Foreclosure in Chicago>Question Details

Pahoh1, Home Seller in Chicago, IL

Do I have any other options?

Asked by Pahoh1, Chicago, IL Fri May 3, 2013

I have a condo is Chicago (I now live in another state) that I've been trying to short sale for almost 2 years. The bank has dragged it's feet on multiple offers and they have all fallen through because the contracts expired. The most recent offer they kept telling us was not enough even though it's the highest offer we've ever gotten on the property and in the building, which has multiple short sales and foreclosures. Today, they declined a DIL and said management decided to move it into foreclosure next month. At this point, is there anything I can do prevent the foreclosure sale? Since IL is a recourse state should I be worried about the bank pursuing me after the sale?

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10
Actually, Manuel, doing the RIGHT thing would entail repaying the money that you borrowed.
3 votes Thank Flag Link Fri May 3, 2013
Work with an attorney that knows what they are doing - they may be able to delay this process for you and possibly aid in approving the short sale.
0 votes Thank Flag Link Mon May 20, 2013
Contact your attorney. At this point there might not be many options. If you dont have a true hardship then you wont be able to short sell it anyways unfortunately.
0 votes Thank Flag Link Fri May 3, 2013
Call me (708-942-7039) and my partner and I can see about helping you out. We are local real estate investors.
0 votes Thank Flag Link Fri May 3, 2013
Sounds like you need a good attorney, immediately.
0 votes Thank Flag Link Fri May 3, 2013
Wow,

What a mess I am sorry to hear you are going through all of this. Well you have two problems, the fist one is if it is actually falls into foreclosure you are going to take a bigger hit on your credit. Here you were doing the right thing and the bank is being a PIG. Second part, so far Illinois so far on the primary loans have not gone after the debt. However, they have up to 10 years to do so. If you have a second mortgage, beware. I have heard of second mortgages perusing

I highly recommend the law offices of Gardi and Haught at 939 N Plum Grove Rd Schaumburg, IL 60173 (847) 944-9400. Ask to speak to a short sales specialist.

Gardi and Haught have a staff dedicated just for negotiating short sales. They take ZERO dollars from you for a normal short sale. They get paid from the proceeds the bank receives.

Your case may be a little different if they have to stop the foreclosure first. They are excellent and will not take your case unless they feel they will get you to close and out of the mess.

Best of luck.
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0 votes Thank Flag Link Fri May 3, 2013
The short answer is yes, the bank can pursue you for the deficiency. The likelihood depends on your financial situation. I can highly recommend a foreclosure defense attorney if you are interested.
0 votes Thank Flag Link Fri May 3, 2013
Absolutely! The banks have the right to pursue a deficiency judgement against you for the outstanding balance with any additional fees. What most people don't know is that the banks have up to 10 years to exercise this option. if they see that you have the financial resources they will probably move forward with a deficiency judgement.

Not to scare you even more, but I'm starting to see this happen more and more often, banks are not walking away.

Feel free to contact me at anytime, we've been able to help borrowers in the same situation.

disclosure: This is not legal advise.
0 votes Thank Flag Link Fri May 3, 2013
Good question for a foreclosure attorney


Daniel O. Stamm, Attorney at Law
2519 N California Avenue
Suite 1C
Chicago, IL 60647
Office: 773-360-7488
0 votes Thank Flag Link Fri May 3, 2013
Yes, it is possible that the bank may go after you, but impossible to know. Odd that you could not sell as the market changed last year.
0 votes Thank Flag Link Fri May 3, 2013
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