Foreclosure in Algonquin : Questions & Answers

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Suzanne MacD…, Real Estate Pro in 07856
Suzanne MacDowell answered:
can a mortgage company foreclose on a property that has been discharged in chapter 7 and not reaffirmed?
This is a question for an attorney, however, the discharge in bankruptcy does not eliminate the lien and the bank has the right to enforce the lien. They can still foreclose.
0 votes Share Flag Sat Aug 2, 2014 Foreclosure in Algonquin
Ann Marchesc…, Real Estate Pro in Algonquin, IL
Ann Marcheschi answered:
can a bank garnish wages after a foreclosure in illinois?
I think it depends on the situation. It varies with the circumstances involved in your individual situation. You should talk to a good attorney. If you would like the name and number o ... more
0 votes Share Flag Wed Jun 26, 2013 Foreclosure in 60156
Randy Schule…, Real Estate Pro in Algonquin, IL
Randy Schulenburg answered:
Has anybody ever gotten a mortgage company to reduce the principal balance - even just a little bit - during a loan modification?
Debbi,

Yes. I read of a case in Florida where the Bank reduced the principal balance on a loan modification. I know this isn't common but it's certainly possible.
0 votes Share Flag Sun Aug 5, 2012 Foreclosure in Algonquin
Randy Schule…, Real Estate Pro in Algonquin, IL
Randy Schulenburg answered:
can a bank garnish wages after a foreclosure in illinois?
Foreclosure should be considered a LAST resort. With so many homeowners under water today there are several ways to avoid foreclosure. Below are 9 ways to avoid foreclosure. Contact ... more
0 votes Share Flag Thu Aug 2, 2012 Foreclosure in 60156
Randy Schule…, Real Estate Pro in Algonquin, IL
Randy Schulenburg answered:
Renting a home, how do I know if it is now an REO?
Kara - if you haven't already done so you should contact a local attorney. I have an excellent attorney that I work with in Crystal Lake if you need a referral. This attorney represen ... more
0 votes Share Flag Tue Jun 26, 2012 Foreclosure in 60156
Cecelia Marl…, Real Estate Pro in Chicago, IL
Cecelia Marlow answered:
I am in the process of buying a foreclosure. The counter offer I received from the bank asked that I waive the attorney review period (5 days)
Chris,
If you waive your right to an attorney review, you basically have no recourse. You are basically waiving your rights, should anything come up. 5 Days for an attorney review ... more
0 votes Share Flag Tue Sep 20, 2011 Foreclosure in Algonquin
John Walin, Real Estate Pro in Libertyville, IL
John Walin answered:
How is your credit affected from a short sale rather than a foreclosure?
mommy
You have to be eligible for a short sale, based on hardship and if you have assets, they do try to get some of the shortage back. You can look into a loan modification, a short ... more
0 votes Share Flag Sun Feb 13, 2011 Foreclosure in 60156
Bob Movin-On, Real Estate Pro in Hartford, CT
Bob Movin-On answered:
how does dee in leiu of foreclosure work?
It is a negotiation between you and the bank to turn over the home in lieu of foreclosure. This is the easiest form of avoiding full blown foreclosure but do be advised it is a form of ... more
0 votes Share Flag Sun Feb 13, 2011 Foreclosure in 60156
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