Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are trying to do short sale for our house in IL. First bank offered 10% to second (US bank). But they want 30% in order to submit the file to the investor for approval. This is almost 70K. We defenetly don't have these money.
My question is can banks go after our salaries in case second bank never agreed and we will have to go for forclosure? We have 2 incomes but don't have any extra money(our salaries dropped since we bought house, plus we have extra expenses) its why we are seling the house. What we should do?
we are in IL. Do they consider my other debits/expenses? Like my daughter is in college and I have Parent Plus loan, or my son playing travel hockey(which is almost the same as paying another college). Would I be able to pay these expenses first?
You should consult with an attorney and CPA that handle short sale/foreclosure cases. If you are working with an experienced short sale agent, they may be able to give you referrals.
Illinois is a recourse state as most states are. They can come after you for a deficiency judgment. That you have 2 incomes and discretionary expenses may make this more likely.
As has been mentioned, you definitely want to consult with an attorney/accountant. I believe that currently bankruptcy will take care of the bank coming after you, but that is certainly something you want to discuss with a professional.
This is probably not what you want to hear but how about reducing expenses by bringing the college student home and find another activity for the hockey player? Will that be enough to meet your financial obligations? Perhaps when things improve and with a little saving the college education can resume.
Not trying to be judgemental here but your house is in foreclosure and you still have your son playing travel hockey? Tournaments, hotels, etc???? I understand your son probably is very good and loves the game, but that is some serious money! I'm not saying he shouldn't play but what, a house league not good enough? You might want to consider re-evaluating your priorities.
Please don't judge. Every person choose what is most important for him. For me my daughters good education(and we not just picked expensive college, there are many good reasons), and my son's Travel hockey(and there are good reasons too) are more important then very nice, brand new house with hard woods and expensive windows decorations.
Please NO lectures.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
