The Village of Tinley Park has established a process to address the deterioration and decline in value of Village neighborhoods caused by properties with defaulted mortgages. It is the Village’s intent to identify, regulate, limit and reduce the number of these properties located within the Village.
On Aug. 1, 2019, the Village of Tinley Park established ordinance 2019-0-053, “Registration of Defaulted Mortgage Properties." The ordinance requires within 10 days of the date any mortgagee declares its mortgage to be in default or defaulted, the mortgagee shall register the real property with the Village Registry, and at the time of registration, indicate whether the property is vacant. The cost of the registration is $300, and each property must reregister every six months if still in a defaulted state.
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