630-466-1600

160 S. Municipal Dr. Suite 100, Sugar Grove, IL 60554

Subscribe to this list via RSS Blog posts tagged in Sugar Grove real estate attorneys

deficiency judgment foreclosure, Illinois real estate lawyerMillions of Americans have lost their homes to foreclosure since the 2008 subprime mortgage crisis. And for thousands of former homeowners–including in Illinois–the foreclosure nightmare is ongoing.

After a homeowner defaults on his mortgage payments, the lender files a foreclosure action. The house then becomes subject to a foreclosure sale, the proceeds of which go to the bank. However, a foreclosure sale will not necessarily generate enough proceeds to cover the bank’s expenses (i.e., what the homeowner owes to the bank). Such was the norm after the recent housing crisis.

Now, years later, some lenders are pursuing deficiency judgments to recoup borrowers’ old debts. Specifically, the “deficiency” is the difference between how much the property sold for at auction and the amount that was still due on the loan. Lenders can freeze the borrower’s bank account, garnish his wages and seize his assets in order to recover that difference, or at least a portion of it.

...

real estate transactions, Sugar Grove real estate lawyerBuying or selling a house can be a stressful process. For those who feel they have found a perfect home, discovering defects after buying the house can sour the dream of homeownership. Similarly, if a seller sells his house and moves on to better prospects, he may find himself pulled back by a buyer suing the seller for defects in the house that the buyer accuses the seller of keeping hidden. In order to avoid these situations, and ensure a smooth transaction, Illinois law has some safeguards in place protecting the seller and buyers.

Illinois Real Estate Law 

In Illinois, the Illinois Real Property Disclosure Act governs the information parties must give or receive when transferring real estate. The Act does not apply to all transfers of property, and includes some exceptions listed in the language of the law.

...

630-466-1600

160 S. Municipal Dr. Suite 100, Sugar Grove, IL 60554

Back to Top