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Old 06-22-2008, 09:27 PM
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Join Date: Jun 2008
Posts: 1

foreclosure questions

What is the name of your state?

Illinois,

My question is, since we are unable to pay our mortgage now and won't be able to in the future, we are 1 month past due on the mortgage already ($3K a month). We want to try to sell (short sale), we are in a rural setting though, and it is a hard market to find a buyer in right now. I want to know if we try to short sell, and we are unsuccessful, what is the law in our state and county in regards to when we need to vacate the premises? I am married and we have 3 boys (ages, 1,2 and 6 years old). Our mortgage is with BANK UNITED. We live in Winnebago county Illinois.
Last edited by shannon.milam; 06-22-2008 at 09:42 PM. Reason: more information required
  #2  
Old 06-23-2008, 07:53 AM
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Join Date: Jan 2008
Posts: 87
Get your home listed with a realtor now. Your bank will wait till your 90-150 days past due before they actually file for foreclosure.

Have you called your bank up and talked to them about your financial situation. See if you can have a loan modification if you quailfy to lower payments.

If your house does not sell and it is in foreclosure, after several months you can ask the bank about a Deed of Lieu which is where the bank stops foreclosure and just takes pocession of the home but it is not easy to get them to agree. They want to see you make an effort to sell the home first.
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