Legal Question in Real Estate Law in Illinois
What happens to property after foreclosure
Our building is under foreclosure process and sheriff sale is scheduled soon. We want to redeem our mortgage and pay off the debt holder, a local investor, to stop it from going into sale.
However, the debt holder is not willing to accept our repayment (We do not have call option on the mortgage). We think this investor has actually been hindering our efforts on selling the property at a good price to pay him back.
Such actions only indicate that this investor wants to hold on to the property.
QUESTION:
Can this investor actually get more than the [principal + accrued interest + legal fees] amount by holding on to it and selling it at a foreclosure market?
(What is his incentive not to receive payment from us and go with the sheriff sale? I thought he can only get the above mentioned amount from the sheriff sale, and the remaing goes to us.)
Lastly, what happens if the property cannot find a buyer in the foreclosure market?
Thank you.
1 Answer from Attorneys
Re: What happens to property after foreclosure
You have the right to redeem your property according to state law. If the investor is not allowing you to do so, I would highly suggest finding an attorney to help you with redeeming the property. This should be able to be accomplished through the foreclosure case.
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