Illinois Mortgage Foreclosure - How Long Can I Stay in My House?

[2000momojojo]

can a person stay in there house if they have lost there job and are 7months behind they also have a loan modifacation loan which is exteremly high if they can come up with some money to start paying back the loan company

[Datashaleggett]

I need to come up with a defense to keep my home. I am ten months behind due to previous unemployment. I just got a job two weeks ago and want to keep my home is there anything I can do? Additionally my broker put me under a lot of stress/ duress when I entered into the agreement. Is there anything I can do to raise a case?

[davidpleibowitz]

Only the person who signs the note can be held personally liable even if that person did sign the mortgage.

David Leibowitz

[davidpleibowitz]

Your credit should not be affected since only your wife is on the note. You are not financially obligated for the payment. If your credit is noted with this, it can be addressed under the Fair Debt Collection Practices Act. And the answer to your other questions would be that you are not at risk for a lien or garnishment

[candyflip1971]

I have a question for you. I live in Illinois, and my wife and I are both on the mortgage, but only my wife is on the note. If our house goes into foreclosure, would my credit be affected? Also, if I buy another home in my name only, can the bank put a lien on my new house? And can they garnish my wages? Please advise. Thanks!

[davidpleibowitz]

@candyflip1971 If you didn't sign the note, then your credit won't be affected. The bank can't put a lien on the new house in your name. The bank can't garnish your wages if they don't have a money judgment against you.