​Illinois Senate Bill 2919 (SB 2919), signed into law on August 9, 2024, became effective on January 1, 2025. This legislation amends the Illinois Mortgage Foreclosure Law, introducing significant changes to the judicial foreclosure process by permitting judicial sales to be conducted in person, online, or through a hybrid of both methods.

Key Provisions of SB 2919

• Online Judicial Sales: The law authorizes judges, sheriffs, or other designated individuals to conduct foreclosure sales online. They may engage third-party online sale providers to facilitate these auctions, provided they obtain court approval and demonstrate capabilities in marketing, secure data handling, and recordkeeping
• Fee Regulations: While the conducting party may charge an additional fee to cover online sale expenses, this fee must not exceed the amounts allowed to sheriffs for real estate sales as specified in the Counties Code
• Bidder Participation: All bidders are required to complete a registration process and undergo identity verification before participating in online auctions. Importantly, no fees may be charged to the public for viewing properties, participating in auctions, or purchasing property beyond the winning bid amount.​‍
• Transparency Measures: In hybrid sales (both in-person and online), all bids must be simultaneously announced at the in-person venue and made visible online in real-time, ensuring transparency and equal access for all participants.

Anticipated Impact on Foreclosures in Illinois

SB 2919 is expected to modernize the foreclosure process in Illinois by increasing accessibility and transparency. By allowing online participation, the law aims to broaden the pool of potential buyers, potentially leading to higher sale prices and better outcomes for both lenders and borrowers. Furthermore, the legislation addresses concerns about unregulated online foreclosure sales by establishing clear guidelines and protections for participants. These measures are designed to prevent fraudulent activities and ensure that the foreclosure process is conducted fairly and securely. Overall, SB 2919 represents a significant step toward modernizing Illinois' foreclosure system, balancing the benefits of technological advancements with necessary consumer protections.

If you would like to learn more about the judicial sale process in Illinois, an experienced attorney can help you navigate the process. At The Law Center, we are a team of specialists that are passionate about the foreclosure process from start to finish and helping homeowners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your home, let The Law Center help you defend it.

Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815

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