Legal Question in Real Estate Law in Illinois
Foreclosure on a multi-family building
I am a housing counselor who assists families facing foreclosure. Recently I just got a young lady with a 6 unit building. She has about 3 units vacant and is unemployed so she is unable to handle the mortgage payment. It seems that foreclosure might be the only alternative as her income is too low for a modification. The properties in her area are not selling so a short sale would not be feasible. Because the property is classified as commerical use at it is a commercial loan, would the lender go after her for the deficiency?
Asked on 5/12/09, 11:36 am
1 Answer from Attorneys
Re: Foreclosure on a multi-family building
Yes. the lender could go after her for the deficiency.
Answered on 5/13/09, 12:12 am