When I lived in Illinois, whether it was a repossession or tax sale, the former owners had five years to pay up and reclaim. That was during the late '80's when I was looking at such land and properties. Just so happened that the newspaper ran a big story about that, I read it, saw and read about the five years and that was the end of that. Something else that I never heard about until I was in Illinois was Real Estate lawyers. Both the buyers and sellers had them, and at the time they cost about $350. I asked friends why they did that, what such lawyers did for them. They said dug into the past, looked for liens, etc. When I bought my home in Illinois back then, the loan originally went through Sears Home Mortgage, and I asked the finance lady about getting an attorney and she said that I could, but she wouldn't waste her money, pointing out that lending institutions do their own investigating, assuring me that they wouldn't lend a penny if they couldn't get the title cleanly. Liens or anything pending or outstanding that would jeopardize their obtaining a clear or clean title? Not going to happen. No way they're going to loan the money and not be the ONLY owners of the property. I took her advice as the buyer, saved $350. Sellers on the other hand...
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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