Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal

I recently divorced. And I moved in a new house which paid

Customer Question
100% in cash by my...
I recently divorced. And I moved in a new house which paid 100% in cash by my parents.
My old house ( EX and I joint account) has been in Market . We stop payment the mortgage for 3 months. We expect the house sold in short sale.

If our old house is foreclosure, what will happen?
Will we be liability for the shortfall?
Will it possible Mortgage Bank come after my new property?


My old house is in Dupage county, IL.
My new house which was purchased after divorce in Kane county, IL.
Submitted: 6 years ago.Category: Legal
Show More
Show Less
Ask Your Own Legal Question
Answered in 4 minutes by:
7/1/2011
Lawyer: Richard, Attorney replied 6 years ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 56,009
Experience: Attorney with 29 years of experience.
Verified

Good morning. Unfortunately, Illinois is a deficiency state and does not have a favorable homestead exemption statute. So, the lender does have the right to pursue you for a deficiency judgment and you are liable for the shortfall. Your new property is only protected up to $15,000 in equity. You might want to give your parents a promissory note for the amount paid and a deed of trust to secure that note. That will eliminate the equity in your house. Then, when all this blows over, your parents can then forgive the note as a gift.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

Ask Your Own Legal Question
Ask Richard Your Own Question
Richard
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 56,009
56,009 Satisfied Customers
Experience: Attorney with 29 years of experience.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,353 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,727 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

42,358 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

292 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
With a foreclosure notice. Mortgage company has not provided
I'm NM with a foreclosure notice. Mortgage company has not provided any information on right to cure. Not sure how to respond to the summons and don't have a lot of money for an attorney. … read more
Lori
Lori
Juris Doctor
256 satisfied customers
The city has held a foreclosure by sale for unpaid property
The city has held a foreclosure by sale for unpaid property taxes. The motion for committee approval has been made. Can the homeowner file a bankruptcy petition to stay this from happening? This is in… read more
Lori
Lori
Juris Doctor
256 satisfied customers
Lucy, I completed the foreclosure on my AITD, the property
Hello Lucy, I completed the foreclosure on my AITD, the property was eventually sold to a third party, and I was paid in full for my wrap-around mortgage. However, the original lender was never paid i… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,088 satisfied customers
When an employee completes a Claim of Exemption and Request
When an employee completes a Claim of Exemption and Request for Hearing on a Garnishment, do I continue the garnishment until the results of the hearing are known or does it "pause" the garnishment?… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,307 satisfied customers
Bankruptcy question: I don't understand how the exemptions
Second opinion] Bankruptcy question: I don't understand how the exemptions work when you have moved from one state to another. I understand how you determine which exemptions apply and where you shoul… read more
Michael Bradley
Michael Bradley
JD
1,191 satisfied customers
A property was bought at foreclosure the buyer has the
A property was bought at foreclosure the buyer has the receipt of the sale but was not recorded so the appraisal distinct has the property still in the owners name that was foreclosed on. How can I ge… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,307 satisfied customers
I am founder of a tax-exempt federally recognized church
I am founder of a tax-exempt federally recognized church whose religious focus is exclusively based on biological females. I've been researching to confirm that we are exempt from anti-discrimination … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
What is involved in a time share foreclosure in the state of
what is involved in a time share foreclosure in the state of Nevada. I purchased a time share that I am unable to pay for. … read more
Olivia Kent
Olivia Kent
Managing Partner
Doctoral Degree
1,939 satisfied customers
FOR LAW EDUCATOR, ESQ.: In an instant foreclosure matter
FOR LAW EDUCATOR, ESQ.:In an instant foreclosure matter filed in 2009 in NYS Supreme Court the judge ordered the below as a result of one (1) party in the action when in fact there were two (2) partie… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
I need a religious vaccine exemption letter for an adult.
hi i need a religious vaccine exemption letter for an adult. how can i get one? … read more
Nisha Jones, Esq.
Nisha Jones, Esq.
Juris Doctorate
1,731 satisfied customers
I realize that some of the levy funds could be exempt from
I realize that some of the levy funds could be exempt from being garnished.The creditor put a levy on 2 separate bank accounts. Can I use 2 different exemptions on these 2 separate bank accounts?… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,307 satisfied customers
Esq.(ONLY) Motion to dismiss the foreclosure complaint was
For Law Educator, Esq.(ONLY) Good day, Motion to dismiss the foreclosure complaint was denied. I am preparing to file objection to the foreclosure complaint base on the fact that the property is prote… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers
I need to know what the personal exemptions are for business
I need to know what the personal exemptions are for business bankruptcy in the State of Maryland. If the business, for example, has $250K in debt and were to declare bankruptcy and that amount is pers… read more
Ray
Ray
Lawyer
Doctoral Degree
30,828 satisfied customers
I'm in foreclosure they put in a motion for a protective
I'm in foreclosure they put in a motion for a protective order. I'm confused because first it was a summary of strict foreclosure that was continued for an evidenciaryhesring didctrpyin the numbers th… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,088 satisfied customers
I have a court date for a claim for exemption and wage
i have a court date for a claim for exemption and wage granshiment but im not employed so what do i do … read more
Ray
Ray
Lawyer
Doctoral Degree
30,828 satisfied customers
I have a question about a NC Motion to claim exempt
I have a question about a NC Motion to claim exempt property … read more
socrateaser
socrateaser
1,031 satisfied customers
Are newspaper carriers exempt for the enforcement of the
Are newspaper carriers exempt for the enforcement of the Arizona seatbelt law while they are engaged in the duties of delivering the newspapers? … read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
35,283 satisfied customers
Law Educator, Esq.(ONLY) This is on Homestead exemption, Is
Law Educator, Esq.(ONLY)Good day, This is on Homestead exemption, Is Homestead exemption a jurisdictional issue? I was reading that only jurisdictional issue should be raised in a motion to dismiss. S… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
42,358 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x