Legal Question in Real Estate Law in Illinois

I have a small convertible studio condo that I have lived in for one year of past 5 years in Chicago. Beyond my year there, I have been running a very substantial negative cash flow on my long-term purchase since 1994. I was attempting to sell in 2007 with no luck, now the real estate market appears to have continued with a value less than my current refinance mortgage. I filed for BK Ch. 7 a year ago, very limited assets, can the lender pursue a deficiency judgement on me, and chances of them winning? The lender is not willing to offer loan modication, etc...until I become deliquent. I am thinking of letting to go to foreclosure, as it will take about 500 days to evict me or my tenant.I had a loan audit done last year which shows some deficiences with origination and securitization process. I believe they downgrade my reputation by serving or posting a notice on my door (not sure which) in 5-6 months after the first missed payment, still current, but very hard to continue this as I have been for the past 11 years. Thank you in advance for your kind help, and detailed advice.


Asked on 10/13/11, 10:17 am

1 Answer from Attorneys
Stephen Messutta

This is too complicated for this forum. Please do yourself a favor and talk to an attorney who handles these things routinely for the most efficient help.

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Answered on 10/18/11, 11:20 am


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