Legal Question in Real Estate Law in Illinois

Except to beg for mercy, no.

You borrowed the money and just happened to use the home as security. That debt is separate from the one used to purchase the house - the first mortgage.

You still owe them the money. The foreclosure only extinguished their lien against the real estate, not the debt you owe them. Bankruptcy might be an option, but you should discuss your entire financial situation with your attorney.

The $ obligation is separate from the loss of the 2nd mortgage lien. As stated above, an attorney or possibly a debt counselor can help negotiate a compromise of the debt - it's almost always better for the lender to take some money today than have to spend money on a lawsuit aginst an unknown recovery tomorrow...or next year....

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law actively only in the State of Illinois, inactively in Florida. Responses are based solely on Illinois law unless stated otherwise.