Paragraph 14 of the parties' real estate mortgage contract is clear that all correspondence relative to this mortgage, including demand letters, summonses, subpoenas or notifications of any judicial or extrajudicial actions shall be sent to the
mortgagor at the address hereinabove given or at the address that may hereafter be given in writing by it.
11) As part of this effort, the Treasury instituted HAMP in 2009 to help struggling
mortgagors and slow down the pace of foreclosures.
Prior to the ABN AMRO ruling, plaintiffs seeking to foreclose mortgages in Illinois rarely named personal representatives for deceased
mortgagors.
Some
mortgagors file a Statement of Defence on the basis that they were wronged in the mortgage process, but this rarely succeeds.
Traditionally, the standard mortgagee clause is intended to protect a mortgagee from an insurer's indiscriminate avoidance of a policy based upon the acts or neglects of the insured
mortgagor or anyone other than the mortgagee or its agents.
Not surprisingly, just as courts must confront the junior interest survival issue when
mortgagors or their transferees are foreclosure purchasers, they must also resolve an analogous issue in the statutory redemption context.
If the
mortgagor lacks any necessary papers, the ARMs auditor will normally obtain them from the lender.
Germain Act,(2) including its universal due-on-sale" clause(3) in residential mortgage instruments, most opportunities a low-cost
mortgagor had to market his or her property assets at a profit were eliminated: the low-cost mortgage had lost its trade-in option, and with it, the market had lost its symmetry.
In both cases, the
mortgagor's interest in the property is terminated, title to the property is transferred to someone else and the
mortgagor receives nothing from the transaction.
The internet has already altered the way that mortgages are researched, as it has become very common for prospective
mortgagors to compare prices and features from different lenders online.
The high court observed that section 15-1501 of the Mortgage Foreclosure Law, 735 ILCS 5/15-1501, specifies that
mortgagors and certain others must be named as defendants in foreclosure proceedings but fails to address what procedure must be followed when the
mortgagor has died.
The court held that "a mortgagee must name a personal representative for a deceased
mortgagor in a mortgage foreclosure proceeding in order for the circuit court to acquire subject matter jurisdiction.
