Legal Question in Real Estate Law in Illinois

Chapter 13 bankruptcy. make current payments and you have 60 months to make up the back payments; or

Short sale, keep your credit in tact and buy a new house after 2 years; or

Ask judge to extend sale date.

Where wil you get the funds to buy back the house

Joe Michelotti

888 419 2318

The short answer is that you could redeem, but you would have to have all the balance of the mortgage, PLUS the bank's costs and attorney fees etc. If the sale has not occurred, you could file a petition in bankruptcy under Ch. 13 to create your own buy back ("the Plan"). Why don't you spend a few bucks and talk to an attorney VERY SOON?

Other than bankruptcy, there are various "reinstatement" and "redemption" rights for residential real estate in Illinois. AFTER a foreclosure sale they become very limited, and even more so after a sale is "confirmed" by the court. Yes if before the sale is confirmed you apply for certain help you can move to set aside the sale. But the issue here is where exactly you are in the process. Please take the foreclosure papers you were served with, the mortgage papers for the loan (ALL OF THEM from loan closing) and whatever else an attorney asks you to bring, and immediately get everything into an attorney's hands. You MAY have run out of time . . .

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law actively only in the State of Illinois, inactively in Florida. Responses are based solely on Illinois law unless stated otherwise.