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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31789
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My mortgage company wants us to consider an agreed order forclosure

Resolved Question:

My mortgage company wants us to consider an agreed order forclosure judgement so that we could remain in the house for tem years if payments are on time. What happens after the ten years and what is the agreed order?
Submitted: 7 years ago.
Category: Real Estate Law
Expert:  Roger replied 7 years ago.

In Illinois, property is foreclosed through the court system. Apparently, the lender has already filed suit against you due to a default in payments. You're kind of between a rock and a hard place. If you don't go along with what they're suggesting, you're going to lose your house to foreclosure. However, if you agree to the order with a 10 year provisionary period, and you miss one payment, you're going to have no defense to being kicked out.


If you agree to the order, you should have language in the order stating what will happen after 10 years - that you'll be allowed to resume your payments and the foreclosure withdrawn or order released, etc.

Customer: replied 7 years ago.
Is this a normal way of handeling a forclosure and do we need an attorney to represent us?
Expert:  Roger replied 7 years ago.

It is not normal, historically speaking. However, banks are more willing to work with debtors to keep from putting them out of their homes.


I certainly would advise you to have an attorney review and advise you on signing an agreed order that is essentially giving up all of your rights and defenses.

Roger and 4 other Real Estate Law Specialists are ready to help you
Customer: replied 7 years ago.
Thank you for your time I feel better now that I understand.