I filed for a DIL for a property that is facing foreclosure, the bank's attorney in return sent me a Stipulation for Consent Judgement. The stipulations listed have not been met and I do not want to sign the agreement without fully being aware. Should I hire an attorney for this? Bank of America is sending these notices, but BOA sold my mortgage to Carrington Mortgage Services.
A consent judgment is a unique workout available under the Illinois' mortgage foreclosure law (735 ILCS 5/15-1504). Essentially if all parties agree, then the bank will take the property back and waive any potential deficiency judgments. You will definitely want to discuss this matter with a lawyer as you move forward as it can get very complicated very fast.
It is similar to a deed in lieu of foreclosure, but you are consenting to entry of a foreclosure judgment rather than conveying the property to the lender directly. It might be because there are other mortgages or liens, or it might be because this is the lender's or attorney's preference for another reason. You most certainly need to hire an attorney to review and advise you. The lender and the foreclosure attorney are not looking out for your best interest. Only your own attorney will do that.
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This is NOT a DIL. You do need to retain an attorney. You need an in person consultation now with an attorney to review the document and whatever you "filed" for a deed in lieu. You also need to know if a DIL is in your best interests and what ALL your options are. Consultations are free. You need an attorney.
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The answer is yes, you should hire a lawyer for this problem. A consent judgment usually has many of the same characteristics of a deed-in-lieu, but is generally a far easier process. That being said, it is still, however, a complex document so if you have any questions about it, then you should certainly seek out the advice of a knowledgeable attorney.
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