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Financial Services Quarterly

 
Financial Services Alert: Bank Foreclosure Sale Gets "HAMPered"
In the case of CitiMortgage v. Lewis, the appellate court vacated a sheriff’s foreclosure sale so that limited discovery and an evidentiary hearing could be held as to whether the property was sold in violation of FHA-HAMP requirements.
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Financial Services Alert: Riding Coattails When Your Junior Lien is Being Foreclosed
In JP Morgan Chase Bank, N.A. v. Bank of America, N.A., an Illinois appellate court held that because Bank of America had failed to take part in the foreclosure of its junior lien, its right to claim any of the surplus funds was foreclosed and eliminated.
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Financial Services Alert: What is Due and What is Not Due Under the Illinois Condominium Property Act: That is the Question
Condominium associations often struggle with what is due under the Illinois Condominium Property Act. However, a familiarity with the act can be helpful.
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Financial Services Alert: Bank May Be Held Responsible for Condo Assessments Incurred Prior to Taking Title
In the case of 1010 Lake Shore Association v. Deutsche Bank National Trust Company, 2014 IL App (1st) 130962 (1st Dist., 2nd Division, August 12, 2014), the Appellate Court held that a foreclosing lender was responsible for paying condominium assessments i
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Financial Services Alert: Employers Beware: Employment Contracts - New Rules on Restrictive Covenants in Illinois
In Fifield v. Premier Dealer Services, the Illinois appellate court held that the offering of a job will no longer be considered adequate consideration to support restrictive covenants, unless the job lasts typically, at least two years.
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