March 2012 | Volume 5 - Number 2
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Update from the ATG Short Sale Coordination Department
Illinois Mortgage Legislation Requires Lenders to Respond to Short Sale Requests within Ninety Days
![]() Effective January 13, 2012, the lender in a residential real estate foreclosure must respond within 90 days to the mortgagor's written request for a short sale. See 735 ILCS 5/15-1401.1. If a lender fails to respond within this 90-day period, the borrower could bring a motion before the judge hearing the foreclosure case to compel a response. Read the full article. Short sales are difficult to complete. The process is inefficient and labor intensive. Let us take care of the administrative tasks involved in obtaining short sale approvals so you can focus on doing what you do best — representing your client. Contact us at shortsales@atgf.com or 312.752.1190 to learn more. Sincerely, Karen G. Courtney
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ATTORNEYS | Practice Notes
LEGISLATIVE UPDATES
Illinois
Foreclosure; Short Sale: PA 97-0666 — In a residential real estate foreclosure, three conditions require the mortgagee to respond within 90 days.
CASENOTES
Indiana
Mortgages: US Bank Natl Assoc v Seeley — A revolving line of credit does not terminate automatically when the account is paid down to zero. Termination requires proof of the parties' intent to terminate.
Wisconsin
Title Insurance: Geiger v Coleman Engineering Co — A title insurance company has no duty to defend a client in a boundary-line dispute, if the policy includes a specific exclusion that removes coverage for boundary line disputes.
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ATG MEMBERS | Underwriters' Bulletin
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PROCEDURAL UPDATES
Title Underwriters to Collect "Property Type" Information — REsource and the Accounting Information Schedule have been updated to meet the National Association of Insurance Commissioners (NAIC) requirement that title insurance underwriters collect property type information for each policy reported.
REMINDER: ARDC Censure and Title Agency Disclosure - ATG members and regional agents have a duty to disclose their relationship with ATG to the parties in real estate transactions... read more
REMINDER: ATG Privacy Policy Notice - To comply with the Gramm-Leach-Bliley Act, ATG and its subsidiaries developed a privacy policy and notice informing customers, including buyers and sellers, that ATG will not disclose non-public, personal information to nonaffiliated third parties... read more
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IN THE NEWS | ATG Trust Lake Forest Office Closing
ATG Trust Company Moving Lake Forest Operations - As of March 22, 2012, the ATG Trust Lake Forest Land Trust office will be closed. Our land trust department is moving to our downtown Chicago office, centralizing our operations. For all your land trust needs, please call us at 312.33TRUST (312.338.7878).
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WHAT'S NEW | Member, CLE, Process, Trust, and Auction Services
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