Legal Question in Credit and Debt Law in Illinois
i am getting divorced.my house is in foreclosure.my question. house goes into forecloser,i owe 200,000 bank sells it for 180,000 and sues for the remainder 20,000.being divorced if my husband goes bankrupt and i cannot. will the bank be able to sue me for the 20,000 since my husband has gone bankrupt.
2 Answers from Attorneys
Yes, if they decide to pursue for a deficiency judgment. The mortgage company must ask for it during a foreclosure process. Most have boiler plate legal complaints that leave the door open. Being that you were divorced another option may be to try and get a deed in lieu of foreclosure accepted.
Yes, if you signed the mortgage. Your judgment for dissolution make make provision for who is responsible for the payment for the mortgage. While the bank can still sue you, your husband, even if he went bankruptcy, may still be responsible to pay or contribute to the payment of the mortgage.
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