Illinois | Real Estate Law

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Asked on: 8/05/10, 6:34 am

We are paying a mortgage on 2 homes. We have been trying to sell the 2nd home for a year no bites. We cannot afford to pay for it anymore. The mortgage is thru the same bank that we have our main home. What can we do...in order to keep paying for our main home we have to do something! Thanks

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There are a few different approaches you could possibly take. The first is to try and workout something with your bank so you could possibly lower your payments right now until yo...

Answered By:

Namit Bammi

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Best to file a chapter 7 bankruptcy; reaffirm the debt on your home and walk away clean....

Answered By:

Joseph Michelotti

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Based on the facts provided, I agree with Mr. Michelotti as the chances are that the homes are cross collateralized....

Answered By:

Burton Padove

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Illinois | Real Estate Law

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