Legal Question in Real Estate Law in Illinois

Foreclosure on a multi-family building
I am a housing counselor who assists families facing foreclosure. Recently I just got a young lady with a 6 unit building. She has about 3 units vacant and is unemployed so she is unable to handle the mortgage payment. It seems that foreclosure might be the only alternative as her income is too low for a modification. The properties in her area are not selling so a short sale would not be feasible. Because the property is classified as commerical use at it is a commercial loan, would the lender go after her for the deficiency?

Asked on 5/12/09, 11:36 am

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

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Re: Foreclosure on a multi-family building

Yes. the lender could go after her for the deficiency.

Answered on 5/13/09, 12:12 am

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