15-1503.Notice of foreclosure.

Illinois foreclosure practice runs on a notice of foreclosure, a lis pendens-style filing recorded in the county where the property sits. Once recorded and executed by a party or the party's attorney, it gives constructive notice of the pending foreclosure to anyone claiming an interest or lien whose own interest wasn't recorded before the notice was. The notice must include the plaintiffs' names and the case number, the court where the case is pending, the record title holders' names, a legal description sufficient to identify the property with reasonable certainty, a common address or location description, and identification of the mortgage being foreclosed.

Minor mistakes don't sink the notice's effect: an incorrect common address or location description, or an immaterial error naming a plaintiff or title holder, won't invalidate its lis pendens effect. The statute also ties this notice to Section 2-1901's general lis pendens provision -- a notice that satisfies Section 15-1503 is deemed to satisfy Section 2-1901 too, but the reverse isn't true. A notice that only meets Section 2-1901's requirements doesn't count as constructive notice unless it also meets this Section's more specific requirements.