Missing more than three mortgage payments in a row will result in your bank issuing a Notice of Default (NOD). Receiving a notice of default, means you your lender is notifying you that your loan is in default and they want you to get current. Failing to bring your loan current, will result in your lender starting the foreclosure process. Your lender will file this at your local courthouse. A sheriff will serve you a foreclosure summons, typically a late night knock at the front door. A foreclosure summons notifies you they have began the foreclosure process. Illinois state law favors the homeowners and requires lenders to follow certain procedures before they can legally foreclose upon you.
When you receive a foreclosure summons, you have rights and it is important that your lender respect those rights. Do not ignore your lender when you are in the foreclosure process. There are many things your lender may do which may violate your rights. Having an experienced foreclosure attorney on your side can mean the world of difference. If your bank violates your rights, there maybe some legal remedies you can use to help you keep your home or buy you more time. Knowing your rights is important and that is why we encourage everyone to speak to call (847) 398-4793 for a free consultation.
If you are struggling to maintain your mortgage payments or are in default right now, there may be many options available to you to help you stop foreclosure and keep your home. In your free consultation, we will review your case and determine the available options to you. They are not the same for everyone. Depending on your situation and your objectives, there may be several alternatives available to you. Here are the most common types of foreclosure remedies:
If you are behind on your mortgage and wish to keep your home, you may be eligible for a loan modification. A loan modification is a change in terms in your mortgage agreement. This can help you lower mortgage payments and stop the foreclosure process. Not all loans are eligible for this program and it is a good idea to consult with an experienced foreclosure attorney if you choose to go this route. If you would like to discuss your situation with us, please call us for free consultation at (847) 398-4793.
If you owe more on your home than what it is worth and do not want to keep the property, you may be able to do a short sale on your home. A short sale must be approved from your bank and typically requires extensive paperwork and other conditions to be met before approval. If you are interested in finding out if a short sale is right for you, contact us at 847-398-4793 for free consultation.
If you fell behind on your mortgage and have the money to bring the loan current, you can simply pay the bank back the missed payments along with any other penalties the bank has assessed. It may be a good idea to call us before doing this to discuss other options.
A Deed in Lieu of Foreclosure is a perfect solution for those who wish to get rid of their property. Typically people who own investment properties that turned to be bad investments fall into this category. If your bank approves a Deed in Lieu of Foreclosure, you will sign over the title, mail the keys and the bank will take the house back and typically forgive you for any moneys lost. Contact us to discuss your situation.
Foreclosure Defense is where you file suit against your bank for an act they committed or failed to commit. Foreclosure Defense is costly due to all the court costs and time it takes to rectify. The sole objective here is to see that the proper procedures are followed. While the outrageous costs for this typically outweigh the benefits, it can still be advantageous under the right circumstances. If you would like to discuss whether foreclosure defense is right for you or not, please contact our office.
There are many types of bankruptcy. Depending on your situation, it may or may not be a viable alternative. Bankruptcy can be used to stop foreclosure or sheriff sale. It may also allow you a reduced mortgage payment and fresh start if you have enormous credit card debt or other bills. Contact us to discuss bankruptcy.
If you simply can’t afford your home and have equity in the property, you may want to consider selling the home to protect your equity. Selling your home depends on market conditions and may or may not result in a favorable outcome, so it is important to weigh out the options upfront and speak with a real estate attorney to make sure you are protected. If you would like to discuss whether selling your home is the right thing to do or not, please call us for free consultation at (847) 398-4793.
If you ignore your lenders calls and letters and do not take action, your bank will foreclose on your home. This will result in your home being sold in court auction. You will be given notice that your home has been sold and a sheriff will come and remove your possessions from the property if not out by the deadline. This is the most scarring on your credit report and may literally take up to 7 years to fall off your credit. Lenders may come after you for deficient balances which may even result in wage garnishment enforced by judgments and liens. Foreclosure can be avoided if action is taken promptly so call us now at (847) 398-4793 to discuss your case.
Getting served a foreclosure summons, is terrifying. Sometimes, people wait to see if things get better or their situation changes. Other times people are embarrassed and don’t know who to turn to. The best thing to do is to call the Law Offices of Jeffrey Avny right away to protect your interest in the property. Many times people have bad experiences because they end up in the wrong hands. We don’t want that to happen to you and that is why you should research any company offering to provide you with help.
At the Law Offices of Jeffrey A. Avny, we put your interest first and we make sure our clients are protected with our foreclosure service. We will do everything we can to help you stop foreclosure. If your home is in foreclosure give us a call now for a free consultation at (847) 398-4793.
The Law Offices of Jeffrey A. Avny provides comprehensive legal support you can trust. Our team is well experienced in working with lenders and can assist you with some of the toughest foreclosure cases. We can help you with your legal needs.
Dial (847) 398-4793 For a Free Consultation