IL SB2730

Adds Section 15-1603.5 to the Code of Civil Procedure to establish a strict foreclosure process for omitted subordinate interests in real estate that were inadvertently excluded from prior foreclosure actions.

Allows the holder of a certificate of sale or any subsequent successor to file a strict foreclosure complaint against the person holding an omitted subordinate interest, provided the interest was recorded before the original foreclosure filing and the holder was not named as a defendant.

Requires strict foreclosure complaints to include the plaintiff's identity, prior foreclosure docket number, property legal description, recording information of the omitted interest, the successful bid amount from the original sale, and an explanation for why the interest holder was omitted.

Permits the defendant to object and agree to redeem the property by paying the original bid amount plus any costs incurred for taxes, preservation, and protection of the property, with a 30-day redemption period to reinstate their title.

If the defendant fails to redeem within 30 days or does not agree to pay the redemption amount, the court shall enter judgment extinguishing the omitted subordinate interest while preserving any claim to surplus proceeds from the original foreclosure sale.