Legal Question in Real Estate Law in Illinois
deed for sale
I sold my home on contract 4.5 years ego, the home was to be re financed in to buyers name after 2 years, and it wasn't done.
Now payment has not been made (it is not the 1st time)
Can I sell this house or take a 2nd mtg in order to avoid foreclosure?
3 Answers from Attorneys
Re: deed for sale
The following is not intended as legal advice.
You should pay the first mortgage holder, and contact a real estate attorney to determine whether or not you can foreclose what I assume is an installment sales contact (which is treated like a mortgage for purposes of foreclosure). If it is a mere lease with option to buy, you need to evict.
Re: deed for sale
You can do either or you can foreclose - have an attorney review your contract and tell you your options.
Re: deed for sale
Need to see the contract for a better answer. If it was done on an articles of agreement for deed, you could evict the tenant (fairly simple), if it was on a mortgage, you have to do a foreclosure (fairly complicated)
email me if yhou have any questions.
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