Legal Question in Real Estate Law in Illinois
My delinquint taxes for the 2nd half of 2010 re tax was sold. The time for payment of these taxes will be up April of this. I have a loan to a private investor against this property If the purchaser of these taxes chooses to obtain a tax deed, am I still obligated to pay the loan if I no longer own the property?
Asked on 2/12/13, 6:02 am
2 Answers from Attorneys
Walter Palmer
Law Office of Walter Palmer
Yes. The mortgage is merely security for the loan. Maybe some other security would be acceptable, but you would have to check with the lender. In fact, look at the mortgage - the entire amount of the loan may come due when you no longer own the security.
Answered on 2/12/13, 6:26 am
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