Legal Question in Real Estate Law in Illinois
Deed in lieu of Foreclosure In Illinois
I have moved to California recently and I own a home in Illinois that is currently for sale. I do not have very much equity in the home (basically none at this point). I have depleted my reserve cash to keep making the payments and am about to start falling behind. Would a deed in lieu of foreclosure be a wise/realistic option to pursue?
3 Answers from Attorneys
Re: Deed in lieu of Foreclosure In Illinois
It would, depending on you exact circumstances. Be advised that there are income tax implications, that might make bankruptcy more attractive.
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Re: Deed in lieu of Foreclosure In Illinois
A deed in lieu is only one option you have. You may also be able to "short sell" or pay the bank less than you owe them. A recent tax law change relieves short sellers of the income tax hit for the difference between what was owed versus what was paid to the bank.
Bankruptcy may also be an option, although I would say it's probably a last resort only if you have a lot of other debt.
Contact me if you would like to pursue your options.
Re: Deed in lieu of Foreclosure In Illinois
A deed in lieu is only one option you have. You may also be able to "short sell" or pay the bank less than you owe them. A recent tax law change relieves short sellers of the income tax hit for the difference between what was owed versus what was paid to the bank.
Bankruptcy may also be an option, although I would say it's probably a last resort only if you have a lot of other debt.
Contact me if you would like to pursue your options.
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