Profile picture for rjw1665

The bank wants money now instead of the house. Can they do that? Isn't this a nonrecourse loan?

They chose the colateral and the value, which was much much higher than its value. they made all the choices and it was predetory lending.
  • November 08 2010 - Belleville
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Answers (6)

The best thing to do would be to contact an attorney.  I would do this as soon as possible to learn all of your options and get their guidance.  
  • November 10 2010
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I am a Realtor & an Attorney (31 yrs), licensed only in the State of OH.  You absolutely need to retain an Attorney who handles residential real estate in your community ASAP!!!!!  Don't delay.  If you don't have an Attorney, ask for recommendations from family, friends, co-workers, etc.
  • November 08 2010
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Get a lawyer this is no game to play on your own
  • November 08 2010
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Profile picture for wetdawgs
Illinois is a recourse state, so yes they can do that.    Therefore, you need to talk with an attorney.    While you think it was predatory lending and they made the choices, you did sign on the dotted line so can't just ignore the situation.
  • November 08 2010
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Profile picture for Mills Realty
Not all loan are non-recourse.  Contact an attorney to make sure you know where you stand.
  • November 08 2010
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Contact an attorney and get solid advice. Learn your options...
  • November 08 2010
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