Legal Question in Real Estate Law in Illinois

I have a property in IL which is no longer my primary res and I work for dept of defense in hawaii for the next 3 years. My tenant can't pay and neither can I. Would a deed in Lieu of foreclosure be a reasonable thing to do even if I have a pmi on my mortgage? or what option do I have. Bankruptcy or getting behind is not a option. Will lose my job.


Asked on 8/25/11, 3:53 pm

1 Answer from Attorneys
Walter Palmer Law Office of Walter Palmer

A deed in lieu sounds like a good idea, but the lender has to agree. My experience is they mostly want red meat. you could sell at fire sale prices.

(Just so you know - my wife and I are "under water" If we were to sell at market prices, we would still owe the lender about $8,000. I am not being superior. If you figure out an answer ...)

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Answered on 8/25/11, 4:11 pm


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