Posted on: 29th Oct, 2010 06:19 am
I own an investment property in Illinois. I owe more than the house is worth. If I allow the bank to foreclose the Mortgage and they sell the house for less than I owe am I responsible for the difference
Welcome alukenmugs,
As far as I know, Illinois is an anti-deficiency state. In that case, if the lender forecloses the property, he won't be able to come after you in order to recover the deficient balance resulting from the property sale.
As far as I know, Illinois is an anti-deficiency state. In that case, if the lender forecloses the property, he won't be able to come after you in order to recover the deficient balance resulting from the property sale.