Foreclosure Lawyer Elgin IL – ASM Law – 11 Douglas Avenue – Call 847-231-3999
Are you facing foreclosure on your Illinois home? It may be possible to remain in your home and regain your financial footing. Call ASM Law to speak with a Foreclosure Lawyer Elgin IL to learn more about the options that might be available to you. It might be possible to fight against the foreclosure effort on your home if:
-If it’s apparent that your loan servicer or bank did not follow Illinois law, fighting foreclosure may indeed be worth considering. Importantly, you may be able to remain in your home if the court dismisses or delays the foreclosure process.
If the lender did not adhere to the state of Illinois’ foreclosure procedures or comply with the terms of your mortgage loan. Typically, the party who initiates the foreclosure process must take at least one of these following steps.
If your loan servicer doesn’t do so, you and your Foreclosure Lawyer Elgin IL may be able to contest the foreclosure. When the foreclosure is judicial, the loan servicer (or bank) usually must:
-Send you what is known as a “breach letter” that serves to notify you that foreclosure proceedings are beginning soon in court. Unless, however, you are able to get caught up on your loan.
-Serve you an updated copy of the foreclosure complaint. Additionally, publish a notice of the foreclosure sale in a local news publication for a specific amount of time.
Consult with a Foreclosure Lawyer Elgin IL at 847-231-3999 – We Help People Throughout Kane County!
In cases of non-judicial foreclosure proceedings, the bank may be required to:
-Send you notification that the foreclosure process against your home will be initiating soon. Or, mail you a notice of default which informs you how much time you have to reinstate the mortgage loan.
-Record a notice of foreclosure at your local land records office.
-Mail you notice that informs you of the date the home is to be sold. In addition, publish accurate information regarding the sale.
Each of these notices come with set time limitations along with certain requirements for the content. For example, a notice might have description of the property and the amount remaining on the mortgage. Also, it may list the costs and interest due that’s necessary to reinstate the loan.
Fight Foreclosure and Keep Your Home – Talk to a Foreclosure Lawyer Elgin IL at 847-231-3999
In many situations, courts are prone to respond to significant violations of these common requirements. In the event your loan servicer doesn’t send you timely notice of default they may have to start the process all over. The reason is that failing to send you adequate notification deprives you of enough time to resolve the issue.
State law requires close compliance to these practices since a foreclosure proceeding can, after all, result in the loss of someone’s residence. Illinois state law requires that a loan servicer must closely follow the terms of the deed of trust or the mortgage. But if the violation is a minor one, however, the court may decide to overlook it and permit the foreclosure to move ahead. Most of the time courts will tend to overlook inconsequential errors. Similarly, if the party that’s seeking foreclosure makes an error that doesn’t really cause much of an issue, it’s likely not worth contesting.
Foreclosure Lawyer Elgin IL – ASM Law – Alternatives to Foreclosure – Call 847-231-3999
There are some viable alternatives to foreclosure that Illinois homeowners can sometimes reach with their loan servicers. Your Foreclosure Lawyer Elgin IL can help determine if these alternatives might be a possibility in your situation.
-Loan repayment plans. In this alternative to foreclosure, you’ll catch up on your overdue mortgage payments and stay current. A loan repayment plan is usually the easiest alternative a homeowner can reach with their loan servicer. Nevertheless, in order for a repayment plan to work your income must be enough to make late and current loan payments. In general, a mortgage repayment schedule will take anywhere from 3 to 9 months or longer. Loan servicers in most situations won’t agree to a longer schedule since it’s difficult to cover the higher payments.
In some instances, servicers may approve a mortgage repayment plan without first asking permission from the lender. The more time it takes the borrower to get current the more likely it is the servicer will need permission.
Foreclosure Lawyer Elgin IL – ASM Law – Call for a Consultation at 847-231-3999
Reinstating Your Loan and Getting Current on Mortgage Payments
Some state laws grant borrowers the ability to reinstate their mortgage loan. This basically means getting caught up on the loan by paying the amount that is overdue in a single payment. Also, some mortgages may allow the borrower some time to reinstate their loan and stop foreclosure.
In all 50 states, borrowers might redeem their mortgage before the foreclosure sale occurs. Some states allow a length of time after the foreclosure sale date to fully pay the mortgage.
-Forbearance agreements. With this alternative to foreclosure, the lender agrees to lower or even suspend the mortgage loan payments for a set length of time. The borrower then makes a promise to make their complete payments at the end of the forbearance time period. Additionally, they must pay an extra amount to make up for the late payments. This can be a workable solution if the borrower will be able to stabilize their financial condition fairly soon.
With a forbearance agreement the lender consents for the homeowner to make lesser payments for a set amount of time. This is different than a loan repayment plan. However, both options require extra payments later on in order to get current on the mortgage. Usually, a forbearance agreement will be in effect for approximately 3 to 6 months. But with some situations, additional time to pay might be possible based upon the mortgage lender’s guidelines and the borrower’s financial circumstances.
-Lower payments through a loan modification. In contrast to a repayment plan or a forbearance agreement, a loan modification can reduce payments for the longer term. Often, it’s an effective strategy for the homeowner to catch up with their late mortgage loan payments. If you are unable to make your house payments, ask your Foreclosure Lawyer Elgin IL if loan modification might be an option for remaining in your home.
Want more information about alternatives to foreclosure? Talk to a Foreclosure Lawyer Elgin IL at ASM Law – Call 847-231-3990
Some of the reasons why homeowners might need a loan modification are:
-An injury, illness or job loss disrupts their income, making it difficult for the homeowner to make mortgage payments on time.
-An interest-only loan may cause the principal to get a preset cap. As a result, this increases the amount of the mortgage payment to where it gets unaffordable for the borrower.
-A reset of the interest rates makes the monthly mortgage payment simply too much for the borrower.
Here are some of the ways that a Foreclosure Lawyer Elgin IL may be able to initiate a loan servicer to modify your loan to reduce your monthly payments:
-Lower the interest rate of your mortgage to current rates if it is actually less than what you are currently paying.
-Convert your mortgage loan from a variable rate to a fixed rate. This can in some cases result in a lower monthly payment.
-Extend the repayment period of your loan. For instance, lengthen it to 40 years instead of 30. This serves to lower the monthly mortgage loan payment. However, it does delay when the borrower will start building their home equity.
-Forbear a portion of the balance. This essentially means a part of the debt is put aside before calculating the payment. The borrower typically must pay back the set-aside balance through what is known as a balloon payment while selling or refinancing the home.
*Consult with a Foreclosure Lawyer Elgin IL at 847-231-3999
Talk to your loan servicer to learn if these loss mitigation options are a possibility for you. Repayment plans, loan modification or forbearance agreements can allow you to stay in your home. For more helpful legal advice about avoiding foreclosure call ASM Law.
Our experienced Foreclosure Lawyer Elgin IL has been helping people in situations just like you for many years. In our first consultation, we can assess your circumstances and recommend the best way forward for you. Regardless of what causes you to fall behind on your mortgage payments, we’ll fight for your rights.
The expertise of a Foreclosure Lawyer Elgin IL is invaluable when it comes to fighting the foreclosure process – get started today with a free consultation!
When an Illinois homeowner is facing the risk of foreclosure, there are some questions to consider prior to taking any type of action:
-Do you want to remain in the home?
-Are there any legitimate, realistic defenses you have available to your against foreclosure?
-If you do wish to keep the house, will you be able to afford the mortgage payments?
-Will you be readily accessible throughout the foreclosure proceedings?
While you might not need to answer all those questions right way, it is still to your benefit to consult with a foreclosure Lawyer Elgin IL in most cases. The process of foreclosing on a property is complex but a Foreclosure Lawyer Elgin IL can help you gain an understanding of it and ease your anxieties.
It’s helpful to note that mortgage lenders must communicate with borrowers who become delinquent on their loan. A homeowners that is behind on one or more loan payments can expect to get notification of their delinquent status along with loss mitigation information and a notice of intent to start foreclosure. (This notification is known as a breach letter.)
Perhaps you are already aware that foreclosure action against your home is inevitable. Still, you may want to hold on to your home or look into your financial and legal options. If that is the case, you should meet with a Foreclosure Lawyer Elgin IL as soon as possible.
When a foreclosure process begins it can be increasingly hard to negotiate with s mortgage lender or start legal action to stop it. Furthermore, after a home is foreclosed upon it is very difficult – if not nearly impossible – to get the home back.
If you plan to challenge a foreclosure against your home, you will need to correctly complete and file the necessary documentation with the court before the deadline passes. Also, without a Foreclosure Lawyer Elgin IL, identifying any possible violations made by the mortgage lender is very difficult.
Your Lawyer Elgin IL will help guide you through the process, select the best option for your specific case and possibly even help you keep your home by preventing foreclosure.
A Foreclosure Lawyer Elgin IL can provide several benefits for you during a foreclosure process, such as:
-Obtaining a loan modification. A Foreclosure Lawyer Elgin IL can communicate on your behalf with your mortgage lender to possibly get them to modify the loan. Modifications may include a reduction to the interest rate, an extension to your amortization terms or other options for loss mitigation. In addition, your Foreclosure Lawyer Elgin IL can review proposed modifications the lender may offer to ensure they are in your best interests and there aren’t any hidden or illegal fees.
-Keep the lender accountable with the help of a Foreclosure Lawyer Elgin IL. Unfortunately, mortgage lenders are not necessarily very forthcoming in every case when it comes to communicating options to borrowers. Furthermore, mortgage lenders may attempt to skip certain deadlines or simply not inform the borrower of a deadline. For instance, federal law mandates that if you supply the lender with a fully-completed loss mitigation application, they must consider it, issue a response and then allow a response from you again before proceeding with foreclosure.
-Represents you at mediation. A foreclosure mediation will usually involve you and a bank representative meeting to work out an agreement and a plan that avoids foreclosure. Your plan, for instance, may include a modification to your mortgage loan or other strategy for loss mitigation.
Your Foreclosure Lawyer Elgin IL will negotiate with the mortgage lender to ensure any deal is in your best interests.
-Help you to file for Chapter 13 bankruptcy. A common strategy for loss mitigation, filing Chapter 13 is a way that homeowners can prevent foreclosure and remain in their home. However, it is a complex and time-consuming endeavor. A Foreclosure Lawyer Elgin IL with experience in bankruptcy filings can ensure you’ll get the most protection you can from the action.
Defenses against Foreclosure
Unless you have considerable experience in the industry, identifying which defenses might be available to you or if the lender has committed violations can be very difficult. Some of the possible arguments a Foreclosure Lawyer Elgin IL can make on your behalf might include:
-The party who is initiating foreclosure against your home is not able to prove they actually own the mortgage debt. The lender does not have the legal standing to enact foreclose upon your property. This is highly unlikely, though, unless the bank somehow lost all the documentation on your loan.
-If the loan servicer used by the mortgage lender committed a breach of the mortgage contract. As example, the bank fails to acknowledge a payment.
-If you’re an active member of the military who has protection against foreclosure according to federal law.
-Your lender did not follow the correct procedures regarding foreclosure in the state of Illinois, such as not providing adequate notice or informing you of options for loss mitigation.
There are some example where obtaining legal representation is probably not necessary in a foreclosure. For example:
-You plan to remain at the home for a little more time and do not care if it enters foreclosure proceedings. Even if you have not made a number of loan payments, you are still the owner of the residence until it sells at foreclosure and its new owner obtains the title. Even so, the lender could try to initiate actions that would remove you from the home sooner that that point. In that case, a Foreclosure Lawyer Elgin IL is definitely recommended.
-There are no defenses available for your particular situation. Perhaps you are already aware that a lawyer would have no protections against foreclosure. You likely wouldn’t require legal service unless you plan to explore alternatives to foreclosure.
-The realities of your financial condition indicate that you cannot afford to remain in the home and there is no possibility the situation will change any time soon. In this case, there’s simply not much a borrower can do. You may still considering applying for loss mitigation measures to remain a little while longer. Still, it will only postpone the inevitable.
The important takeaway is that if you’re facing the possibility of foreclosure on your Illinois home and don’t know what actions to take, reach out to ASM Law and learn more potential options. It just might be possible to prevent foreclosure so you can start to rebuild your finances and plan for a brighter future.