Foreclosure in 60085>Question Details

sharon.patst…, Home Owner in Waukegan, IL

can a bank collect full final settlement from a guarantor and still persue further payment from borrower?

Asked by sharon.patsteadman, Waukegan, IL Sat Feb 2, 2013

Help the community by answering this question:


You need to talk to a lawyer, but Illinois is a recourse state and bank can go after a borrower for 10 years after short sale or foreclosure to get that amount not paid in the closing. Often in a short sale the seller attorney is shooting for a zero deficiency judgement on the shortage amount and the bank says no and increase the signed contract price above what the buyer is willing to pay . This is all between the bank and their lender and the buyer is stuck waiting it out.
best of luck, and please thumbs up and best answer me, thanks!
0 votes Thank Flag Link Sun Feb 3, 2013
HI Sharon,

This is really a legal question and I would strongly recommend you consult with an attorney. However, if you are talking about getting paid TWICE then, in my lay opinion, the answer is no. The bank is entitled to be made whole, paid in full, but they are not entitled to receive anything more than that. Just double check that answer with an attorney, please!

0 votes Thank Flag Link Sun Feb 3, 2013
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