are foreclosure deficiency awards allowed in illinois?

Question

need some answers on weather illinois is a state that allows deficiency awards after foreclosure.

I have a friend who co signed for me on two properties that are now in default. he does not want to file bankrupt because he says they will take his 2nd car and truck , as well as his money that he has saved , which is about $20,000. I'm afraid to file as they will go after him, is there another solution ?? he thinks that after foreclosure it will just be reported to his credit and maybe he could clean it up somehow.

Answer 1

If there is a deficiency after the foreclosure and sale, they may hold both you and your friend liable for it. It may very well be worse than just a bad mark on credit reports.

Since you say you are just in default right now, and they haven't foreclosed yet, I would suggest that both you and your friend speak with a real estate lawyer.

The lawyer may know of ways to handle the problem so it will not end up in foreclosure, by dealing with the bank, possible right to cure, short sale, etc., etc., etc., or what to do to lessen the financial impact after a foreclosure happens

I think that it is great that you are concerned about your friend and not planning on throwing the friend to the wolves.

Sincerely, speak with a real estate attorney as soon as possible since there may be avenues that you can take to protect the both of you before a foreclosure happens, or after the foreclosure.

good luck to both of you

Answer 2

No, you could ask your criminal expert to document a action to push aside you from the case completely. you haven't any longer have been given any very own criminal duty for the bills of your son, no longer to show after he dies. additionally, if the loan replaced into "non-recourse" then the financial company in basic terms gets the residing house, no longer the deficiency. in accordance to 3 materials, Illinois first loan loans are in many situations "non-recourse". you're saying, "available inheritor", yet you're the two an inheritor or you at the instant are not. in the journey that your son has died and left a will naming you as an inheritor then you're an inheritor and if has no longer died then you at the instant are not an inheritor. If he dies and has no longer named you in a will or died intestate and has surviving little ones, then (lower back) you at the instant are not an inheritor (in maximum states the place the valuables is split between surviving kinfolk, and if none are got here upon then and in basic terms then, to the mothers and dads). Heirs at the instant are not in charge for the bills of the deceased: the valuables is, or a minimum of may well be if the bills could be shown. The materials's criminal expert could be combating for each greenback the valuables merits to salvage from this.

Answer 3

i don't no