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
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
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.