Client Alert

No particular notice is required before commencing a mortgage foreclosure suit relating to commercial property, and many of the rules intended to help keep homeowners in their homes do not apply. But what about the odd situation where a commercial property is used by the mortgagee as a primary residence? In a cautionary tale for foreclosing lenders, the Appellate Court of Illinois, First District recently held that where a borrower utilizes his or her commercial property as a principal residence, he or she is entitled to receive all notices required under Illinois law governing residential foreclosures. Thus, characterizing a property as “commercial,” even when it was never intended to serve as a home, will not necessarily save a lender from the notice requirement when the property is utilized as a residence.

An expanded version of this Client Alert was published by Law360 on November 16, 2015. Click here to read the Law360 article.

We have always been focused on finance.

  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
  • 22
    Diverse financial practices serving regional, national, and global clients
  • 6
    Offices across the country and in key US financial centers

We use cookies to deliver our online services. Details of the cookies we use and instructions on how to disable them are set out in our Privacy Policy. By using this website you agree to our use of cookies.