March 2012 | Volume 5 - Number 2

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Update from the ATG Short Sale Coordination Department
Illinois Mortgage Legislation Requires Lenders to Respond to Short Sale Requests within Ninety Days


Karen Courtney photoMany distressed homeowners who have chosen short sales as a solution have had to watch potential buyers walk away because they are unwilling to wait the many months it often takes to obtain short sale approval. A new law in Illinois could bring relief to these homeowners.

Effective January 13, 2012, the lender in a residential real estate foreclosure must respond within 90 days to the mortgagor's written request for a short sale. See 735 ILCS 5/15-1401.1.

If a lender fails to respond within this 90-day period, the borrower could bring a motion before the judge hearing the foreclosure case to compel a response. Read the full article.

Short sales are difficult to complete. The process is inefficient and labor intensive. Let us take care of the administrative tasks involved in obtaining short sale approvals so you can focus on doing what you do best — representing your client. Contact us at or 312.752.1190 to learn more.


Karen G. Courtney
Managing Attorney
ATG Short Sale Coordination

EDITOR'S NOTE: In the event that this communication is disseminated to the consumer in connection with ATG's Short Sale Coordination Services, the consumer is hereby provided with the following disclosures in compliance with the Mortgage Assistance Relief Services Rule (16 C.F.R. Part 322) promulgated by the Federal Trade Commission:

You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject the offer, you do not have to pay us. If you accept the offer, you will have to pay us an amount equal to one percent (1%) of the purchase price, or a minimum of $2,000.00, whichever is greater, for our services. ATG is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.


ATTORNEYS | Practice Notes
Foreclosure; Short Sale: PA 97-0666 — In a residential real estate foreclosure, three conditions require the mortgagee to respond within 90 days.
Mortgages: US Bank Natl Assoc v Seeley — A revolving line of credit does not terminate automatically when the account is paid down to zero. Termination requires proof of the parties' intent to terminate.
Title Insurance: Geiger v Coleman Engineering Co — A title insurance company has no duty to defend a client in a boundary-line dispute, if the policy includes a specific exclusion that removes coverage for boundary line disputes.



ATG MEMBERS | Underwriters' Bulletin
This content is for members only. Consider joining — see Membership Benefits
Title Underwriters to Collect "Property Type" Information — REsource and the Accounting Information Schedule have been updated to meet the National Association of Insurance Commissioners (NAIC) requirement that title insurance underwriters collect property type information for each policy reported.
REMINDER: ARDC Censure and Title Agency Disclosure - ATG members and regional agents have a duty to disclose their relationship with ATG to the parties in real estate transactions... read more
REMINDER: ATG Privacy Policy Notice - To comply with the Gramm-Leach-Bliley Act, ATG and its subsidiaries developed a privacy policy and notice informing customers, including buyers and sellers, that ATG will not disclose non-public, personal information to nonaffiliated third parties... read more



IN THE NEWS | ATG Trust Lake Forest Office Closing


ATG Trust Company Moving Lake Forest Operations - As of March 22, 2012, the ATG Trust Lake Forest Land Trust office will be closed. Our land trust department is moving to our downtown Chicago office, centralizing our operations. For all your land trust needs, please call us at 312.33TRUST (312.338.7878).




WHAT'S NEW | Member, CLE, Process, Trust, and Auction Services
ATG logo Re-Activate your ATG Membership - Has it been a while since you issued a policy? Are you ready to get started again? It's easy, and we can help. Make a small investment of time, start writing policies again, and add to your bottom line. Contact Member Services Representative Bob Dillow today!

Legal Ed Logo Sml
Coming Spring 2012 — Mark Your Calendar!
Calendar subject to change, see ATG Legal Education Program Calendar for current information.
  • General Programs:

    April 14 | Navigating a Real Estate Transaction (Chicago and Milwaukee)

    April 19 | Title Insurance Concepts in Wisconsin (Madison, in conjunction with the Wisconsin Bar)


  • e-Town Halls: (ATG/ATG Trust Members Only)

    April 4 | Using Trust Reporter: Online Access to Trust Accounts/Small Trusts, Virtual Representation, and Family Settlement Agreements (webcast)

    April 11 | ATG's New Website/Underwriting Assistance via the new A Review of Key Underwriting Issues (webcast)

    May 2 | Claims Corner Round-Up/Practice Pointers on Avoiding Claims for Real Estate Attorneys and Title Agents (webcast)

See ATG Legal Education at for our current program list.

ATG LegaLServe logo FAST AND FLEXIBLE: The Process Server Responsive to Your Needs - Get the finest process serving available to lawyers today. Learn what the LegalServe Difference can make in your practice and place your order today!

ATG Trust logo Trust Client Brochure - ATG Trust Company provides a brochure promoting its client services, including implementing estate plans, asset protection, and trust administration.

ATG TRUST MEMBERS: Use this excellent marketing tool to introduce ATG Trust Company to your clients. Contact us at or 312.338.7878 with your copy order or your questions.

NOT A MEMBER YET? Learn about the benefits to you and your clients.


Auctions by ATG logo Your REO Resource - Auctions by ATG provides opportunities for clients on both sides of the transaction: Lenders and Servicers get a faster, more cost-effective platform to dispose of non-performing assets; Investors and Homebuyers get an exciting opportunity to purchase residential real estate at attractive prices. Contact Operations Manager Mary Fran Gill, 312.752.1160, with your questions.