Legal Question in Real Estate Law in Illinois

i am behind 1 month on my mortgage and have no way of cautching up and cannot afford the monthly payment and have already did a restructure in sept 2010 what are my opptions. my wife and me have lost 50% of the income now since our son past away


Asked on 1/28/11, 7:13 am

1 Answer from Attorneys
Stephen Messutta

You may still be eligible for another refi depending on the equity to loan ratio, but that won't fix your basic income problem and if you can't pay for the loan even if restructured again, restructuring is not the answer. So you may need to consult with an attorney about other options that may, unfortunately, include bankruptcy, if you are not otherwise eligible for any financial assistance and can not replace the income some other way.

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Answered on 1/28/11, 10:24 am


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