Illinois  |  Real Estate Law

Legal Question

Asked on: 6/27/11, 3:16 pm

I own a home in IL, which I lived in for 5 years and have rented for the last 3 has been vacant since November 2010 & I am currently renting a home as my primary residence in another town but cannot continue to pay both a rent & mortagage...I'm having trouble renting my property to a good, reliable tenant...I'm upside down in my mortgage & considering short-selling or foreclosure...

1) what is my best option?

2) what are the implications if I don't have to/want to file for bankruptcy?

3) can the lender seize my assets, i.e., savings account, vehicles, etc.?

4) do lenders work out payment plans to resolve a deficiency if a short sale is approved?

5) Can I walk away without proving hardship, losing savings & assets?

Due to the vast decrease in property value in the area along with undesirable tenants/residents & crime, the property has become a liability for me & financially draining (high interest mortgage, association fees, property taxes, insurance, improvements/repairs, maintenance). At this point, suffering from bad credit for 7-10 years seems a small price to pay for peace of mind & shedding stress, which is taking its toll on my health.

Many thanks for your advice,

IL resident with an albatross around her neck

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