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Illinois Supreme Court issues new foreclosure rules

The Illinois Supreme Court issued new rules to change foreclosures in the state that will affect Cook County’s 77,000 pending foreclosure cases, according to a report by the Chicago Business Journal. The paper cited the Chicago Tribune in its article.

Set to take effect by June 1 at the latest, the rules, which took nearly two years to develop, primarily aim to protect borrowers, the Tribune said, by putting a burden on the lender to show that more avenues toward a resolution have been explored with the borrower before the lender can seek a foreclosure judgment.

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