Legal Question in Real Estate Law in Illinois

Re: foreclosure

A default judgment is where you did not appear in court to say anything about the foreclosure. If the foreclosure goes through to the judicial sale it will not matter whether you fought tooth and nail or let it go through as a default.

In a Bankruptcy, the law specifies things like no credit cards for five years. In a Foreclosure, the damage to your credit is strictly up to lenders. How much damage this does will depend on how badly lenders want to lend you money in the future - it's strictly a financial decision on their part. A foreclosure will have a negative effect on your credit regardless.

If you can't do anything else, put the house on the market and try to sell it and pay off the debt before the sale. In Illinois you have until the day before the sale to do this.

Re: foreclosure

Generally, the Judgment stays on your credit reports until it is satisfied. Thus, some form of payment must be received by the issuing company, in order to rectify the problem. We have worked with many creditors, and are able to settle at a discounted rate.

Feel free to give us a call to better serve you.

Dan