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How common are deficiency judgements on primary residences in Cook county illinois?

Chicago, IL |

Our home was sold just a few days ago. We are trying to see whether we should be anticipating a deficiency judgement. From what I've gathered deficiency judgements are not being pursued on primary residences. How true is this? and what are the chances of it happening?

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Attorney answers 5


Wrong. Deficiency judgments can be pursued. What are the chances? How could any of us ever guess on that? To me, it there is any chance, you don't set yourself up for it!

In no way am I offering you legal advice, and in no way has my comment created an attorney-client relationship. You are not to rely upon my note above in any way, but insted need to sit down with counsel and share all relevant facts before receiving fully-informed legal advice. If you want to be completely sure of your rights, you must sit down with an experienced criminal defense attorney to be fully aware of your rights.


Deficiency judgments are not always pursued but you cannot assume yours will not be, You really should speak with your lender to determine their intentions. Sometimes it depends upon the size of the deficiency. Other factors are also considered but only your lender know for sure whether it plans to seek a deficiency judgment.


A deficiency judgment will not be pursued unless the bank obtain personal service on the complaint. If the summons was served personally, then you need to assume that they will go for the deficiency. Some judges allow more deficiency judgments then others.

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Generally mortgagees are not seeking deficiency judgments but they can. You can pull the court file at the Daley Center to find out who was the successful bidder and for what amount. If the mortgagee bid their balance there should be no deficiency. If, however, the successful bid was less than the balance then they could seek to collect a deficiency. I know of a couple of foreclosure lawyers who generally seek deficiency judgments. It is generally where they believe the mortgagor as other assets and makes a good income.


In Illinois, the lender has the right to pursue a deficiency judgment. Some lenders have been pursuing them. It is impossible to predict if your lender will do that. However, it is important that you consult with an experienced attorney to review the judgment, and the foreclosure case to review it. Also, if you had more than one mortgage (such as a home equity loan), that lender will almost always pursue a deficiency judgment. It is important to protect yourself, because if you are working or own assets, that lender can decide to pursue the deficiency judgment at a much later time.
Daniel J. Winter
Offices in Chicago, Gurnee, Oak Lawn, and Skokie, Illinois

Any advice given is general in nature and cannot be relied upon until the client retains the attorney after a full interview and review of the facts of the situation. No attorney-client relationship exists until a retainer agreement is signed and fees are paid.

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