Legal Question in Real Estate Law in Illinois

If you cannot pay your taxes, the property will be sold a tax sale. The first thing you should do is discuss your situation with your lender, and the second thing is to find a real estate attorney. Generally, your lender will step in and pay those taxes, since they would lose their collateral if the tax deed was issued. This is not a good thing however, since this will likely result in a breach of the terms of your mortgage, which will allow the lender to begin foreclosure proceedings. The foreclosure will take less time than a tax sale. You should discuss the specifics of your situation with a real estate attorney. Depending on market conditions in your area, you might have plenty of time to sell the property. In any case, you have at least several months before you need to worry about finding alternative housing. You and your attorney can also discuss whether it makes sense to continue making the house payments if you are unable to pay the taxes.

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