Q: Foreclosure: What does it mean Motion for Defalt, Motion to Shorten Redemption,Motion to Dismiss Owners,and Nonrecord Cliamants, and Judgment of Foreclosure and sale
Asked 3 months ago in Foreclosure
A: Ahmad's answer: If you want a predictable, expedient and inexpensive option, consider a Chapter 7 for the simple reasons that it creates a predictable outcome and allows for better planning. Your credit score recovery on your fact pattern is at least predictable and you will qualify for FHA financing in two years as opposed to seven years with a typical foreclosure judgement. Visit FHA.gov for more information.
Answered by a user, 3 months ago.
Q: After the Judicial sale, the bank purchaser the house Will they come after me: I owe $160,000 the bank paid $34,000 at the Judicial sale. Will the bank come after for the remanding Balance.
Asked 3 months ago in Foreclosure
A: Ahmad's answer: If the Lender stated that they have waived their rights to a deficiency judgment, and that order is stamped by a Judge, you will be able to use that later as an affirmative defense in any collection action against you. Personally, I do not trust Lenders or the collection companies that they sell this kind of debt to. I always tell clients that go for the predictable and expedient options that require you to trust no one.
Answered by a user, 3 months ago.
Q: Tenants stopped paying rent because of the foreclosure process against my property so they stopped paying rent: claiming that it is unlawful to collect rent when I'm not paying my mortgage. I've had the property for 3 years or so prior to renting it out. They completed their year lease and I haven't given them a new written contract, just a verbal agreement to do month to month. I want to regain the 3 months they haven't paid rent and get them to resume monthly. What is my recourse to force them to do so? Are they protected by any laws if there is no longer any lease contract? Can I still ask for rent without a contract in place even though my property is up for foreclosure
Asked 11 months ago in Foreclosure
A: Ahmad's answer: A property owner in Illinois has the right to collect rents because the property owner is the legal title holder of the property. Under Illinois law, the title to property may not be extinguished until the foreclosure is complete. The foreclosure is not complete, and this is often debated during our lectures to attorneys, when the judicial sale is conducted and then confirmed and an order of possession in the favor of the purchaser at the sale is issued. I would complete a quick eviction and rent it out to someone else, and I would then sue for money damages and attorney fees. You would win in Illinois.
Answered by a user, 11 months ago.
