Legal Question in Real Estate Law in Illinois

Re: real estate foreclosure

deed in lieu is certainly a good option.

There are many investors looking for property now. You might be able to sell it to an investor for less than the mortgage amount (this is called a chort sale)

2 things

1. To the extent you are let off the hook by the mortgage compnay, you may owe income tax on maney that you never received.

2. In either case the mortgage company may make you sign a note for the difference.

3. An investor may give you some money to sell the property.

please email me if you have any questions.

Re: real estate foreclosure

Yes, they can go after you bottom line. Try speaking with the bank about a deed in lieu of foreclosure - you basically transfer the property to the bank but avoid foreclosure, etc. Most banks really don't want to start foreclosure proceedings and will work with you.

Re: real estate foreclosure

Yes they will come after you. You could offer a deed in lieu of foreclosure to save time, late fees, penalties and attorneys fees.