Legal Question in Real Estate Law in Illinois

Foreclosure

I am going throgh a divorce and filing chapter 7. Our mortgage is current. Bankruptcy lawyer advises going into foreclosure for 1st mortgage of 162,000 and second mortgage of 62,000. We have about 10% equity in house. We have an FHA loan with PMI on first mortgage. How long before they foreclose? Does the PMI make foreclosure go quicker?


Asked on 11/07/08, 2:52 pm

1 Answer from Attorneys
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: Foreclosure

Foreclosure usually takes about a year from the time you miss your first payment. I don't know if/how bankruptcy, FHA or PMI will affect it. My guess is it won't; usually bankruptcy slows down foreclosure, if anything.

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Answered on 11/12/08, 2:15 pm


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