Legal Question in Real Estate Law in Illinois

Forclosure

My parents have a building that is being forclosed on. My question is a two part question. First, how can they save the building and stop the forclosure? Second they have received a letter from the mortgage company telling them that they have to appear in court, do they have to appear? Can they ask for more time?


Asked on 4/26/02, 8:53 am

1 Answer from Attorneys
Kenneth J. Ashman Ashman Law Offices, LLC

Re: Forclosure

It's possible to work something out amicably with the mortgage holder (probably a bank) in order to forestall foreclosure, i.e., some sort of settlement. It's also possible to get an extension, either through agreement with the attorney for the mortgage holder or through application to the Court.

-- Kenneth J. Ashman; [email protected]; www.lawyers.com/alo

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Answered on 4/26/02, 9:20 am


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