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REACT FINANCIAL v. LONG

No. 3-05-0438.

852 N.E.2d 277 (2006)

REACT FINANCIAL, As Assignee of Nationwide Mortgage Plan and Trust, Plaintiff-Appellant, v. Darren R. LONG, Sheryle A. Long f/k/a Sheryle A. Haake, Louis E. Olivero, Unknown Owners and Non-Record Claimants, Defendants-Appellees.

Appellate Court of Illinois, Third District.

Rehearing Denied August 8, 2006.

Attorney(s) appearing for the Case

Patrick J. McCann, Noonan & Lieberman, Ltd., James Noonan (argued), Chicago, for React Financial.

Louis E. Olivero (argued), Louis E. Olivero & Associates, Peru, for Darren R. Long.

Justice SLATER delivered the opinion of the court:

In 1987 the Illinois legislature enacted the Illinois Mortgage Foreclosure Law (Foreclosure Law) (735 ILCS 5/15-1101 et seq. (West 2004); see Pub. Act 84-1462, § 2, eff. July 1, 1987), which substantially reorganized and modified the law as it then existed. In this case we consider the effect of the Foreclosure Law on the rights and obligations of a junior mortgagee following a foreclosure by the senior...

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