In the state of Illinois, a new law was introduced concerning mortgagors. Titled HB 2005, the new law states that a mortgagor occupying residential property does not have to acquire the surety bond required under present law to set aside the transaction of a foreclosed property. HB 2005 became active upon enactment.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.