Legal Question in Credit and Debt Law in Illinois

If a credit card creditor obtains a judgement against us, and they record a memorandum of judgement in the recorder's office, I understand that this would constitute a lien against any real estate we own in this county. Our house is worth around $250,000 and we owe about $30,000 on a mortgage. we owe the credit card company $12,000. Is it likely that the credit card company will foreclose? And if they do, would they foreclose on the full value of our house and take our house, or would they only demand payment that we owe them from our mortgage bank, which would only add the amount we owe them to the amount of the mortgage that we owe the bank? We cannot afford to file for bankruptcy yet. Thank you.


Asked on 2/03/11, 9:59 am

1 Answer from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

With that much equity you can NEVER afford to file an bankruptcy. They can force a sheriff's same of your house and bid the amount of their judgment plus your mortgage balance. You should really consider refinancing and paying off the judgment as it is earning 9%.

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Answered on 2/08/11, 5:46 pm


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