Certain borrower-friendly amendments to the Illinois Mortgage Foreclosure Law (“IMFL”)—added at the beginning of the recent foreclosure crisis—were scheduled to sunset (i.e., automatically repeal) in 2016 or early 2017. For instance, Illinois’ statutory requirement for the mailing of a Grace Period Notice (“GPN”) before initiating a foreclosure suit was first enacted in April 2009. See 735 ILCS 5/15-1502.5. For those familiar with Illinois foreclosure law, the GPN is similar to a notice of default—lenders and servicers must and do send them before initiating foreclosure proceedings, but borrowers rarely, if ever, “receive” such notices based on the popularity of foreclosure defenses based on the GPN.
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Source: DS News