Legal Question in Real Estate Law in Illinois

Re: Foreclosure

If the collateral on the first loan was only the first property, then the second property is not subject to foreclosure as a result of default on property one. If the second property was also collateral for the first loan, then it too can be foreclosed upon. There is another scenario which might endanger the second property and that would be if the first property were sold for less than the value of the loan and the lender got a deficiency judgment against you. At that time the lender may try to attach the equity in the second property. You should attempt to resolve the issues regarding your first property. I am associated with the National Loan Modification Center. You should speak with an Executive Consultant there and see if you might be in a position for a modification of your first loan. You can check out the website at

http://www.nationalloanmodificationcenter.com/foreclosure-faqs-frequently-asked-questions.htm

for more information on Illinois mortgage foreclosure law go to:

http://home-mortgages.suite101.com/article.cfm/illinois_mortgage_foreclosure_law

Re: Foreclosure

Absent an agreement in the initial mortgage or note collaterailizing the primary with the secondary, no.

However, if there is a deficiency judgment, they could file a lis pendins on any and all property that you have locally.