Such a relief......

In 1997 the Taxpayer Relief Act was passed - this is the act that allows you to waive capital gains taxes if you live in and own for two of the past five years - a VERY big deal.In 2002, my real estate attorney had no idea this was a thing.

Keeping your options open is a great way to not only maximize your portfolio but also to garner some added tax relief when appropriate.

An Illinois landlord would be under zero obligation to re-negotiate anything, and could treat any failure to comply with the terms as a breach, subject to relief from a forcible entry and detainer action (Eviction). 

Obviously, locking someone in for a year can be a little bit of a relief financially for a period, but I've heard it is difficult to remove bad tenants on long term leases and can end up costing more money.

If the property is really underwater I would expect that the trustee would just grant a relief from stay for the creditor to file a foreclosure, but I am not as sure on that as it would be optional for the trustee to do this. 

It will be a big relief for you.  

I would read the rules and understand their discussion of nuisances and the likelihood of clauses related to nuisances bringing some relief.

The cost to file the Motion for Stay Relief is at least $176.00.The Consent Order is more time efficient and more economical than filing the Motion.

If someone could provide a solution where I could still obtain financing terms on a 30 yr fixed with 20-30% down this would be a tremendous relief.