FAQ

The only thing this Foreclosure can do is extinguish your interest in the property; the bank cannot obtain a "money Judgment" that threatens your bank accounts or wages.  And since the decedent's mortgage is a debt that the credit reporting agencies are well aware of, it is incredibly unlikely that it will mistakenly be reported as your mortgage.

As a owner, your property rights simply have to be extinguished.  But if all of the owners work together, you may offer the bank a Deed in Lieu of Foreclosure, or a Consent to the Foreclosure.  Finally, you may record a Disclaimer against the property and they appear in the case to seek a dismissal.  But be warned: if you disclaim the property may descend to your own heirs, who would then have to be brought into the case. 

The moment a decedent passes owning property in his sole name, his property passes to his closest relatives.  For instance, the closest relatives under Illinois law are your spouse and descendants like children.  Spouses and children are always heirs.  If someone does not have a spouse or children, have more complicated heirship and need to review the Illinois Probate Act.  If a Will is later Admitted by a Probate Judge in a process called "Probate," the ownership of property divests from the heirs and vests in the people named in the Will.  If the Title to the property was held in a Living Trust or Land Trust, the Trust agreement controls who the owners are.

While important court orders are required to be mailed to you, many people feel the best way to make sure they have complete information is to attend the hearings.  And if you reside at the property, the best way to insure that you know when your possession is threatened is to attend the hearings.