Legal Question in Credit and Debt Law in Illinois

I walked away from a mobile home in Illinois over 5 years go. I bought a new house when I walked away. Several different collection agencies have have tried to collect the debt. What are the consequences for not paying the amount owed? Also, I was offered a $4k payoff when it was alleged that I still owed over $30k, how is this possible? I don\\'t have the extra money but aside from this mobile home loan, my credit is great. Thank you in advance for any assistance you provide


Asked on 12/05/12, 7:41 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Assuming the debt is valid, your failure to pay can certainly lower your credit score. It can also result in a judgment being entered against you, which could allow garnishment of your wages and bank accounts, and a lien being filed which would attach to any real estate you own.

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Answered on 12/06/12, 7:12 am


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