagee or receiver prior to the entry of an order
confirming |
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| 1 | | the sale, (ii) the holder of the certificate of sale, (iii) the
| 2 | | holder of the deed issued pursuant to that certificate, or (iv) | 3 | | if no
certificate or deed was issued, the purchaser at the | 4 | | sale.
| 5 | | (f) Other Statutes; Instruments. The provisions of this | 6 | | Article
providing for possession of mortgaged real estate shall | 7 | | supersede any other
inconsistent statutory provisions. In | 8 | | particular, and without limitation,
whenever a receiver is | 9 | | sought to be appointed in any action in which a
foreclosure is | 10 | | also pending, a receiver shall be appointed only in
accordance | 11 | | with this Article. Except as may be authorized by this Article,
| 12 | | no mortgage or other instrument may modify or supersede the | 13 | | provisions of this
Article.
| 14 | | (g) Certain Leases. Leases of the mortgaged real estate | 15 | | entered into by
a mortgagee in possession or a receiver and | 16 | | approved by the court in a
foreclosure shall be binding on all | 17 | | parties, including the mortgagor after
redemption, the | 18 | | purchaser at a sale pursuant to a judgment of foreclosure
and | 19 | | any person acquiring an interest in the mortgaged real estate | 20 | | after
entry of a judgment of foreclosure in accordance with | 21 | | Sections 15-1402 and
15-1403.
| 22 | | (h) Proceedings Against Certain Occupants.
| 23 | | (1) The mortgagee-in-possession of the mortgaged real | 24 | | estate under Section
15-1703, a receiver appointed under | 25 | | Section 15-1704, a holder of the
certificate of sale or | 26 | | deed, or the purchaser may, at any time during the
pendency |
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| 1 | | of the foreclosure and up to 90 days after the date of the | 2 | | order
confirming the sale,
file a supplemental petition for | 3 | | possession against a person not personally
named as a party
| 4 | | to the foreclosure. The supplemental petition for | 5 | | possession shall name each such
occupant against whom | 6 | | possession is sought and state the facts upon which the
| 7 | | claim for relief is premised.
| 8 | | (2) The petitioner shall serve upon each named occupant | 9 | | the petition,
a notice of hearing on the petition, and, if | 10 | | any, a copy of the certificate of
sale or deed. The | 11 | | proceeding for the termination of such occupant's | 12 | | possessory
interest, including service of the notice of the | 13 | | hearing and the petition,
shall in all respects comport | 14 | | with the requirements of Article 9 of this Code,
except as | 15 | | otherwise specified in this Section. The hearing shall be | 16 | | no less
than 21 days from the date of service of the | 17 | | notice.
| 18 | | (3) The supplemental petition shall be heard as part of | 19 | | the foreclosure
proceeding and without the payment of | 20 | | additional filing fees. An order for
possession obtained | 21 | | under this Section shall name each occupant whose interest
| 22 | | has been terminated, shall recite that it is only effective | 23 | | as to the occupant
so named and those holding under them, | 24 | | and shall be enforceable for no more
than 120 days after | 25 | | its entry, except that the 120-day period may be extended | 26 | | to
the extent and in the manner provided in Section 9-117 |
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| 1 | | of Article 9 and except as provided in item (4) of this | 2 | | subsection (h). | 3 | | (4) In a case of foreclosure where the occupant is | 4 | | current on his or her rent, or where timely written notice | 5 | | of to whom and where the rent is to be paid has not been | 6 | | provided to the occupant, or where the occupant has made | 7 | | good-faith efforts to make rental payments in order to keep | 8 | | current, any order of possession must allow the occupant to | 9 | | retain possession of the property covered in his or her | 10 | | rental agreement (i) for 120 days following the notice of | 11 | | the hearing on the supplemental petition that has been | 12 | | properly served upon the occupant, or (ii) through the | 13 | | duration of his or her lease, whichever is shorter, | 14 | | provided that if the duration of his or her lease is less | 15 | | than 30 days from the date of the order, the order shall | 16 | | allow the occupant to retain possession for 30 days from | 17 | | the date of the order. A mortgagee in possession, receiver, | 18 | | holder of a certificate of sale or deed, or purchaser at | 19 | | the judicial sale, who asserts that the occupant is not | 20 | | current in rent, shall file an affidavit to that effect in | 21 | | the supplemental petition proceeding. If the occupant has | 22 | | been given timely written notice of to whom and where the | 23 | | rent is to be paid, this item (4) shall only apply if the | 24 | | occupant continues to pay his or her rent in full during | 25 | | the 120-day period or has made good-faith efforts to pay | 26 | | the rent in full during that period.
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| 1 | | mortgagee-in-possession, receiver or holder of a | 2 | | certificate of sale or deed, or purchaser who fails to file | 3 | | a supplemental petition under this subsection during the | 4 | | pendency of a mortgage foreclosure shall file a forcible | 5 | | entry and detainer action against an occupant of the | 6 | | mortgaged real estate until 90 days after a notice of | 7 | | intent to file such action has been properly served upon | 8 | | the occupant. | 9 | | (5) The court records relating to a supplemental | 10 | | petition for possession filed under this subsection (h) | 11 | | against an occupant who is entitled to notice under item | 12 | | (4) of this subsection (h), or relating to a forcible entry | 13 | | and detainer action brought against an occupant who would | 14 | | have lawful possession of the premises but for the | 15 | | foreclosure of a mortgage on the property, shall be ordered | 16 | | sealed and shall not be disclosed to any person, other than | 17 | | a law enforcement officer or any other representative of a | 18 | | governmental entity, except upon further order of the | 19 | | court.
| 20 | | (i) Right to rent. | 21 | | (1) Notwithstanding any other provision of law or | 22 | | contract, no mortgagee, receiver, holder of a certificate | 23 | | of sale, holder of the deed issued pursuant to that | 24 | | certificate, or if no certificate or deed was issued, the | 25 | | purchaser at the sale entitled to take possession of | 26 | | mortgaged real estate under this Section shall take |
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| 1 | | possession or seek to remove an eligible mortgagor from the | 2 | | mortgaged real estate without providing at least 30 days' | 3 | | written notice of the eligible mortgagor's right to rent as | 4 | | provided in subsection (c) of Section 15-1707. | 5 | | (2) If a mortgagor has elected to occupy the mortgaged | 6 | | real estate as a tenant pursuant to Section 15-1707, the | 7 | | mortgagee, receiver, holder of a certificate of sale, | 8 | | holder of the deed issued pursuant to that certificate, or | 9 | | if no certificate or deed was issued, the purchaser at the | 10 | | sale entitled to take possession under this Section shall | 11 | | take possession subject to the tenancy created under | 12 | | Section 15-1707. | 13 | | (3) A holder of a certificate of sale, holder of the | 14 | | deed issued pursuant to that certificate, or if no | 15 | | certificate or deed was issued, the purchaser at the sale | 16 | | entitled to take possession of the property under this | 17 | | Section may take possession of the property that is | 18 | | occupied pursuant to Section 15-1707 without providing | 19 | | notice as required under paragraph (1) of this subsection | 20 | | (i) if: | 21 | | (A) the holder of a certificate of sale, holder of | 22 | | the deed issued pursuant to that certificate, or if no | 23 | | certificate or deed was issued, the purchaser at the | 24 | | sale entitled to take possession is not: | 25 | | (i) the mortgagee or a subsidiary, parent, | 26 | | trustee, or agent of the mortgagee; |
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| 1 | | (ii) any other financial institution or its | 2 | | subsidiary, parent, trustee, or agent; | 3 | | (iii) the Federal National Mortgage | 4 | | Association; | 5 | | (iv) the Federal Home Loan Mortgage | 6 | | Corporation; or | 7 | | (v) the Federal Deposit Insurance Corporation; | 8 | | and | 9 | | (B) the holder of a certificate of sale, holder of | 10 | | the deed issued pursuant to that certificate, or if no | 11 | | certificate or deed was issued, the purchaser at the | 12 | | sale entitled to take possession under this Section | 13 | | provides written notice of the termination of the | 14 | | tenancy to the eligible mortgagor at least 30 days | 15 | | prior to the termination. | 16 | | (Source: P.A. 95-262, eff. 1-1-08; 95-933, eff. 8-26-08; 96-60, | 17 | | eff. 7-23-09; 96-111, eff. 10-29-09; 96-1000, eff. 7-2-10.)
| 18 | | (735 ILCS 5/15-1707 new) | 19 | | Sec. 15-1707. Right to rent. | 20 | | (a) Definitions. For the purposes of this Section: | 21 | | "Covered foreclosure proceeding" means a foreclosure | 22 | | proceeding with respect to an eligible mortgage under the | 23 | | Illinois Mortgage Foreclosure Law. | 24 | | "Eligible mortgage" means a first or subordinate mortgage: | 25 | | (1) on a property that: |
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| 1 | | (A) is a single family property located in this | 2 | | State; | 3 | | (B) has been used as the principal residence of the | 4 | | eligible mortgagor for a period of not less than 2 | 5 | | years immediately preceding the initiation of the | 6 | | covered foreclosure proceeding involved; and | 7 | | (C) had a purchase price, at the time purchased by | 8 | | the eligible mortgagor, that is (i) less than the | 9 | | median purchase price for residences that are located | 10 | | in the same metropolitan statistical area or, (ii) if | 11 | | the property is not located in a metropolitan | 12 | | statistical area or information for the area is not | 13 | | available, less than the median purchase price as | 14 | | determined according to information collected and made | 15 | | available by the National Association of Realtors for | 16 | | the area, or in this State, for the most recently | 17 | | completed month for which such information is | 18 | | available; and | 19 | | (2) that was originated before July 1, 2007. | 20 | | "Eligible mortgagor" means a mortgagor under an eligible | 21 | | mortgage. | 22 | | "Financial institution" means any bank, savings bank, | 23 | | savings and loan association, credit union, mortgage broker, | 24 | | mortgage banker, licensee under the Consumer Installment Loan | 25 | | Act or the Sales Finance Agency Act, or a corporate fiduciary, | 26 | | subsidiary, affiliate, parent company, or holding company of |
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| 1 | | any such licensee, or any institution involved in real estate | 2 | | financing that is regulated by State or federal law. | 3 | | "Foreclosed property" means the single family property | 4 | | that is subject to the eligible mortgage being foreclosed under | 5 | | the Illinois Mortgage Foreclosure Law. | 6 | | "Party entitled to possession" means the mortgagee, | 7 | | receiver, holder of a certificate of sale, holder of the deed | 8 | | issued pursuant to that certificate, or if no certificate or | 9 | | deed was issued, the purchaser at the sale entitled to take | 10 | | possession under Section 15-1701 of the real estate that was | 11 | | secured by an eligible mortgage. | 12 | | "Single family property" means: | 13 | | (1) a residential property consisting of one to 4 | 14 | | dwelling units; | 15 | | (2) a dwelling unit in a condominium property together | 16 | | with an undivided interest in the common areas and | 17 | | facilities serving the property; or | 18 | | (3) a dwelling unit in a multi-unit project for which | 19 | | purchase of stock or a membership interest entitles the | 20 | | purchaser to permanent occupancy of that unit. | 21 | | (b) Right to rent subject to foreclosure. Notwithstanding | 22 | | any other provision of law, an eligible mortgagor under an | 23 | | eligible mortgage that is in foreclosure may, at the sole | 24 | | option of the eligible mortgagor, continue to occupy the | 25 | | foreclosed property as a tenant subject to the requirements of | 26 | | subsection (d) of this Section if the eligible mortgagor |
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| 1 | | provides written notice to a party entitled to possession of | 2 | | his or her intention to exercise the right to rent within 30 | 3 | | days after the receipt of the notice described in subsection | 4 | | (c) of this Section. | 5 | | (c) Notice of the right to rent. A party entitled to | 6 | | possession shall provide written notice of the eligible | 7 | | mortgagor's right to rent at least 30 days prior to taking | 8 | | possession of the property or seeking to remove the eligible | 9 | | mortgagor from the property. The notice shall: | 10 | | (1) be headed in bold 14-point type "RIGHT TO RENT | 11 | | NOTICE"; | 12 | | (2) state the following in 14-point type: | 13 | | "YOUR PROPERTY IS CURRENTLY IN FORECLOSURE AND SUBJECT TO | 14 | | POSSESSION BY ................. PURSUANT TO STATE LAW, YOU HAVE | 15 | | THE RIGHT TO CONTINUE TO OCCUPY YOUR HOME AS A RENTER AT A FAIR | 16 | | MARKET RATE APPROVED BY THE COURT. TO EXERCISE YOUR RIGHT TO | 17 | | RENT, YOU MUST PROVIDE WRITTEN NOTICE OF YOUR INTENTION TO | 18 | | EXERCISE YOUR RIGHT TO RENT TO ................. AT | 19 | | ..................... WITHIN 30 DAYS AFTER THE RECEIPT OF THIS | 20 | | NOTICE."; | 21 | | (3) include the name, address, and telephone number of | 22 | | the party entitled to possession; | 23 | | (4) clearly set forth the terms of the tenancy under | 24 | | subsection (d) of this Section; and | 25 | | (5) be sent by first class mail to the eligible | 26 | | mortgagor at the common address of the residential property |
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| 1 | | securing the eligible mortgage. | 2 | | (d) Terms of tenancy. | 3 | | (1) Period of tenancy. | 4 | | (A) The occupancy of a foreclosed property by an | 5 | | eligible mortgagor pursuant to this Section shall be | 6 | | under a periodic month-to-month tenancy that shall not | 7 | | be terminated unless: | 8 | | (i) except as provided in subparagraph (B) of | 9 | | this paragraph (1), the property is sold and the | 10 | | purchaser or holder of the certificate of sale, | 11 | | holder of the deed issued pursuant to that | 12 | | certificate, or if no certificate or deed was | 13 | | issued, the purchaser at the sale entitled to take | 14 | | possession under Section 15-1701 provides written | 15 | | notice of the termination to the eligible | 16 | | mortgagor at least 30 days prior to the | 17 | | termination; | 18 | | (ii) the tenancy is terminated pursuant to | 19 | | paragraph (3) of this subsection (d); or | 20 | | (iii) the eligible mortgage has been | 21 | | reinstated pursuant to Section 15-1602. | 22 | | (B) An eligible mortgagor may continue to occupy | 23 | | the foreclosed property as a tenant under this Section | 24 | | if the property is sold and the purchaser is any of the | 25 | | following: | 26 | | (i) the mortgagee or a subsidiary, parent, |
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| 1 | | trustee, or agent of the mortgagee; | 2 | | (ii) any other financial institution or its | 3 | | subsidiary, parent, trustee, or agent; | 4 | | (iii) the Federal National Mortgage | 5 | | Association; | 6 | | (iv) the Federal Home Loan Mortgage | 7 | | Corporation; or | 8 | | (v) the Federal Deposit Insurance Corporation. | 9 | | (2) Responsibilities of eligible mortgagor. An | 10 | | eligible mortgagor who occupies a foreclosed property | 11 | | pursuant to this Section shall: | 12 | | (A) timely pay rent on a monthly basis in an amount | 13 | | approved by the court pursuant to subsection (e) of | 14 | | this Section; | 15 | | (B) use the property as his or her principal | 16 | | residence; and | 17 | | (C) maintain the property in safe, habitable | 18 | | condition. | 19 | | (3) Termination by party entitled to possession or | 20 | | eligible mortgagor. | 21 | | (A) The party entitled to possession may terminate | 22 | | the tenancy of an eligible mortgagor for material | 23 | | breach but shall not have the authority, at will, to | 24 | | terminate the tenancy during the occupancy if the | 25 | | eligible mortgagor has met the requirements of | 26 | | paragraph (2) of this subsection (d). The party |
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| 1 | | entitled to possession shall provide written notice of | 2 | | the termination to the eligible mortgagor at least 30 | 3 | | days prior to the termination. The notice shall include | 4 | | an explanation of the reason for termination. | 5 | | (B) The eligible mortgagor occupying a foreclosed | 6 | | property under this Section may terminate the tenancy | 7 | | at will upon at least 30 days' written notice to the | 8 | | party entitled to possession. | 9 | | (4) Failure to surrender possession. If an eligible | 10 | | mortgagor fails to surrender possession of the property | 11 | | upon termination of the tenancy, the party entitled to | 12 | | possession may seek possession of the property through an | 13 | | action for forcible entry and detainer or ejectment. | 14 | | (e) Rental rate. | 15 | | (1) Initial determination. The rent for a foreclosed | 16 | | property occupied under this Section shall be a fair market | 17 | | rate approved by the court overseeing the foreclosure of | 18 | | the eligible mortgage. The rent shall not be greater than | 19 | | the amount the eligible mortgagor was required to pay per | 20 | | month pursuant to the eligible mortgage subject to | 21 | | foreclosure. | 22 | | (2) Redetermination. The party entitled to possession | 23 | | or the eligible mortgagor may request that the court | 24 | | redetermine the fair market rent for the foreclosed | 25 | | property in the same manner provided under paragraph (1) of | 26 | | this subsection (e), except that no such redetermination |
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| 1 | | shall be made pursuant to this subsection (e) before the | 2 | | expiration of the 12-month period beginning upon the most | 3 | | recent redetermination conducted at the request of the same | 4 | | party. | 5 | | (f) Payment for maintenance of property. If a tenancy under | 6 | | this Section is terminated due to the sale of the property, the | 7 | | eligible mortgagor shall receive 5% of the purchase price | 8 | | unless the eligible mortgagor has: | 9 | | (1) occupied the property as a tenant under this | 10 | | Section for less than 12 months; | 11 | | (2) failed to maintain the property in safe, habitable | 12 | | condition during the tenancy; or | 13 | | (3) caused substantial damage to the property during | 14 | | the tenancy. | 15 | | (g) Construction. This Section shall not be construed to | 16 | | delay, or otherwise modify, affect, or alter any right of a | 17 | | creditor under an eligible mortgage to foreclose on an eligible | 18 | | mortgage and to sell the foreclosed property in connection with | 19 | | such foreclosure, except that the right of any owner of the | 20 | | property to possession of the property shall be subject to the | 21 | | leasehold interest established pursuant to this Section. | 22 | | (h) Applicability and sunset. | 23 | | (1) This Section shall apply to any covered foreclosure | 24 | | proceeding that has not been finally adjudicated as of the | 25 | | effective date of this amendatory Act of the 97th General | 26 | | Assembly. |
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| 1 | | (2) This Section shall not apply to any foreclosure | 2 | | commenced after 5 years from the effective date of this | 3 | | amendatory Act of the 97th General Assembly.
| 4 | | Section 99. Effective date. This Act takes effect June 1, | 5 | | 2012.
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