Sec. 15-1225. Residential real estate in foreclosure.
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/il/chapter-735/act-5/15-1225A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15-1225. Residential real estate in foreclosure. For purposes of Sections 9-207.5, 15-1224, 15-1506, 15-1508, and 15-1701 of this Code only, the term "residential real estate in foreclosure" means any real estate, except a single tract of agricultural real estate consisting of more than 40 acres, which is improved with a single family residence or residential condominium units or a multiple dwelling structure containing single family dwelling units for one or more families living independently of one another, for which an action to foreclose the real estate:
(1)has commenced and is pending;
(2)was pending when the bona fide lease was entered into or renewed; or
(3)was commenced after the bona fide lease was entered into or renewed.