Legal Question in Real Estate Law in Illinois
10 apartment multi family in foreclosure
I have a 10 unit apartment building in North Chicago that I can not pay for anymore. If i stop making a payments today. At what point will they actually full foreclose on the property and evict my tenants out?
2 Answers from Attorneys
Re: 10 apartment multi family in foreclosure
There's no uniform answer...it does sort of depend on the bank. Generally banks are filing suit after no mortgage payments for 90 days. Once a suit is filed if you play your cards right you/your tenants would be able to maintain possession of the property for some 18 months.
Re: 10 apartment multi family in foreclosure
Probably the worst thing you can do it just stop making payments and let them foreclose. It's much easier on your credit rating to try to sell the property (even a "short sale") or to try to "re-work" the mortgage or to try to enter into an agreement with the lender ("consent foreclosure"). You may have different options, depending on if you want to keep or get rid of the property.
As far as how long your tenants have, it depends on how the bank proceeds (e.g., are the tenants named in the foreclosure case, etc.). Contact me for a free consultation if you like.
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