Title
Joint ordinance authorizing the Sheriff to establish a Judicial Sales Division and charge fees for specified services provided by the Sheriff’s Office.
Staff Summary
· The Sheriff’s Office in conjunction with Court Administration, States Attorney, County Administrator’s Office and the Office of Finance and Administrative Services developed the policies and procedures for the Sheriff’s Office to accept all judicial sales in Lake County.
· If the loan is neither reinstated nor redeemed, the real estate is subject to judicial sale. The judicial sales process occurs after the courts have issued a Judgement of Foreclosure on a property.
· Currently, most judicial sales are conducted by two Cook County companies and potential purchasers must travel to many different locations to participate in the judicial sale. The Sheriff and the Courts have received complaints and wish to centralize the process.
· The purpose of this venture is to centralize the foreclosure procedures for the entire County. This would allow for easier dissemination of information, location stabilization and a specific public point of contact.
· The proposed $500 fee being charged to the purchaser of the judicial sale (property) is sufficient to cover all costs of the program.
Body
WHEREAS, there has been a dramatic increase in the number of mortgage foreclosure filings across the nation; and
WHEREAS, in Lake County, the number of mortgage foreclosure filings has increased from 2,550 in 2006 to 3,241 in 2007 and 4,748 in 2008; and
WHEREAS, the Illinois Mortgage Foreclosure Act allows most property owners to redeem their property from foreclosure by repaying the entire amount borrowed plus interest, costs and fees, by the later of seven months from the date of service or three months from the date of entry of the foreclosure order (735 ILCS 5/15-1603); and
WHEREAS, if the loan is neither reinstated nor redeemed and the lender prevails in its suit, the real estate is subject to ju...
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