Re: should i let mortgage co foreclose in illinois?

Posted by ForeclosureFish on October 17, 2006 at 16:06:29:

In Reply to: should i let mortgage co foreclose in illinois? posted by gala on October 15, 2006 at 20:32:26:

Maybe you should contact them about a deed-in-lieu of foreclosure. That would be a much better option than just letting it go into foreclosure. You'll probably have to try to sell the property for a period of time, but you're already in the middle of that, so that works in your advantage.

Most times, if you don't have any money and don't have any possibility of getting money, a lender won't pursue a deficiency judgment if they are forced to foreclose and the property does not sell for the amount you owe on it.

The real estate market has slowed a bit in Illinois, but you might be able to sell it before losing it. Also, try contacting the lender and letting them know you're in a hardship situation. They may have some program that can help you out (although that's not likely).

[Edited on 10-18] Removed URL

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Comments:
: Maybe you should contact them about a deed-in-lieu of foreclosure.  That would be a much better option than just letting it go into foreclosure.  You'll probably have to try to sell the property for a period of time, but you're already in the middle of that, so that works in your advantage.

Most times, if you don't have any money and don't have any possibility of getting money, a lender won't pursue a deficiency judgment if they are forced to foreclose and the property does not sell for the amount you owe on it.

The real estate market has slowed a bit in Illinois, but you might be able to sell it before losing it.  Also, try contacting the lender and letting them know you're in a hardship situation.  They may have some program that can help you out (although that's not likely).

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