Legal Question in Real Estate Law in Illinois

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 your second home is sold. The second option, could be a short sale, however, that would require the value of your home to be less than the mortgage amount on your home and the bank would have to approve this method. The last and probably not preferred option is the bank would eventually start foreclosure proceedings on your home, assuming you cannot make the payments anymore. My law firm assists clients with these types of matters and if you are interested in discussing further, please feel free to contact me at [email protected]. Thank you.

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

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