Foreclosure Lawyer Geneva IL – Law Offices of Matthew Robinson – Call for a Consultation at 630-402-0850
Some Basic Information about the Foreclosure Process and When to Contact a Foreclosure Lawyer Geneva IL
Mortgage payments are usually due upon the first of the month. However, payments are typically considered on time so long as they’re processed by the fifteenth day of the month. If processing of the payment occurs after the fifteenth day, the homeowner is charged late fees.
After an account enters its second month of going unpaid, it then becomes delinquent. The lender must send the borrower a notice informing them they have thirty days to get in contact with housing counselor or pursue loss mitigation. A second thirty day grace period is also required before a lender takes legal action. If the borrower fails to make a third consecutive loan payment, the lender will issue a notification stating that it intends to accelerate the entire loan amount and proceed with filing for foreclosure.
When a home’s mortgage is still delinquent for between 90 to 105 days, the mortgage lender will cease accepting any payments and then declare the loan to be in default. At that point, the loan then transfers to the lender’s foreclosure department and their foreclosure lawyers. The lender in some cases will send the borrower a letter informing of the delinquency and provide some time to repay the overdue payments. Plus, there will be extra fees. The mortgage lender or its lawyer must provide notice of the right to reinstate the mortgage loan a minimum of 30 days prior to filing for foreclosure.
Get Legal Help and Stay in Your Home – Talk to a Foreclosure Lawyer Geneva IL – Call 630-402-0850
If you’re a borrower who wants to stop the default, you’ll need to pay the whole amount that is still owed in a single payment. (At this point, a payment plan is no longer an option.) The lender’s lawyer will usually perform a title search in order to determine which parties would be defendants in a foreclosure suit. The costs of that title search, legal fees and other expenses are added to the amount the borrower owes.
In accordance with federal regulations, filing of a foreclosure can’t occur until the loan is delinquent for at least 120 days.
The state of Illinois is what’s known as a judicial foreclosure state. That means that a lender must file and serve a foreclosure lawsuit against the homeowner, tenants on the property and anyone holding a lien upon the property. A lien holder can include a second mortgage, a judgment lien or tax lien holder like the IRS. After filing of the foreclosure, the homeowner usually receives letters from law firms and offering services.
Service of a summons is done in one of a couple ways. One way is by personally serving it directly to the borrower. (Or someone in the house over age 13. Another way is through publication in the event the lender is not able to serve the summons personally. The homeowner then has thirty days to reply after receiving notice of the foreclosure.
When Should You Call a Foreclosure Lawyer Geneva IL?
Any homeowner who is at risk of losing their house to foreclosure should consider retaining a Foreclosure Lawyer Geneva IL. If you have a strong defense against the foreclosure process and want to stay in your home, you’ll definitely require a lawyer to assist you.
Advantages of Hiring a Foreclosure Lawyer Geneva IL
A lawyer who specializes in foreclosure cases has experience helping people like you to defend their home against mortgage lenders or banks. The majority of foreclosure cases typically encompass legal issues that can get very complex. More frequently than not, a lawyer representing a lender is not going to communicate directly with you. Hiring a Foreclosure Lawyer Geneva IL can streamline communications and help you breathe easier knowing you have an advocate on your side who understands the paperwork and legal process. Often, a lawyer is able to help you gain some more time to stay in your home regardless if you ultimately win your case
If you feel as though you have an effective defense against foreclosing your home, the next step is to contact a Foreclosure Lawyer Geneva IL to represent you in court. This can entail filing a suit in the event the foreclosure is non-judicial or by replying to the mortgage lender’s suit if it is a judicial case. Some defenses that usually warrant the services of a Foreclosure Lawyer Geneva IL include:
-If state of Illinois foreclosure laws were broken by the loan servicer.
-The opposing side is not able to prove that it is the owner of your account.
-A significant error was made by the loan servicer in regards to your account.
-If the lender attempts to dual track or stall your loan.
-You are eligible for military personnel protection according to the SCRA (Service Members Civil Relief Act).
Foreclosure Lawyer Geneva IL – Loan Modifications and Defense to Foreclosure
Applying for a loan modification and foreclosure litigation are two distinct actions. One will usually take place and conclude on a different time line than the other. If you choose to ignore a foreclosure proceeding against you, a foreclosure auction might occur before you’re able to get a loan modification. Ignoring opportunities to obtain a loan modification will only result in the bank foreclosing.
As a standalone action, defending against foreclosure proceeding will not be enough to keep your home. Even though there are some defenses that might provide extra time in the house, foreclosure is inevitable if you don’t make the mortgage loan payments. There are Illinois laws and government regulations that require banks to be in compliance with loan modification plans in order to initiate a foreclosure. For the best chance to keep your house, it’s essential to integrate a foreclosure defense with loan modification. Contact a Foreclosure Lawyer Geneva IL for more assistance.
Consult with a Foreclosure Lawyer Geneva IL – Call 630-402-0850
When a Loan Modification is Not Sufficient
There are occasions when banks simply won’t fulfill their equitable or legal requirements. For example, a bank might deny a loan modification even if the homeowner fully qualifies for it. The bank may refuse to consider the application. Or, it may not permit a sale to occur before it makes a decision on the application.
If you do not have representation in court, your house might be sold before you’re able to secure an affordable way of saving it.
Mediation
Mediation involves bringing the borrower and the lender together in order to negotiate a modification to the loan or other alternative to foreclosure. Certainly, mediation is often an effective tool if the bank denies a load modification or informs the homeowner they are ineligible. Mediation offers a chance to simplify complex financial circumstances that the bank may not calculate accurately. Through mediation, the homeowner can show the bank they can qualify for a modification or pay for an alternative solution.
It is always advisable that a qualified lawyer represents you in a mediation. Mortgage lenders possess extensive knowledge and experience in their industry. You would be at a significant disadvantage if you attempt negotiating with the mortgage lender on your own. A Foreclosure Lawyer Geneva IL representing you in Mediation can provide an excellent opportunity to keep your home. Contact the MDR Law Office today to learn more about mediation and of it could be a realistic option in your case.
If you’re falling behind on your mortgage payments, it’s critical to speak with a Foreclosure Lawyer Geneva IL – call 630-402-0850