No, we do not believe you can modify these mortgages to extend the advance period beyond twenty years, as we do not believe the mortgages would be a lien on any funds advanced beyond the twenty-year time period. As a result, we believe you would need to record a new mortgage to secure the advancement of additional funds not covered by your current mortgage.

The Illinois Mortgage Foreclosure Law provides that future loan advances are covered by a recorded mortgage only if the advances are referenced in the mortgage or its companion promissory note. Further, the Illinois Banking Act states that mortgages given to secure revolving credit loans may, “when so expressed therein . . . secure not only the existing indebtedness, but also such future advances . . . made within twenty years from the date thereof, to the same extent as if such future advances were made on the date of the execution of such mortgage.”

Consequently, we believe your mortgage is a lien securing only those advances made within the twenty-year timeframe allowed by statute and reflected in the terms of your mortgage. Any advances made beyond this timeframe would need to be secured by a new mortgage.

For resources related to our guidance, please see:

• Illinois Banking Act, 205 ILCS 5/5d (“Any mortgage or deed of trust given to secure a revolving credit loan may, and when so expressed therein shall, secure not only the existing indebtedness, but also such future advances, whether such advances are obligatory or to be made at the option of the lender, or otherwise, as are made within twenty years from the date thereof, to the same extent as if such future advances were made on the date of the execution of such mortgage or deed of trust, although there may be no advance made at the time of execution of such mortgage or other instrument, and although there may be no indebtedness outstanding at the time any advance is made. The lien of such mortgage or deed of trust, as to third persons without actual notice thereof, shall be valid as to all such indebtedness and future advances from the time said mortgage or deed of trust is filed for record in the office of the Recorder of Deeds or the Registrar of Titles of the county where the real property described therein is located.”)

• Illinois Mortgage Foreclosure Law, 735 ILCS 5/15-1302 (“Certain Future Advances.

(a) . . . Except as provided in subsection (b) of Section 15-1302, as to any monies advanced or applied more than 18 months after a mortgage is recorded, the mortgage shall be a lien as to subsequent purchasers and judgment creditors only from the time such monies are advanced or applied. . . .

(b) Exceptions.

            (1) All monies advanced or applied pursuant to commitment, whenever
            advanced or applied, shall be a lien from the time the mortgage is
            recorded. An advance shall be deemed made pursuant to commitment
            only if the mortgagee has bound itself to make such advance in the
            mortgage or in an instrument executed contemporaneously with, and
            referred to in, the mortgage, whether or not a subsequent event of default
            or other event not within the mortgagee’s control has relieved or may
            relieve the mortgagee from its obligation.

                                                          *     *     *     *     *

            (3) All monies advanced or applied in accordance with the terms of a
            revolving credit arrangement secured by a mortgage as authorized by
            law shall be a lien from the time the mortgage is recorded.”)