Legal Question in Real Estate Law in Illinois

No - impossible.

"who will come after me, at a later date for the deb" - That is just what they waived.

You can only buy what you are sold.

You can only sell what you own.

If you waive something you don't have it any more.

If your home is under contract for a short sale then the mortgage company will not sell the mortgage to a collector. Most of the time they will not any way because a mortgage company has rights a debt collector doesn't when it comes to mortgages.

First, the mortgage will be gone when they foreclose, so nothing to sell to a debt collector. Second, when the waive their right to a deficiency judgment, that means they cannot come after you for any shortfall if they sell the house for less than you owe.

You should have mentioned the short sale first!!! The whole purpose of a short sale is to wind everything up at once. Just be VERY diligent because we've heard of situations where the bank does NOT communicate to its foreclosure attorneys to hold off on the foreclosure process WHILE the short sale process is happening and as a result we've heard of situations where the bank takes a foreclosure judgment while the short sale is being approved and then things can get REALLY screwed up. OK? GOOD LUCK!!!!!!!!!!!!!!!!!!!!!!!!!

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.