Legal Question in Real Estate Law in Illinois

I am starting to fall behind on my home payments. I am purchasing my home from the same company that is lending me the money. After careful review of my purchase agreement I noticed that it states that if i default on the the loan that i will be evicted and full payment will be sought still. I'm curious if they can even do this. Barrowing money against a propertiy the lender already owns and then asking for full repayment of the loan when the lender isn't even out anything. Just wanted to see what the legal professionals though about this.. can anyone shed some light on this for me?

Asked on 7/05/11, 4:15 pm

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

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This is pretty standard and unfortunately, bottomline is that you signed the agreement.

Answered on 7/06/11, 4:11 am

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