Legal Question in Real Estate Law in Illinois

Hello,

I had to foreclose on my place and I did have two loans with the same bank. After foreclosure was done I am receiving letters from a collection agency stating that I still own money for the second loan. Do I? What can I do, I do not have $36.000?

Thanks upfront!


Asked on 6/11/10, 4:19 pm

2 Answers from Attorneys
Caroline Palmer Law firm of Caroline Palmer

You need to make a payment plan with the second lender. You owe the money because your house did not sell for enough at the sheriff's sale to pay off both loans.

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Answered on 6/11/10, 7:24 pm
Frank Vosholler Law Office of Frank L. Vosholler III

Or, you can file bankruptcy and get rid of your personal liability. Cal me with more questions at 708-341-2060

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Answered on 6/12/10, 9:10 am


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