Warrenville, IL asked in Foreclosure for Illinois

Q: If I receive a foreclosure notice in the state of Illinois, am I obligated to pay the balance of the loan or other leins

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1 Lawyer Answer
Terrence Rubino
Terrence Rubino
  • Dyer, IN
  • Licensed in Illinois

A: when you bought the house, you signed a promissory note to the lender for the amount you borrowed. the mortgage is simply a lien on the property to secure payment of the promissory note. you are indebted to the lender for the full amount still owed and will eventually have a judgment rendered against you for that amount plus attorney fees, court costs, etc.. if the property is sold for less than the amount of the judgment, you are liable for that deficiency. hope this helps

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