What is a "consent foreclosure"?
I am in process of going through a foreclosure, how is "consent foreclosure" different from regular foreclosure? I only have one mortgage on the home and I'm willing to just walk away.
A consent foreclosure (otherwise known as a "deed-in-lieu of foreclosure"), is occasionally used in IL. It involves the court issuing a judgment of foreclosure and giving title to the property to the lender (with both the lender and borrower’s consent). There is no sale. At that point the defaulted mortgage is considered to be satisfied and the lender may not sue for any deficiency; that is for the difference, if any, between the price the lender sells the property for and the remaining balance on your mortgage (plus costs). You will, however give up your right of redemption; that is the right to reclaim your property by making payment in full.
Frankly, in this economy its hard to get a lender to agree to this (they don't want to have to take over a property if they can help it). If you can get it you should consider taking it.