Foreclosure Attorney Geneva IL – MDR Law Office – Call for a Consultation – 630-402-0850
Fighting Foreclosure in Illinois
Loan servicers typically have to offer borrowers the opportunity for loss mitigation, account for every step of the foreclosure process and to comply with the laws that govern foreclosure. In addition, a lot of people who borrow money in order to purchase a home in Illinois will sign a mortgage and a promissory note. These documents provide homeowners with contractual rights as well as state and federal legal protections.
When it comes to foreclosure in the state of Illinois, borrowers in most cases will have the right to:
-Receive a notice of pre-foreclosure in the form of a breach letter.
-Submit an application for loss mitigation.
-Take part in mediation.
-Receive notice of foreclosure and have an opportunity to reply in court.
-Pay off the loan in order to prevent the foreclosure.
-Receive protections against foreclosure if you are serving in the military.
-Receive any excess funds following the sale at foreclosure.
It’s critical to be proactive and contact a Foreclosure Attorney Geneva IL if you’re at risk of losing your home in Illinois. Talk with a knowledgeable legal professional who specializes in helping people fight foreclosure to learn more about each stage in the process: from falling behind on a payment to sale of the home at a foreclosure auction. After you gain a clearer understanding of how the process works from your Foreclosure Attorney Geneva IL, you’ll be in a better position to possibly enact a strategy for saving your home.
Call for a Consultation with a Foreclosure Attorney Geneva IL at 630-402-0850
The period of time after a borrower gets behind in your payments but prior to the official start of foreclosure is commonly known as “pre-foreclosure”. It’s within this stage that loan servicers will often start charging the borrower extra frees. For instance, they may add late payment fees or an extra charge for an inspection. In most situations, the servicer should inform the borrower regarding ways they may be able to prevent a foreclosure sale and send a notice of pre-foreclosure (a breach letter).
After missing a mortgage payment, loans usually include ten or fifteen day grace period. After that period the loan servicer will typically start assessing late fees for each month the borrower misses a payment. Check your promissory note to find more information about the grace period for a late payment and the amount of late fees.
You can also find information on your mortgage statement. Also, a lot of Illinois mortgage loans permit the lender to take steps necessary to protect their interest in the property. Inspections of the property are done to confirm the residence is occupied and receiving appropriate maintenance. Generally done as a “drive by”, inspections are automatically ordered once a loan enters the default stage. It’s not uncommon for borrowers to fall behind on making their mortgage payments due to loss of employment, sudden medical costs or other types of unforeseen hardships.
If you’re struggling to stay current with your mortgage, it’s helpful to consider ways of preventing foreclosure before you’re dealing with significant problems with credit or at risk of removal from your home. Seek the expertise of a Foreclosure Attorney Geneva IL if you’re worried about losing your home.
Not every strategy for avoiding foreclosure is necessarily very difficult and doesn’t always have to involve appearing in court. If you’re looking for one of the simpler ways of stopping foreclosure, you might want to look at reinstatement of your mortgage through paying remaining late fees. Understandably, a lot of homeowners would to avoid foreclosure but are not able to pay off late payments in a single sum.
Behind on Your Mortgage? Get Help from a Foreclosure Attorney Geneva IL and Keep Your Home – Call 630-402-0850
Fortunately, some lenders may allow the homeowner to catch up through a repayment plan over the course or a year or more. For those borrowers who are coping with long term financial difficulties such as a disability or a divorce, stopping foreclosure is tougher. You might need to go through what’s known as the redemption process. That essentially means that you’ll pay the full balance of your loan along with interest. Borrowers usually accomplish this by:
-Refinancing their home by working with another lender. However, this can be very difficult for anyone with a credit report affected by financial problems.
-Selling the home. If selecting this option for stopping foreclosure, you could pursue a conventional sale or a short sale. A short sales involves selling the property for less money than is owed to the mortgage lender. Some lenders might accept a lesser amount as full payment of your mortgage. Consult with a Foreclosure Attorney Geneva IL and your lender to inquire if a short sale might be a realistic option for you. Another method of transferring the ownership of your home is a deed-in-lieu of foreclosure.
A deed-in-lieu is similar to a foreclosure with respect to the impact it has upon your credit. In some situations, filing for a Chapter 13 bankruptcy with the help of a Foreclosure Attorney Geneva IL might be an option for preventing foreclosure after the proceedings have started. In any case, bankruptcy will delay foreclosure, providing the borrower some extra time to remain in their house and possibly work on another solution with their lender.
If you would like to learn more about stopping foreclosure in Illinois, consult with a Foreclosure Attorney Geneva IL today. An attorney will explain what options are available to you and evaluate solutions most likely to help you stay in your home.
Bankruptcy as a Defense to Foreclosure – Foreclosure Attorney Geneva IL
As an Illinois homeowner you have certain rights. To that end, it’s helpful that you understand how those rights can help you protect yourself against a foreclosure proceeding. In many cases, the homeowner is not in a financial position to provide a single payment to catch up on their mortgage or to provide a repayment schedule that’s acceptable to the lender.
Filing for a Chapter 13 bankruptcy is among the more effective ways for some people to save their home. It can provide the homeowner with a reasonable path to repaying their overdue mortgage payments. The repayment schedule can in some situations be as long as five years.
Additionally, the plan frequently reduces the payments to other remaining debts. It’s possible to file for Chapter 13 bankruptcy any point after a loan falls into delinquency right up to the judicial sale. However, it’s always better to act before matters get that far. Call our law firm to speak with a Foreclosure Attorney Geneva IL about bankruptcy filings and if it may be an option for you.
As part of a Chapter 13 bankruptcy, there are options to help prevent foreclosure including:
-If you own some equity in your home, it might be possible to sell your residential property and dismiss the foreclosure.
-Mortgage lenders will rarely agree to the option of a deed in lieu of foreclosure when there are liens on the home. If you attempt this, don’t wait too long to pursue another plan of action. If the lender does accept, there’ll be a limited time for you to vacate the property.
-A short sale happens when selling the home results in a lesser amount than the debts secured through liens upon the property. Upon acceptance a short sale, you’ll need an experienced Foreclosure Attorney Geneva IL representing your interests.
The MDR Law Office helps many Illinois homeowners prevent foreclosure and remain in their homes. If you’re facing the risk of foreclosure, act promptly and contact our offices soon. A Foreclosure Attorney Geneva IL can assess your situation and review which options may be available to you.