I am in the process of foreclosing in Illinois and I no longer want the property..I was served my legal papers..do I still need to file an appearance?

Asked by SHAUNTE BARLOW, Oak Park, IL Tue May 1, 2012

I no longer want the property do I need to respond to the legal paperwork or not?

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12
Bill J Delig…, Agent, Naperville, IL
Tue May 1, 2012
Get an advocate (attorney) on your side to try to salvage what is left of your credit history.
0 votes
Robert Nowak, Agent, Chicago, IL
Tue May 1, 2012
I specialize in pre-foreclosure and explain possible options to my potential clients. There are usually options that can forgive most or all of your debt - much better than forclosure on your credit. The best solution is usually a short sale and this is at no cost to you. Realtor, Attorney, and Closing Costs paid by the bank at closing! Why have foreclosure on your credit and worry about the bank coming after you for the deficiency when there is a better way?

Robert Nowak
Pre-Foreclosure Specialist
RE/MAX City
773-699-5151

http://www.chicagoshortsalesagent.com
0 votes
Tony Guisto, Other Pro, mokenA, IL
Tue May 1, 2012
Regina,

I buy properties in all different ways. Please contact me and let me talk to you about possibablly buying this before you get foreclosed. You can reach me either by phone or text at 708-942-7039 or e-mail: redhotrei@hotmail.com

Thanks,
Tony
0 votes
Terry Perdue, Agent, Chicago, IL
Tue May 1, 2012
Yes, it is always best to have legal counsel. If you cannot afford an attorney or do not wish to obtain one contact your lender or appear for your court hearing and advise the attorney and court of your intentions to turn over possession of the home. The court may guide you as to whether or not you have to file an appearance. You can always contact the attorney for the bank before the court hearing and advise them also of your intentions.
0 votes
Angela Cicho…, Agent, Schaumburg, IL
Tue May 1, 2012
Regina,

Try to examine other options other than foreclosure. Walking away is not the best option. A short sale would probably be your best option. I would definitely go and file an appearance. You want to be notified of what is happening with your property. Many good agents dealing with short sales, such as myself, work with attorneys who can give you the best advice for your situation. Feel free to contact myself or an experienced agent that you are comfortable with.
0 votes
Joe Schiller, Agent, Chicago, IL
Tue May 1, 2012
do not even consider doing this on your own or you will be given full brunt of the law against you..get an attorney
0 votes
Olthoff Shar…, Agent, Chicago, IL
Tue May 1, 2012
Regina, I don't know who you have been consulting about you foreclosure, however you need legal representation, Fest foreclosure is a legal process and the Bank/ lender is well represented by Lawyers. I know there are a lot of sound bites, and news stories indicating people just walk away, however none of this information give the details about how the people who walk away are affected. Please, find yourself a well seasoned Real Estate Attorney who has lots of experience with Short Sale and Foreclosure process.
0 votes
Dirk Gould, Agent, Chicago, IL
Tue May 1, 2012
If you do not respond, there will be a default judgment entered against you. Also, in Illinois your lender can pursue a deficiency judgment against you for the difference between what you owe and the amount the house sells for. So yes, you should respond. Perhaps the lender would agree to a short sale and waive rights to a deficiency judgment. Further, by hiring an attorney, you dramatically increase your chances of stretching out the foreclosure process and staying in your house longer. You will not be making your monthly mortgage payments; consider it rent free living to more than compensate for the cost of hiring your attorney. I am both an attorney and a real estate broker and would be happy to help you in either capacity
0 votes
Matt Laricy, Agent, Chicago, IL
Tue May 1, 2012
I would speak to an attorney. We are not experts in your personal situation here, and it would be wrong to say which is best for your situation.
0 votes
Diana Willia…, Agent, Chicago, IL
Tue May 1, 2012
I would talk to a attorney but my answer would be no . Have you tried to short sale the home or or deed in lieu of foreclosure ? This is a better avenue than just walking away . If you need assistance with this process please feel few to call me at 708 925 4076
0 votes
Paco Aramburu, Agent, Chicago, IL
Tue May 1, 2012
Regina, is not as easy as you think. Remember back to when you were signing all those papers at the closing. You signed a note, meaning that you may owe the bank for the difference between what they sell it for at the foreclosure auction and what you owe in your mortgage plus penalties and attorneys' fees. Foreclosure is never a good option for the owner. Please consider getting an Agent expert in short sales who is working with an attorney savvy in these types of cases.
In a short sale, a good Attorney will have the bank wipe out all your debt and all your other obligations like taxes and other liens. Make sure you do not pay anything in advance and that they have a good track record in these types of sales.
If you are in the Chicago area, give me a call at 773 865-5678.
0 votes
Philip Sencer, Agent, Chicago, IL
Tue May 1, 2012
You might want to speak with an attorney or accountant aboutt the overall consequences of the foreclosure, but lots of people do not bother to show up. Have you thought about a short sale or did you ask the lien holder to do a deed in leu?
0 votes
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