Financing in River Grove>Question Details

Dabc21, Other/Just Looking in River Grove, IL

we have to evict tenants for non payment, how do we stop foreclosure because we are now un able to pay our mortage during the eviction.

Asked by Dabc21, River Grove, IL Sun Nov 6, 2011

We have tenants we have to evict which will put us into foreclosure. We have been paying our mortage bi weekly and are approx 8 months ahead. Could we apply this to stop foreclosure while we evict. Our tenants are offering partial payment if we accept does this affect our right to evict?

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Foreclosure takes time and doesn't start when you miss your first payment. Eviction is also a process which must be followed according to the laws in your state or you won't be able to complete it. I'm certain you have compassion for your tenants, but their difficulty will cost both of you more than you can likely afford. Tell them to get current or serve them the appropriate paperwork. Contact your lender when you fall behind and do what you can to work with them. I think it would be a wise investment to spend some time with a Real Estate attorney to insure you do all you can to protect yourself and your investment.
0 votes Thank Flag Link Sun Nov 6, 2011
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