Legal Question in Real Estate Law in Illinois
Is there a statue of limitations on how long a mortgage company has to try to collect after a deed in lieu of forclosure is put in place?
Asked on 6/12/17, 3:36 pm
1 Answer from Attorneys
Collect on what? The deficiency judgment, if any? Judgments last a period of time (usually 7 years) but can be renewed periodically until satisfied in full. There is no 'statute of limitations' on judgments, as such. But the right to collect on them can expire.....
Answered on 6/23/17, 12:46 pm
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