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Mechanics Lien Form For Cook County Il: What You Should Know
What is the Illinois Mortgage Foreclosure/Mechanics Lien Act? The Illinois Mortgage Foreclosure/Mechanics Lien Act, Chapter 1310 of the Illinois General Assembly in 1993, was the final step in obtaining the powers of eminent domain over mortgages. The Act established the Office of the Illinois Mortgage Lender and imposed specific requirements for the recording of the lenders' lien on any property in which they have a lien. It required the lien form to be signed by the owner of record or, if not able to provide the owner's name, by an officer or employee of the lender. The lien form was to be executed by a representative of the Illinois Mortgage Lender in the manner prescribed by Rule 41(b) of the Bankruptcy Code. The lien form was to be recorded in a form prescribed by the Illinois Mortgage Lender; such form was prescribed in the Form Book of the Illinois Mortgage Lender. The Illinois Mortgage Lender, in conformity with the Federal Home Loan Mortgage Corporation regulations, required that a lien record be sent to the Federal Bureau of Investigation (FBI) for their criminal investigation of a breach of lien. This requirement was established in order to ensure that the lien on the mortgage was properly recorded. An Illinois attorney may only represent the owner of a lien mortgage, but if a real estate attorney is representing the lender, it is still the duty of the real estate attorney to collect the lien. The real estate attorney must have the full power of attorney for each person listed as a debtor of the lien mortgage. The real estate attorney is also required to notify the Illinois Mortgage Lender of the foreclosure proceedings within 20 days of the expiration of the maximum foreclosure time, and to collect payment of the outstanding balance due from the debtor. In the event a real estate attorney is not representing the borrower, and a mortgage representative is acting in the discharge of the foreclosure lien, the real estate attorney must be given notice of the appointment of the mortgage representative by the Illinois Mortgage Lender, within 20 days after the foreclosure action is filed, and must notify the mortgage representative during the real estate representative's continuance of the foreclosure actions; otherwise, the real estate attorney may have an attorney-client privilege against disclosing information in response to a subpoena.
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