First Mortgage Co. v. Dina, 2014 IL App (2d) 130567
Sep 24, 2014OUTCOME: Mortgage voided, foreclosure sale and judgment vacated
On May 22, 2014 The Illinois Appellate Court held that a residential mortgage is void if the related loan transaction was originated by an entity that was not licensed or exempt under the Illinois Resi ... dential Mortgage License Act of 1987 (the License Act). First Mortgage Company v. Dina, 2014 IL App (2d) 130567. The court reasoned that since the License Act states that “the purpose of this Act is to protect Illinois consumers seeking residential mortgages,” any mortgage made by an entity not licensed under the Act is void as against public policy. Id. at ¶¶ 19-21. On September 24, 2014 the Supreme Court denied plaintiff's petition to appeal the ruling.
