Re: Will I get SUED?

Posted by Steele in Minnesota on August 04, 2005 at 18:45:33:

In Reply to: Will I get SUED? posted by Diana on August 03, 2005 at 17:26:55:

: If the house doesn't sell for the amount owed at the sheriff sale, can they take my other assets? (2nd house, car, seize my accounts) I live in Illinois.
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Not an attorney but according to the forums chart on State Foreclosure laws Illinois does allow a former borrower to be sued for the difference.

Now how often that actually happens...in most areas not alot. If you don't have the money to bill the mortgage, why would you have money for a deficiency judgement.

But if they find that you have other assets... maybe.

Steele V. Propp
Foreclosure Specialist
REO Department Manager
Schatz Group GMAC Real Estate
steelep@aol.com

Follow Ups:

• Re: Will I get SUED? - Joe Hass 22:34:12 08/08/05 (0)
• Re: Will I get SUED? - Diana 00:17:08 08/05/05 (2)
  • Re: Will I get SUED? - steele in minnesota 00:40:26 08/05/05 (1)
    • Re: Will I get SUED? - Diana 23:50:38 08/05/05 (0)

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Comments:
: : If the house doesn't sell for the amount owed at the sheriff sale, can they take my other assets? (2nd house, car, seize my accounts) I live in Illinois.
: ************************

: Not an attorney but according to the forums chart on State Foreclosure laws Illinois does allow a former borrower to be sued for the difference.

: Now how often that actually happens...in most areas not alot.  If you don't have the money to bill the mortgage, why would you have money for a deficiency judgement.

: But if they find that you have other assets... maybe.

: Steele V. Propp
: Foreclosure Specialist
: REO Department Manager
: Schatz Group GMAC Real Estate
: steelep@aol.com

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