In Rem Foreclosure: NYC vs. Illinois Strategies
Losing your home to foreclosure is a devastating experience, and the legal processes involved vary significantly across jurisdictions. This article compares two distinct approaches to addressing unpaid property taxes: New York City's Third-Party Transfer (TPT) program and Illinois's in rem foreclosure process. We'll analyze the key differences, highlighting the strengths and weaknesses of each system, and offer actionable insights for homeowners and professionals alike. New York City's Third-Party Transfer (TPT) Program: A Collaborative Approach New York City's TPT program departs from traditional in rem foreclosure models by emphasizing collaboration and resident retention....