HB5019 Summary

• Delays the effective date of Sections 10, 15, and 25 of Public Act 97-849 until federal regulations implementing Sections 1431, 1432, and 1433 of the Dodd-Frank Wall Street Reform and Consumer Protection Act take effect.

• Amends Section 15-1508 of the Code of Civil Procedure regarding mortgage foreclosure sale confirmations, requiring confirmation orders to include the name, address, and telephone number of the certificate of sale holder or purchaser.

• Requires notice of confirmation orders to be sent to the mortgagor by first class mail and to the municipality or county where the foreclosed property is located.

• Extends the deadline for the Making Home Affordable Program provisions from January 1, 2013 to January 1, 2014, applying to actions filed after December 31, 2013 where mortgagors did not apply for assistance by December 31, 2013.

• Establishes that for residential real estate, mortgagors may set aside a foreclosure sale without posting a bond if they apply for Making Home Affordable Program assistance and the sale violates program requirements.