Subto Default Foreclosure Illinois

Chicago, Illinois
Foreclosures
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Subto Default Foreclosure Illinois

Patricio Rodriguez BraunPro Member
Minneapolis, MN · Member since 2022 · 5 posts · 4 votes

Hi everyone, does anyone have a good referral for a foreclosure attorney in Illinois that is familiar with Sub-to? The buyer defaulted on the loan and the county will not accept the presigned quit-claim deed. We need someone to help us get possession of the deed back.

Thank you

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Danny Crout
Real Estate Consultant · Chicago, IL · Member since 2017 · 15 posts · 7 votes
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Let me check on it.

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  • Danny Crout
    Real Estate Consultant · Chicago, IL · Member since 2017 · 15 posts · 7 votes
    2d

    Let me check on it.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    2d

    there ya go.. pre signed quit claims are worthless in most juridictions not sure who told you those would hold up.

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  • Justin Weisenbacher
    Investor · 28 States · Member since 2026 · 15 posts · 8 votes
    2d

    You may want to try and negotiate a quick claim deed back to you. If not, you’re going to have to do a formal judicial foreclosure. Keep in mind In Illinois, creative seller-financing schemes (including wrap-around notes and installment contracts) are heavily regulated under the Illinois Mortgage Foreclosure Law (735 ILCS 5/15-1101 et seq.) and the Installment Sales Contract Act (765 ILCS 67/). Bypassing statutory notice and foreclosure procedures can potentiallyexpose you to statutory damages, attorney fees, and claims of predatory lending (I found out the hard way on my rent to own deals 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    2d

    unless you have a recorded Deed of trust or mortgage U cant get the property back unless they voluntarily sign it over to you.. this is why selling sub to is so very dangerous for sellers who do not realize what they have done. what bad actors do is stop paying on your mortgage and collect the rent until the bank finally takes the property .. U would need to sue them and try to get a judge to unwind the deal.. And of course that will cost some pretty heafty legal fees.. sometimes threat of suit though will get the buyer to sell it back to you through an escrow and the correct deeds .. U cannot pre sign quit claims as your finding out. I know many people advocate it but many times as your finding out title wont honor them.

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  • Chris SeveneyBusiness Member
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    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2d

    We work with a lot of attorneys in Illinois. Just recognize it is a judicial foreclosure state, and you are going to spend easily $10,000 and 18 months to get to foreclosure if it is uncontested.

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  • John Leland
    Specialist · I give advice - [email protected] - I focus on states where investing is profitable, reasonably safe & secure · Member since 2026 · 204 posts · 71 votes
    2d
    Quote from @Patricio Rodriguez Braun:

    Hi everyone, does anyone have a good referral for a foreclosure attorney in Illinois that is familiar with Sub-to? The buyer defaulted on the loan and the county will not accept the presigned quit-claim deed. We need someone to help us get possession of the deed back.

    Thank you

    Just curious who told you to do a pre signed quit claim deed?

    0Reply
    • Patricio Rodriguez BraunPro Member
      OP
      Minneapolis, MN · Member since 2022 · 5 posts · 4 votes
      1d

      Constant Close

      0Reply
    • Steve K.
      Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
      1d

      Isn't Constant Close the company that Pace Morby refers his students to?

      0Reply
    • Patricio Rodriguez BraunPro Member
      OP
      Minneapolis, MN · Member since 2022 · 5 posts · 4 votes
      1d

      I'm not a student of Pace Morby but I did hear about Constant Close through one of his videos.

      0Reply
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