Legal Question in Real Estate Law in Illinois
Selling property before foreclosure
My property is in the initial stages of foreclosure. Would it be legal to sell my property to a friend or relative for one hundred dollars, or some other insignificant amount, and then declare myself bankrupt, after I no longer own the property?
Asked on 9/14/03, 2:19 pm
2 Answers from Attorneys
Jay Pollak
The Pollak Law Firm, LLC
Re: Selling property before foreclosure
It won't work, so you never get to the fact that it is illegal. Either pay your debt or sell the property for its market price and pay off the lender.
Answered on 9/14/03, 2:48 pm
Mary McDonagh
McDonagh-Faherty Law Offices
Re: Selling property before foreclosure
The lien on your house stays with the house, not you. So if you sold it to a friend, he would have to pay the bank off regardless. Ask the judge for time to sell your house. He may give you up to 3 months. That's the best way around it.
Answered on 9/14/03, 6:04 pm
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