Legal Question in Real Estate Law in Illinois

home forclosure

If no longer can afford to pay the mortgage and you turned in the house. What are the consequences?


Asked on 8/20/08, 12:03 am

2 Answers from Attorneys

Re: home forclosure

Your credit will be effected. Also, depending on the circumstances, the lender can sue you for the difference between the amount owed and the value of the housem usually determined by an auction bid.

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Answered on 8/20/08, 9:40 am
Nicholas Chrisos Nicholas G. Chrisos Attorney at Law

Re: home forclosure

I'm not sure what you mean by "turn in the house" but I assume you mean do nothing and let it be foreclosed. You may end up having no choice but to do that but it's not your best option. A short sale is preferable to allowing foreclosure. Contact me for details on your options; I'll give you a free consultation.

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Answered on 8/20/08, 1:40 pm


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