Legal Question in Real Estate Law in Illinois

Debt Settlement
I am in a debt settlement program. I had to switch banks because Bank of America was one of my creditors. I know found out Bank of America is taking over my Countrywide Mortgage. I heard they can put a lien on my house, but can they take my house away from me?

Asked on 3/30/09, 3:53 pm

3 Answers from Attorneys

David Shestokas Shestokas, & Associates

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Re: Debt Settlement

You are unclear about the exact nature of your issue. Bank of America will be bound by the terms of any loan you may have had with Countrywide. I am not sure of the nature of your debt settlement program. For more information please see the following websites:

http://www.shestokas.com/Mortgage_Loan_Modification.html

http://home-mortgages.suite101.com/article.cfm/mortgage_loan_modification

http://home-mortgages.suite101.com/article.cfm/illinois_mortgage_foreclosure_law

Answered on 3/30/09, 8:04 pm

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John Lee John D. Lee and Associates, LLC

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Re: Debt Settlement

Yes, if the bank suceeds in the court lawsuit for foreclosure and you do not redeem the debt. Have you told your debt settlement program of this problem? This answer does not constitute legal advice because you are not as yet my client.

Answered on 3/30/09, 8:33 pm

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