Chicago Bankruptcy Lawyers & Attorneys

The Illinois statutes cover the methods of terminating a mortgagor’s interest in real estate beginning in section 735 ILCS 5/15-1401. A deed in lieu of foreclosure is an agreement whereby the mortgagor and mortgagee agree to terminate the mortgagor’s interest. Acceptance of the deed in lieu relieves the party from personal liability. The only exception would be if a separate instrument is executed contemporaneously. Keep in mind that not all mortgage companies will agree to a deed in lieu. If accepted, it’s a great way to relieve mortgage indebtedness.

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