Legal Question in Real Estate Law in Illinois

Re: countrywide

I have read the Complaint--all 81 pages of it. I doubt that resolution will be anytime soon. It seems you may be combining two different things. You can sell your house anytime before the foreclosure sale. At the sale, you would pay off your loan. If you cannot sell the house for enough money to pay off your loan, the lender might agree to a short sale. Or you can give a deed in lieu of foreclosure to the lender, which means you give the house to the lender, and they stop the foreclosure. You would lose any equity you might have in the property. You would need to make sure that you are not responsible for any additional money after the deed in lieu of foreclosure. Your attorney will help you with this. Both short sales and deeds in lieu of foreclosure will still show up as negatives on your credit report.

No matter which you plan to do, you should contact an attorney to assist you. Also, if you have been wronged by the lender, you should also contact an attorney.