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.
Illinois Supreme Court issues new foreclosure rules
Source: Chicago Tribune