Legal Question in Credit and Debt Law in Illinois
I signed a contract to buy a pre-construction condo in Illinois. I put money down and signed a promissary note for $27000. By the closing date, I could not close on the loan due to bad credit. Now, they have a collection agency after me for the $27000. I do not live in IL or ever will... do i have to worry about them getting a judgement against me ?
2 Answers from Attorneys
What could happen is a judgment by default would be entered against you if you fail to answer or appear. Once the judgment is entered, it can be registered in another state, and collection actions could proceed against you. Whether or not you worry about it is your choice.
You should have an attorney review the relevant documents. There may be an "out" such as a financing contingency in your contract.
I agree I would look to the terms of your contract.
Some contracts are have language that can help or hurt you.
I would advise you to retain an Illinois attorney because of the dollar amount involved.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
