Legal Question in Real Estate Law in Illinois

so gave a copy of my title for a piece of business equipment the loan is for $25000 the collateral is $1500 if lucky. i want to repay the loan but am haveing a hard time, need the payment to be lower from $1000 to $700 can they reposes the equipment if it is a copy of title not the original


Asked on 5/31/10, 7:43 pm

1 Answer from Attorneys
Caroline Palmer Law firm of Caroline Palmer

Yes they can. It doesn't matter if it's a copy or the original, as long as the title is linked to the loan.

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Answered on 6/01/10, 4:18 am


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