Legal Question in Real Estate Law in Illinois
Foreclosure problem
I bought a house for $220,000. I am currently 5 months behind on the mortgage. If they foreclose on my home and they sell it at $170,000 (which is what I believe the current value), are they going to come after me for the remaining amount? What if I declare bankruptcy, would they still come after me?
6 Answers from Attorneys
Re: Foreclosure problem
You might try a short sale. You'll have to do this with the bank's approval, and a contract contingent upon the bank accepting a short sale. Otherwise, you could be liable for a deficiency. Have you thought about Chapter 13 instead of Chapter 7 bankruptcy? Chapter 13 is a repayment plan over a 3 year period. You will be able to pay those 5 months off over a period of 3 years. You must keep up with the regular payments though. Please call for a free consultation.
Re: Foreclosure problem
You might try a short sale. You'll have to do this with the bank's approval, and a contract contingent upon the bank accepting a short sale. Otherwise, you could be liable for a deficiency. Have you thought about Chapter 13 instead of Chapter 7 bankruptcy? Chapter 13 is a repayment plan over a 3 year period. You will be able to pay those 5 months off over a period of 3 years. You must keep up with the regular payments though. Please call for a free consultation.
Re: Foreclosure problem
You might try a short sale. You'll have to do this with the bank's approval, and a contract contingent upon the bank accepting a short sale. Otherwise, you could be liable for a deficiency. Have you thought about Chapter 13 instead of Chapter 7 bankruptcy? Chapter 13 is a repayment plan over a 3 year period. You will be able to pay those 5 months off over a period of 3 years. You must keep up with the regular payments though. Please call for a free consultation.
Re: Foreclosure problem
You might try a short sale. You'll have to do this with the bank's approval, and a contract contingent upon the bank accepting a short sale. Otherwise, you could be liable for a deficiency. Have you thought about Chapter 13 instead of Chapter 7 bankruptcy? Chapter 13 is a repayment plan over a 3 year period. You will be able to pay those 5 months off over a period of 3 years. You must keep up with the regular payments though. Please call for a free consultation.
Re: Foreclosure problem
You might try a short sale. You'll have to do this with the bank's approval, and a contract contingent upon the bank accepting a short sale. Otherwise, you could be liable for a deficiency. Have you thought about Chapter 13 instead of Chapter 7 bankruptcy? Chapter 13 is a repayment plan over a 3 year period. You will be able to pay those 5 months off over a period of 3 years. You must keep up with the regular payments though. Please call for a free consultation.
Re: Foreclosure problem
You might try a short sale. You'll have to do this with the bank's approval, and a contract contingent upon the bank accepting a short sale. Otherwise, you could be liable for a deficiency. Have you thought about Chapter 13 instead of Chapter 7 bankruptcy? Chapter 13 is a repayment plan over a 3 year period. You will be able to pay those 5 months off over a period of 3 years. You must keep up with the regular payments though. Please call for a free consultation.
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