Illinois SB2951 amends the Code of Civil Procedure to set a 10-year limit for commencing foreclosure actions on mortgages or deeds of trust.
Illinois SB2951 modifies the Code of Civil Procedure to establish a 10-year period for initiating foreclosure actions on mortgages or deeds of trust. This applies to promissory notes dated on or after the effective date of the amendatory Act of 1997. The bill also amends the Probate Act of 1975 to allow courts to sell or mortgage real estate with secured creditors' approval if full satisfaction is not possible. The act takes effect immediately upon becoming law.
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