Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Algonquin : Real Estate Advice

  • All35
  • Local Info2
  • Home Buying12
  • Home Selling5
  • Market Conditions2

Activity 8
Sat Aug 2, 2014
Suzanne MacDowell answered:
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 2 answers Share Flag
Wed Jun 26, 2013
Ann Marcheschi answered:
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 of a few I can help. I work with several good attorneys in the area. Send me an email at and I will get their info out to you. ... more
0 votes 1 answer Share Flag
Sun Aug 5, 2012
Randy Schulenburg answered:

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 1 answer Share Flag
Thu Aug 2, 2012
Randy Schulenburg answered:
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 me directly at 224-805-2616 to discuss further.

1. Reinstatement
2. Forbearance
3. Refinance
4. Loan Modification
5. Sell the property
6. Rent the property
7. Short Sale
8. Deed in lieu of Foreclosure
9. Bankruptcy

Keep in mind that a bankruptcy will only stall the foreclosure but not prevent it. I specialize in Distressed Properties and would love to help you take back control of your finances.

Randy Schulenburg
Managing Broker
Mortgage 1st Realty, Inc.
224-805-2616 Direct

I look forward to helping you or someone you know get out of a bad situation.
... more
0 votes 3 answers Share Flag
Tue Jun 26, 2012
Randy Schulenburg answered:
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 represented two of my clients on closings this week. Of the two homes I closed, one of these was a home on which the seller had stopped making payments.

I have heard from others in your situation that didn't know what to do. So, they simply stopped paying the rent. This will get the attention of any proper owner of the home. The tenant set aside the rent money for when they finally received the call that rent money was due.

Don't hesitate to call an attorney this week. Take the papers you received to the attorney for review. Your next payment is coming up in just a few days and you'll want to have an answer before you send that next check!
... more
0 votes 5 answers Share Flag
Tue Sep 20, 2011
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 is not a lot of time. If the bank is unwilling to allow your attorney to review your contract, "Buyer Beware."

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294 direct
... more
0 votes 5 answers Share Flag
Sun Feb 13, 2011
John Walin answered:
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 sale or foreclosure. Depending on your job history, income, debt to asset and if you have a hardship, like a recent divorce death or medical bills the bank will work with you. Request a short sale package from the bank and see if you might be able to get a lower fixed rate on your current loan. You have to qualify for it so that might not be an option. Get a good real estate lawyer that can go over the bankruptcy/foreclosure scenario. ... more
0 votes 5 answers Share Flag
Sun Feb 13, 2011
Bob Movin-On answered:
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 foreclosure and will affect your life for some time to come. (see below)
Many Realtors will suggest Short Sale instead of deed-in-lieu-of, I would just like to let you know short sale and deed-in-lieu-of are equal: both are a negotiation with the bank, both could net you cash for keys, both can be negotiated so that you are not responsible for any deficiency or an amount less than the whole deficiency, where the difference lies is in who is involved: deed-in-lieu-of is just you and the bank maybe attorneys if you wish, short sale involves you, your Realtor, potential buyers, their Realtors, the bank and attorneys for all parties involved, not to mention listing your home as a short sale publicizes you are in trouble and every Tom, Dick and Harry will be pounding on your door trying to get a deal (better known as stealing your home not that the bank isn't already attempting to do that).

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale or deed-in-lieu-of expert
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months
... more
0 votes 5 answers Share Flag
Search Advice
Foreclosure in Algonquin Zip Codes