Re: Will I get SUED?
Posted by Joe Hass on August 08, 2005 at 22:34:12:In Reply to: Re: Will I get SUED? posted by Steele in Minnesota on August 04, 2005 at 18:45:33:
: : 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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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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