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 years...it 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

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

209 Answers given in the last few hours.

8662 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search