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Foreclosure in 60085 : Real Estate Advice

  • All21
  • Local Info4
  • Home Buying13
  • Home Selling0
  • Market Conditions0

Activity 6
Tue Sep 29, 2015
Amelia Robinette answered:
this is a complex legal situation, you need to contact a different attorney to find out your options - there isn't anyone on this forum qualified to provide you legal advice
0 votes 1 answer Share Flag
Tue May 20, 2014
Ashley Pimentel answered:
Hello,

I don't know any details, but if your mother is over 62 years old, plans to stay in the home and has equity in the property, she might want to look into doing a reverse mortgage. She would only have to keep up with her taxes, insurance payments, and any HOA fees. There is a good chance that she would be able to save her house from foreclosure. If this sounds like her situation and you would like more information feel free to reach out to me and I will go over her options with you.

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
apimentel@marketplacemc.com
... more
1 vote 4 answers Share Flag
Sun Feb 3, 2013
John Walin answered:
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!
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0 votes 2 answers Share Flag
Thu May 3, 2012
Jay asked:
I have all the tool's that i needed to winterize a house!!I have truck and trailer!!Lawn mower's .a crew of ppl .But i want to go right to the source ..Im sick of being the middle…
0 votes 0 Answers Share Flag
Mon Nov 29, 2010
JoEllen Schlesinger answered:
As the other agents who've answered said, the answer is Yes they can. They're correct in saying that the PMI companies are "on the Hook". If you're in a situation getting close to a foreclosure, it's possible to try a short sale option, and have, an attorney working with you and your agent, to assist in negotiating a release from further financial obligations, in a actual foreclosure the release is less likely to happen. Best of luck and feel free to contact me with questions. ... more
0 votes 11 answers Share Flag
Thu Jul 8, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
First thing to understand is the the pmi is not insurance for you, it is insurance for the bank in case you default on the loan. The pmi compnay will pay a claim to the bank if you get foreclosed. The bank most likley will transfer the deficency rights over to the pmi company if you are forclosed on.

So the pmi company will not help you, you will look at other options.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
http://www.milwaukeebailout.com
... more
0 votes 9 answers Share Flag
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