I am in Illinois, i can not pay for the house that i owned any more, ?

Question

By law in IL how long do i need to get kich out from the house some state you must be out in 2 or 6 or 7 months, and also will they do any thing to my bussiness that i am owning now.

Answer 1

Call whoever holds your mortgage and explain your problem they will try and work something out with you.

Answer 2

They might take your assets but it is unlikely. The great socialist govt of the US is coming in and bailing out those who cannot, do not, will not, and/or care not to pay their home loans. How long it will be before you are evicted is up to the finance company.

Answer 3

you know you should seek legal advice that way you know what your rights are.

Answer 4

It varies, even state by state. The state regulations deal with notice of publication, and minimum deadlines. In today's environment, it often takes longer.

Generally (I don't know specifically about Illinois) a lender will start foreclosure proceedings once you've missed about 2 payments. Usually--but, again, it depends on both the state and the individual lender--you can go about 6 months without paying before an auction or sale date is set.

You own the property until ownership is transferred. So, until the house is auctioned or the lender claims it, you are allowed to live there. As soon as ownership changes, you should be out.

Check with a lawyer for details. And check, too, about your business. But--and I'm not a lawyer, so this isn't legal advice--unless you pledged your business when you bought your home, such as through a UCC filing, your business should be OK. Your debt was secured by the property, not by your business or other equity.

Having said that, though, they may well attempt to come after your business, or after you. It doesn't look very good if you allow a property to go into foreclosure if your business is still profitable. The lender would expect you to channel your earnings into paying for your home.

You should be safer--again, I'm not a lawyer--if your business is a corporation, S Corp., or LLC. You may be on shakier ground if it's just a partnership or sole proprietorship. Again, check with a lawyer.

Answer 5

Not enough info

CALL your mortgage lender and talk to them, find out what your options are. . . several available, Deed in Lieu of Foreclosure, Short Sale, modification of note, Foreclosure, Sale

How far behind are you in mortgage payments?  Do you have equity in home?  How long have you owned it?  Is it an adjustable rate loan?

  

Answer 6

Yes you do. So sell it