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August 2008 | Volume 1 · Number 3

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4-18-2019 EDITOR'S NOTE: Some links have been removed because the content is no longer applicable.

Update from ATG General Counsel

MOTIONS TO STAY FORECLOSURE SALES

We are all familiar with the shocking headlines citing mounting U.S. mortgage foreclosure statistics. According to RealtyTrac, a leading online marketplace for foreclosure properties, foreclosure filings (default notices, auction sale notices and bank repossessions) were reported on 272,171 U.S. properties during July 2008, an 8 percent increase from the previous month and a 55 percent increase from July 2007. A separate RealtyTrac Foreclosure Report indicates that ninety-five of the 100 largest metropolitan areas in the United States (including Chicago) posted annual increases for second quarter 2008, some at mind-blowing rates. It further reports that one in every 171 U.S. households received a foreclosure filing during the second quarter of 2008. While these averages are are being driven by "rampant activity" in a handful of states, the numbers are shocking.

The crisis hits home in many of the places our members practice. (Check statistics as reported by www.foreclosure.com for Illinois, Wisconsin, or Indiana --- mouseover your county for details.) Illinois, for example, is ranked twelfth in a state-by-state ranking of the highest rates of mortgage foreclosure filings with one in every 583 households having received a foreclosure filing through July 2008. The article below, "Motions to Stay Foreclosure Sales" by Associate Judge Mathias W. Delort, originally appearing the May 2008 CBA Record, provides practical advice for attorneys representing lenders or consumer clients facing these issues. Judge Delort, who was assigned to the mortgage foreclosure/mechanics' lien section of the Chancery Division in the Circuit Court of Cook County, explains practices and procedures that every attorney involved in real estate will find helpful. Whether you represent a plaintiff in a foreclosure matter or a defendant trying to sell his/her property before the foreclosure sale, this article discussing the motions that need to be filed in order to stay the sale will help you advise your client.

August Butera
Senior Vice President and General Counsel

NOTE: We hope you'll attend our October 10 CLE program, America's Mortgage Crisis: Looking out for Your Client, offered in conjunction with the University of Illinois College of Law.

ATTORNEYS | Practice Notes

REAL ESTATE AND TITLE INSURANCE NEWS

Motions to Stay Foreclosure Sales (originally published in the May 2008 issue of the CBA Record; reprinted here with permission) — According to the Clerk of the Circuit Court of Cook County, there were 10,836 foreclosure cases filed in just the first months of 2008, an increase of 43% over the record levels reached in comparable months last year... read more

CASENOTES
Illinois

Judgment Liens
Maniez v Citibank | A memorandum of judgment inaccurately describing a judgment as having been entered on a specific date cannot serve to create a lien... read more

Indiana

Mortgages
Bank of America, NA v Ping | When a mortgage is designed as revolving credit and requires an affirmative act to cancel, mere payment is not enough to remove the lien... read more

Wisconsin

Deeds
Gilbert v Geiger | A resurvey cannot alter the grant of the original deed. Landmarks control over distances in construing metes and bounds descriptions... read more

LEGISLATIVE UPDATES
Indiana

Disclosure: Indiana P.L. 144-2008
Taxation: Indiana P.L. 118-2008

Wisconsin

Civil Procedure: 2007 Wisconsin Act 219
Legal Corporations: 2007 Wisconsin Act 133

ATG MEMBERS | Underwriters' Bulletin

This section provides updated procedural and underwriting information. If you keep hard copies ofour Member Handbooks in your office, print this information for insertion.

CLAIMS CORNER

E-mail your questions to Christine Sparks.

Mortgage Rescue Fraud
Mortgage rescue fraud claims are increasing. Learn how to recognize the circumstances that could give rise to a mortgage rescue fraud... read more

EVENTS | ATG Hosts Wisconsin Members at Miller Park

ATG hosted Wisconsin members for an afternoon CLE program followed by dinner and a great game of baseball at Milwaukee's Miller Park, Friday, August 8, 2008 (pictured: ATG Board member Dave Andrews (Plymouth, Wis.) and his wife Tammi at Milwaukee's Miller Park)... read more.

WHAT'S NEW | CLE, Trust Services

9/3: Real Estate Fundamentals: The Closing Process, Part 2 (Illinois)
10/1: New Construction: Managing Construction Escrows
10/4: Navigating a Real Estate Transaction: A Seminar for Law Students and New Attorneys (Illinois)
10/10: America's Mortgage Crisis: Looking Out For Your Client (in conjunction with the University of Illlinois College of Law)
11/12: Harold Levine Real Estate Institute: Innovative Marketing Strategies and Topical Issues

CLE in Your Office — Earn CLE any time with ATG Legal Ed OnDemand, recorded programs available 24-7. See our Quick List of programs and easy registration... Learn more

About Us: An Introduction — You can offer a full range of trust services, including an array of high-quality investment vehicles with proven performance results, many of which are typically available only to very high net worth individuals and institutions. through ATG Trust... Learn more

Attorneys' Title Guaranty Fund, Inc. (ATG) and subsidiaries provide services for member attorneys and their real estate clients. ATG also works with lenders, Realtors, and other parties to ensure that each real estate transaction is completed in a professional and hassle-free manner. Contact us today! 800.252.0402.