Legal Question in Real Estate Law in Illinois

Debt Settlement

I am in a debt settlement program. I had to switch banks because Bank of America was one of my creditors. I know found out Bank of America is taking over my Countrywide Mortgage. I heard they can put a lien on my house, but can they take my house away from me?


Asked on 3/30/09, 3:53 pm

3 Answers from Attorneys
David Shestokas Shestokas, & Associates

Re: Debt Settlement

You are unclear about the exact nature of your issue. Bank of America will be bound by the terms of any loan you may have had with Countrywide. I am not sure of the nature of your debt settlement program. For more information please see the following websites:

http://www.shestokas.com/Mortgage_Loan_Modification.html

http://home-mortgages.suite101.com/article.cfm/mortgage_loan_modification

http://home-mortgages.suite101.com/article.cfm/illinois_mortgage_foreclosure_law

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Answered on 3/30/09, 8:04 pm
John Lee John D. Lee and Associates, LLC

Re: Debt Settlement

Yes, if the bank suceeds in the court lawsuit for foreclosure and you do not redeem the debt. Have you told your debt settlement program of this problem? This answer does not constitute legal advice because you are not as yet my client.

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Answered on 3/30/09, 8:33 pm
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: Debt Settlement

If they take over your mortgage, they already have a lien on your house ( the mortgage) They can only take the house away in a foreclosure action.

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Answered on 3/30/09, 8:43 pm


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