Legal Question in Real Estate Law in Illinois

foreclosure

We have been working with our loan co.; payments are 6 mos. behind (as of 3-10-06); broken forebearance payment arrangements. Sold our home and is scheduled to close 4-7-06. Loan co. says it needs another months payment or they cannot enter us into a ''forebearance to sell'' agreement. We cannot make any more payments before our closing date (job layoffs and illness). They have a copy of our sales contract. Do we have something to worry about? Can they submit us now for foreclosure and will be lose our home before the 4-7-06 closing date? I have been in constant contact with them and have been telling them I did not think we can make anymore payments but will notify them if we can before 4-7-06. Thank you for your advise.


Asked on 3/10/06, 4:01 pm

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: foreclosure

Why can't you pay them the extra month's payment at closing? That is what you need to ask them, and then ask them to send updated payoff letter reflecting same.

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Answered on 3/10/06, 4:17 pm


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