Legal Question in Real Estate Law in Illinois

possible foreclose on property

for the past five years have had this rental single family home. cost of ownership after all bills is 500 per month. lost income from secondary employement can no longer afford propety


Asked on 7/21/09, 2:38 pm

2 Answers from Attorneys
Walter Palmer Law Office of Walter Palmer

Re: possible foreclose on property

Unless you can raise the rent you will probably loose it. You might consider filing bankruptcy. Some of the debt on income property can be forgiven and if foreclosure has not been filed against your home, save it.

Be warned that the time from filing the Complaint in Bankruptcy to the sale of the house is six months, instead of seven, for rental property.

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Answered on 7/21/09, 3:02 pm
Adam S. Tracy Securities Compliance Group Ltd

Re: possible foreclose on property

Do you have a mortgage on the property? IF so, have you considered trying a loan modification. You can work with your lender to restructuring your loan to make it more affordable. Feel free to email me with more questions; [email protected]

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Answered on 7/21/09, 7:11 pm


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