Judicial sales are those sales that are based upon an order or a judgment of the
court directing the sale.
The most common type of judicial sale is the sale of property pursuant to a foreclosure
of a mortgage on real estate. Until July 1, 1987, judicial sales were conducted
by the judge hearing the mortgage foreclosure action or by the sheriff of the county
in which the property was located. A change in the Illinois Mortgage Foreclosure
Law allows foreclosing lenders and their attorneys to designate someone other than
the judge or the sheriff to conduct the mortgage foreclosure sale. 735 ILCS 5/15-1506(f)(3).
The statute, effective July 1, 1987, states:
(f) without limiting the general authority and powers of the court, special matters
may be included in the judgment of foreclosure if sought by a party in the complaint
or by separate motion. Such matters may include, without limitation, ... (3) an
official or other person who shall be the officer to conduct the sale other than
the one customarily designated by the court....
The principals involved in drafting the Illinois Mortgage Foreclosure Law attempted
to ensure that the foreclosed mortgagor’s equity would have a reasonable chance
of being preserved. The inclusion of 735 ILCS 5/15-1506(f)(3) is a step toward attaining
that goal.
Announcements
Register Certified Funds
Effective immediately all bidders bidding at The Judicial Sales Corporation must register their certified funds in the name of the intended grantee (bidder)
Bidders who bid on behalf of more than one buyer should register each bidder separately by providing the bidders name, address and phone number and the amount of the certified funds associated to that bidder.
Each named bidder will have a separate bid paddle.
New Cook County afternoon sale time
Effective immediately, all afternoon sales in Cook County will be held at 2:30 PM, not 2:00 PM
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