Gragin Federal Bank for Savings v. American Nat. Bank and Trust Company of Chicago

Defendants Steven and Jeanne Herman appeal the trial court’s refusal to vacate an order confirming the sale of certain property to plaintiff, Cragin Federal Bank for Savings (Bank), after the Bank foreclosed the mortgage on the property. The Hermans claim that the sale unfairly left them liable for an excessive deficiency because (1) the Bank failed to publish adequate notice of the sheriff’s sale pursuant to section 15 — 1507(c)(2) of the Illinois Mortgage Foreclosure Law (Foreclosure Law) (735 ILCS 5/15 — 1507(c)(2) (West 1992)) and (2) the Bank’s bid for the property was substantially less…