Legal Question in Real Estate Law in Illinois

I specifically requested a reaffirmation agreement for my Bank of America mortgage when I filed bankruptcy last year. I never received one. My credit report states it was discharged in the bankruptcy. My loan was just sold to Green Tree and during communication with them, the rep stated they have a lien against the property. What does all this mean? Can they come take my house if I continue to make my payments on time? In 30 years when I've paid back the loan, will it be my house or not??


Asked on 1/18/12, 2:24 pm

1 Answer from Attorneys
Henry Repay Law Offices of Henry Repay

If the facts are as you understand, you are no longer personally responsible to make the payments, but the mortgage remains as a lien on the property. So, to keep the home, you must make the payments, but other than the retention of the home there is no obligation. If you were to default, you could lose the house in a foreclosure, but they could not come after you for any amount due (they cannot enter a money judgment against you, garnish your wages, attach other assets, etc.). If you make the payments, you should not have any issues and you will get a release once the loan is paid in full.

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Answered on 1/18/12, 2:31 pm


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