The Judicial Sales Corporation (TJSC) provides cost-saving services to foreclosing plaintiffs and their attorneys when a judicial sale is ordered in the course of a mortgage foreclosure action. TJSC was founded in 1991 as a subsidiary of Attorneys’ Title Guaranty Fund, Inc. (ATG).
ATG is a lawyer service corporation based in Chicago and Champaign, Illinois. ATG’s core products include title insurance and real estate closing services, but it offers lawyers and their clients many other services, including those offered by its subsidiaries.
Over the past several years, TJSC has achieved recognition by the judiciary and foreclosure attorneys for expeditiously performing the duties of a selling officer as defined within the Illinois Mortgage Foreclosure Law, enabling us to expand our services throughout the State of Illinois.
TJSC is managed by President and Chief Executive Officer Nancy R. Vallone, who brings nearly 40 years experience in the mortgage foreclosure industry. She was a Special Commissioner of the Federal Court for six years and has conducted more than 20,000 foreclosure sales.
Judicial sales are those sales that are based upon an order or a judgment of the court directing the sale.
The most common type of judicial sale is the sale of property pursuant to a foreclosure of a mortgage on real estate. Until July 1, 1987, judicial sales were conducted by the judge hearing the mortgage foreclosure action or by the sheriff of the county in which the property was located. A change in the Illinois Mortgage Foreclosure Law allows foreclosing lenders and their attorneys to designate someone other than the judge or the sheriff to conduct the mortgage foreclosure sale. 735 ILCS 5/15-1506(f)(3). The statute, effective July 1, 1987, states:
(f) without limiting the general authority and powers of the court, special matters may be included in the judgment of foreclosure if sought by a party in the complaint or by separate motion. Such matters may include, without limitation, ... (3) an official or other person who shall be the officer to conduct the sale other than the one customarily designated by the court....
The principals involved in drafting the Illinois Mortgage Foreclosure Law attempted to ensure that the foreclosed mortgagor’s equity would have a reasonable chance of being preserved. The inclusion of 735 ILCS 5/15-1506(f)(3) is a step toward attaining that goal.