Legal Question in Real Estate Law in Illinois

Hopefully the home is worth more than $40,000.00, so allowing it to go into foreclosure (I will assume the money is owed to a lender?) seems like a potential loss. If the 6 of you can't raise the money, however, the lender could foreclose. As executor, you could have hired counsel to help preserve estate assets and to help negotiate with the lender, if that's the case. Since no foreclosure has apparently been filed yet, get an attorney involved and start talking to the lender. And while you say you are the executor, you say "all six names are on the deed" which means apparently you already passed title out of the estate to the 6 of you, so your duties as executor with regard to the property have changed, in part dependent upon how you passed title. Then again, if it goes to foreclosure and sells for more than the debt plus interest, late fees, other things like taxes and insurance....and foreclosure attorney fees and costs, the 6 of you should wind up with the excess.