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A consent foreclosure can be requested after the foreclosure proceedings have already started. In a consent foreclosure, the lender typically requires much less paperwork than for a deed in lieu of foreclosure. Consent foreclosures are also the preferred soft landing for cases where there are one or more junior mortgages in addition to the primary lender suing to foreclose. Consent foreclosure gives the lender a clear title to the property, clearing it from any claims by third parties such as junior lienholders.
In a consent (or a non-contested) foreclosure, the borrower can negotiate an agreed date to exit the property–on their terms. In exchange for the borrower’s agreement to leave the property by a certain date and in good condition, the borrower is guaranteed by Illinois law to avoid any personal deficiency judgment. Often, borrowers can negotiate some cash for moving expenses as an additional of their agreement to a consent foreclosure. Consent foreclosure can be a powerful tool for people who are no longer able to afford mortgage payments but do not wish to file for bankruptcy. If you would like to know more about consent foreclosures, our lawyers can help.
Contact Lou Brydges & Associates today online or by telephone at 847.680.6250 to speak with our experienced foreclosure attorneys.