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Increased Filing Fees for Illinois Residential Real Estate Foreclosures




by:
Carolyn Artus
Weltman, Weinberg & Reis Co., L.P.A. - Chicago Office

 
June 13, 2013

Previously published on June 7, 2013

Illinois’ new law1 imposing additional court filing fees for residential real estate foreclosure cases is now in effect. The new law has a three-tier fee schedule based on the number of residential foreclosures a lender and its affiliates or servicers filed during the preceding calendar year. The three tiers are:

  • Tier I: Lenders and their affiliates or servicers that have filed 175 or more residential foreclosures during the preceding calendar year. The additional filing fee is $500.00.
  • Tier II: Lenders and their affiliates or servicers that have filed between 50 and 174 residential foreclosures during the preceding calendar year. The additional filing fee is $250.00.
  • Tier III: Lenders and their affiliates or servicers that have filed less than 50 residential foreclosures during the preceding calendar year. The additional fee is $50.00.

These fees are in addition to the already existing filing fees: (1) the base filing fee already required by the particular Circuit Court Clerk; and (2) a $50.00 fee for deposit into the Foreclosure Prevention Program Fund.

In order to determine the applicable additional filing fee, the Circuit Court Clerks may rely on a verified statement filed by the Plaintiff attesting to its tier.

The Illinois State Treasurer is to deposit 28% of the additional fees into the Foreclosure Prevention Program Fund and 70% into the Abandoned Residential Property Municipality Relief Fund, while the Circuit Court Clerks are allowed to retain 2% for administrative expenses. According to the Illinois Governor’s Office, the additional fees will provide an estimated $28 million to local governments to maintain abandoned residential properties, and an estimated $13 million for housing counseling assistance.[2]

For a copy of the new law, go here: http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=073500050K15-1504.1

1 Section 15-1504.1 of the Illinois Mortgage Foreclosure Law (735 ILCS 5/15-1504.1).
2 Illinois Governor Quinn press release dated February 8, 2013.



 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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