John Alexander Zrnich’s Answers

John Alexander Zrnich

Wilmette Foreclosure Attorney.

Contributor Level 1
  1. My condo is currently worth 100K - I owe $200 on the 1st mortgage and $29K on the second. Building has sinking foundation.

    Answered about 1 year ago.

    1. John Alexander Zrnich
    2. Thomas O. Moens
    3. Peter J Weinman
    4. Daniel J. Winter
    4 lawyer answers

    I cannot recommend that you engage in a "strategic default" because that would be advising you to breach your contract. No attorney will recommend that. If you do nothing to defend yourself and the first mortgagee forecloses on the property, it is highly likely that they will seek a deficiency judgment against you for the difference between the outstanding amount on your first mortgage and the sale price. The second mortgagee (if it's a different entity from the first) might file an...

    Selected as best answer

  2. Our home is in foreclosure, what happens if we stop going to court, as this has been going on for nearly two years.

    Answered about 1 year ago.

    1. Emma Lee Scott
    2. Thomas O. Moens
    3. Joseph Younes
    4. John Alexander Zrnich
    4 lawyer answers

    It's hard to give you a specific answer without more information but I can tell you a couple of things: 1. If you're still in mediation and you don't accept the loan modification because you can't afford it, your case will go back before the judge and the bank will ultimately obtain a judgment and sell your home at a foreclosure action. 2. If you're still in mediation and you accept the loan modification, you'll be required to make the new reduced monthly payments for a trial period,...

  3. How long is the redemption period after a foreclosure sale in Illinois?

    Answered almost 2 years ago.

    1. Joseph Younes
    2. Emma Lee Scott
    3. Frank Avellone
    4. John Alexander Zrnich
    4 lawyer answers

    Illinois does have a statutory redemption period. Pursuant to 735 ILCS 5/15-1603(b), the redemption period runs until the LATER of: 1. Three months after entry of judgment of foreclosure; OR 2. Seven months after the mortgagor (or ALL mortgagors if more than one) has been served with the Summons and Complaint either through personal service OR by publication OR has otherwise submitted to the jurisdiction of the court.