(a)Exclusive Procedure. From and after July 1, 1987 (the effective date of Public Act 84-1462), the following shall be foreclosed in a foreclosure pursuant to this Article:
(1)any mortgage created prior to, on or after July 1, 1987 (the effective date of Public Act 84-1462);
(2)any real estate installment contract for residential real estate entered into on or after July 1, 1987 (the effective date of Public Act 84-1462) and under which the amount unpaid under the terms of the contract at the time of the filing of the foreclosure complaint, including principal and due and unpaid interest, at the rate prior to default, is less than 80% of the original purchase price of the real estate as stated in the contract;
(3)any collateral assignment of beneficial interest made on or after July 1,
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(a) Exclusive Procedure. From and after July 1, 1987 (the effective date of Public Act 84-1462), the following shall be foreclosed in a foreclosure pursuant to this Article: (1) any mortgage created prior to, on or after July 1, 1987 (the effective date of Public Act 84-1462); (2) any real estate installment contract for residential real estate entered into on or after July 1, 1987 (the effective date of Public Act 84-1462) and under which the amount unpaid under the terms of the contract at the time of the filing of the foreclosure complaint, including principal and due and unpaid interest, at the rate prior to default, is less than 80% of the original purchase price of the real estate as stated in the contract; (3) any collateral assignment of beneficial interest made on or after July 1, 1987 (the effective date of Public Act 84-1462) (i) which is made with respect to a land trust which was created contemporaneously with the collateral assignment of beneficial interest, (ii) which is made pursuant to a requirement of the holder of the obligation to secure the payment of money or performance of other obligations and (iii) as to which the security agreement or other writing creating the collateral assignment permits the real estate which is the subject of the land trust to be sold to satisfy the obligations. (b) Uniform Commercial Code. A secured party, as defined in Article 9 of the Uniform Commercial Code, may at its election enforce its security interest in a foreclosure under this Article if its security interest was created on or after July 1, 1987 (the effective date of Public Act 84-1462) and is created by (i) a collateral assignment of beneficial interest in a land trust or (ii) an assignment for security of a buyer's interest in a real estate installment contract. Such election shall be made by filing a complaint stating that it is brought under this Article, in which event the provisions of this Article shall be exclusive in such foreclosure. (c) Real Estate Installment Contracts. A contract seller may at its election enforce in a foreclosure under this Article any real estate installment contract entered into on or after July 1, 1987 (the effective date of Public Act 84-1462) and not required to be foreclosed under this Article. Such election shall be made by filing a complaint stating that it is brought under this Article, in which event the provisions of this Article shall be exclusive in such foreclosure. A contract seller must enforce its contract under this Article if the real estate installment contract is one described in paragraph (2) of subsection (a) of this Section. (d) Effect of Election. An election made pursuant to subsection (b) or (c) of this Section shall be binding only in the foreclosure and shall be void if the foreclosure is terminated prior to entry of judgment. (e) Supplementary General Principles of Law. General principles of law and equity, such as those relating to capacity to contract, principal and agent, marshalling of assets, priority, subrogation, estoppel, fraud, misrepresentations, duress, collusion, mistake, bankruptcy or other validating or invalidating cause, supplement this Article unless displaced by a particular provision of it. Section 9-110 of this Code shall not be applicable to any real estate installment contract which is foreclosed under this Article. (f) Pending Actions. A complaint to foreclose a mortgage filed before July 1, 1987, and all proceedings and third party actions in connection therewith, shall be adjudicated pursuant to the Illinois statutes and applicable law in effect immediately prior to July 1, 1987. Such statutes shall remain in effect with respect to such complaint, proceedings and third party actions notwithstanding the amendment or repeal of such statutes on or after July 1, 1987. (g) The changes made to this Section by this amendatory Act of the 100th General Assembly apply to real estate installment contracts for residential real estate executed on or after the effective date of this amendatory Act of the 100th General Assembly.