A borrower`s offer to return mortgaged assets to the lender must be truly voluntary. There must be no pressure, real or constructive fraud, unacceptable benefit, compulsive influence or grossly insufficient consideration on the part of the lender. See z.B. First Illinois Nat Bank v Hans, 143 Ill App 3d 1033, 493 NE2d 1171, 98 Ill Dec 150 (2d D 1986) (an express provision in a mortgage that requires Mortgagor to terminate in lieu of enforced execution in the event of a delay is null and void, since the conversion of a mortgage into a regular transfer in the event of late payment deprives Mortgagor of repayment rights and is contrary to public policy). If the borrower attacks and wins the transaction for any of these reasons, he has the option to set aside the transaction and recover the value of the property, the equity of the withdrawal or the profits of the rechecking of the property by the lender. In addition, punitive damages may be tried against the lender if the lender`s conduct is egregious or revolting. However, it must be clearly demonstrated that the need for the borrower was used to carry out a difficult activity and the borrower must prove that the lender has committed a conclusive fault. See z.B. Heller v Jonathon Investments, Inc., 113 Iii 2d 60, 495 NE2d 589, 99 Ill Dec 142 (Ill 1986) (evidence of alleged coercion and inappropriate influence were not clear and convincing and were not sufficient to justify the resignation of acts or the imposition of constructive trust; the evidence of mortgagor must be clear, convincing and sufficient for the murderer`s case to be exuberant). The benefits of making a debt available to a borrower include, first, the release of the borrower and any other person who may be liable for the payment or performance of other obligations guaranteed by the mortgage.
However, these individuals are liable if they accept the transaction at the same time instead of the facts. 735 ILCS 5/15-1401. See also Flora Bank – Trust v Czyzewski, 222 Ill App 3d 382, 583 NE2d 720, 164 Ill Dec 804 (5. D 1991) (that dismissal decisions carried out by murderers be considered acts rather than forced executions, the killers signed a simultaneous agreement which stated that, in the event of default, a judgment against the murderer would be recorded; In addition, the Authority provides, prior to the mortgage blocking law, that a surety will not be exempted by the acquisition of security for the loan by the loan, if the guarantee provides for it. From Quoin State Bank v Daulby, 115 Ill App 3d 183, 450 NE2d 347, 70 Ill Dec 874 (5. D 1983) (the guarantor of a mortgage remained liable for any defaults of the borrower until the agreed amount of the guarantee, despite the fact that the mortgage acquired the mortgage property of the principal debtor on the basis of the forced sale for the entire amount of the debt, provided that the guarantee contract expressly stated that it would not be affected by a sale or sale of the security or security). Before accepting an offer of decision rather than an act, the lender should be assured that, first, if it were to close a default judgment and obtain a default judgment, it would have no practical value. Second, that there are no junior pledges or charges on the ground when passed on to the lender, unless the lender is willing to take the title subject to such mortgages or charges. Third, the offer is not subject to such conditions as. B a property reserve or a right of refusal of pre-emption, unless these rights are limited (and insured) in order to avoid the facts being construed as current security agents or as an appropriate mortgage.
Fourth, the total cost (excluding the cost of title insurance) for accepting voluntary transportation is less than the cost of pursuing legal action and offering the forced sale to protect its investment. Fifth, that the immediate repossession of the property will be beneficial to the lender if one has the property market, all the environmental rehabilitation work that needs to be done on the ground, the tax aspects of the takeover and all the conservation difficulties