Legal Question in Real Estate Law in Illinois
liability of the mortgage holder
I want to let my home go back to the bank, I m current on the mortgage and cant make any further payments do to unemployment. is there any legal way they can sue me for the mortgage after its foreclosed .
Asked on 12/12/06, 1:28 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: liability of the mortgage holder
You should contact your lender and discuss your situation with them. Some are helpful, some are not. If the house is foreclosed, and the bank does not sell it for what you owe on it, the could have a judgment against you for the difference.
Answered on 12/12/06, 2:23 pm
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