How long does foreclosue take in illinois? I have a friend that went into pre-foreclouse in 2008.: And they are still living in the house and not making payments although they are working with the bank trying to get a loan modification i just don't understand how someone can live some where so long for free. There is a lein on the house i suppose for the taxes. They said it is taking long because their first loan modification paper work got messed up and they had to start it all over again. Is this possiable????????????? I know that banks are behind but this is just crazy.
Ahmad's answer: Good Afternoon. We have written extensively on this subject. You may find it on Sulaimanlaw.com
Foreclosure: What does it mean Motion for Defalt, Motion to Shorten Redemption,Motion to Dismiss Owners,and Nonrecord Cliamants, and Judgment of Foreclosure and sale
Ahmad's answer: If you want a predictable, expedient and inexpensive option, consider a Chapter 7 for the simple reasons that it creates a predictable outcome and allows for better planning. Your credit score recovery on your fact pattern is at least predictable and you will qualify for FHA financing in two years as opposed to seven years with a typical foreclosure judgement. Visit FHA.gov for more information.
After the Judicial sale, the bank purchaser the house Will they come after me: I owe $160,000 the bank paid $34,000 at the Judicial sale. Will the bank come after for the remanding Balance.
Ahmad's answer: If the Lender stated that they have waived their rights to a deficiency judgment, and that order is stamped by a Judge, you will be able to use that later as an affirmative defense in any collection action against you. Personally, I do not trust Lenders or the collection companies that they sell this kind of debt to. I always tell clients that go for the predictable and expedient options that require you to trust no one.