Illinois Lawyer Referrals and Legal Guidance
Illinois Foreclosure Defense Lawyers
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Foreclosure is when a bank or other lender essentially takes back your home because of a failure to pay. If you’re worried about foreclosure, either because you’ve recently fallen behind on your mortgage payments or because you’ve received a foreclosure notice, there are steps you can take to try and keep your home. Even if the foreclosure process is already underway, it may not be too late to negotiate a solution. No matter what your situation, we recommend talking to an experienced foreclosure attorney in Illinois.
Like any other legal action, a bank can’t just take your house. They have to go through the foreclosure process and formally file a case against you in court. Your goal and the goal of any good Illinois foreclosure defense attorney is to do whatever you can so you can stay in the house or not lose the equity you have built up through all of your previous payments.
When someone is facing foreclosure, loan modification is a common goal. Loan modification is when the terms of a mortgage – length of the loan, interest rate, etc. – are changed so that the payments are more manageable. In other words, if you stretch out your loan over a longer period of time or lower your interest rate, your monthly payment should shrink.
There are attorneys throughout Illinois who know how to negotiate with lenders on behalf of homeowners in danger of foreclosure. The loan modification attorneys we recommend have experience working with banks and mortgage companies, finding solutions that avoid foreclosure. In most cases, a lender would prefer that a homeowner keeps the home and resumes payments, and they are often willing to change the terms of your loan to make this happen. However, it can be difficult to approach the lender on your own and negotiate without having experience with the mortgage industry.
Even if loan modification is a possibility, if a foreclosure lawsuit has been filed against you, you need to be represented in court to make sure you don’t lose your house without a fair hearing. Often banks will make mistakes in the process that can have the foreclosure completely thrown out. Other times your attorney can work out a deal with them that will allow you to catch up.
A foreclosure attorney also can represent you at hearings and throughout the foreclosure process to make sure that the law is followed. It can be important to have someone on your side to explain the law and protect your interests. It can also give you peace of mind during an often overwhelming process. For representing you during the entire foreclosure process, attorneys generally charge an hourly fee. Every foreclosure attorney we know will talk to you for free for a consultation.
If your attorney is unable to negotiate a loan modification or compromise in time, they may suggest filing for chapter 13 bankruptcy. This generally halts the foreclosure process and gives you and your attorney more time to find a solution. Bankruptcy should not be taken lightly, however, and it should only be done under the guidance of a good bankruptcy attorney after every possible outcome has been considered.
Many people face these issues, but not everyone realizes how an attorney can help. If you have any questions about foreclosure or loan modification in Illinois, contact us. We’ll listen to your unique situation and be honest about how we think you should proceed. If we think you need an attorney, we’ll recommend someone we know. Your calls and emails are always free and confidential.