Republic Bank of Chicago v. Lichosyt

*505DYKMAN, J.

¶ 51. (dissenting). The property involved in this foreclosure is worth $6,668,000.1 In 2002, Jakubow sold the property to Lichosyt on land contract for $4,350,000 with a down payment of $350,000, leaving $4,000,000 to be paid over seven years. The Republic Bank of Chicago has judgment liens against the property totaling about two million dollars. Were this a mortgage foreclosure, both Jakubow and the bank would be paid in full. The majority concludes that because this is a strict foreclosure proceeding, ungoverned except in equity, Jakubow gets the property worth $6,668,000 and the…