Legal Question in Real Estate Law in Illinois

Re: Real estate foreclosure

Illinois allows for deficiency judgments, that is a judgment against you for a shortfall that occurs from the foreclosure sale being less than the full amount owed. There are options. I suggest you visit the following websites:

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

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

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

Please contact us for a free consultation regarding modification options.

You may do so at:

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

Re: Real estate foreclosure

Technically, you can be sued -- whether or not the bank actually goes through the trouble of suing you is another story. Often banks do not, especially because it may be difficult to collect on any judgment they receive. You might want to try having the terms of your loan modified to make your payments more affordable.

Re: Real estate foreclosure

Generally, yes, and that is why you may want to talk with the bank regarding deed in lieu of foreclosure. Do you need an attorney? This message does not contain legal advice because you are not as yet my client.