Legal Question in Real Estate Law in Illinois
My husband has been asked to re-locate to another state for his job, or he will be laid off. I am currently unemployed, so he is sole bread winner in the house, along with benefits. We went through a mortgage modification about 3 years ago, and have a subordinate clause, which helped cure the delinquency on the loan. This was agreed to be paid on a future date, or if we do not occupy the residence must be paid at once. Is there anything we can legally do to eradicate this clause, since we almost have no choice but to move to another state and possibly sell the home (if we want the job/benefits)?
3 Answers from Attorneys
A negotiated short sale would do the trick, but the mortgage company will need to sign off on it. It is absolutely worth pursuing if you must move.
Are you saying the house is worth less than you owe? If so, the lender might agree to a short sale. A real estate attorney in your area can help you negotiate this. If not, you can sell the house and pay off your mortgage at closing.
I assume from the history that there is not sufficient equity to now cover everything. If there is, then that will be part of your payoff. Assuming not, you will likely sell short, meaning you will seek approval to close on the home at fair value and have the mortgage liens and, often, the obligation cancelled. This is a process with which you should have the assistance of a Northern Illinois closing attorney that handles "short sales." Many attorneys in this part of the state work across several counties.
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