Legal Question in Real Estate Law in Illinois

You had 3 properties cross-collateralized (which could also mean cross-defaulted), one was sold (how - foreclosure sale, auction, short sale, what???) and the proceeds were applied (by the bank???) to bring the loans on the other 2 up to date and kept another 40K and still foreclosed (on the 2 unsold).....Right? Well, it sounds like the proceeds didn't take care of the sold property, so with cross-collateralization and likely a cross-default situation, they can still foreclose if the documents allow them to. I think you ought to hire an attorney to sit down with you and figure out what really happened and see if you can be protected here. An attorney would have to review all of the documents that evidence this secured loan. This is way too complicated for this kind of "free" forum.

I agree with Stephen. You need to have counsel review all of the loan and sale documents.