On July 31, 2009, the Governor of Illinois signed a bill into law that now requires additional information to be included on all deeds that are recorded pursuant to a mortgage foreclosure action.
Previously the law required only that the grantee place its name and address on the deed to be recorded. This information was used for the sole purpose of sending the future tax bills to a specific address for the new owner. The new law additionally requires that a contact name and a telephone number for that contact be included on all recorded deeds. The main impetus behind this law is that municipalities have contact information for the new owners of the property when it comes to contacting new owners in regards to the maintenance of the property, such as cutting the grass, removing weeds, removing garbage, securing the home and paying utility bills.
We would suggest that the contact person to be included on the deeds be a person or team that would be handling the file in the REO department or property preservation department. Since any contact would be made after the deed is recorded, the contact should be a person or team that would be working the property after the foreclosure is resolved. Further, the number can be a general number to reach the department and does not need to be a direct line to any individual.
Although there is no statutory penalty for not including this information on the deeds, County recorders may refuse to record the deeds without the information. Any delay in recording the deed could be problematic for the efficient transfer of the property to a third party after the foreclosure case is resolved.
Therefore, please send the contact information for the person or team that we should include on all mortgage foreclosure deeds as soon as possible. Any delay may result in the inability to record your deeds promptly. Please send all contact information to Michael S. Bablo, Esq. at the email address of mbablo@weltman.com.
If you have any questions on this information, please contact Mr. Michael S. Bablo, Esq.
Michael is an Associate in the Real Estate Default Group of the Chicago office of Weltman, Weinberg & Reis Co., L.P.A. The firm handles foreclosures and related litigation throughout Ohio, Kentucky, Indiana, Illinois, Pennsylvania and Michigan. Michael can be reached at (312) 253-9617 or via e-mail at mbablo@weltman.com.
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