Foreclosure Lawyer Naperville IL – ASM Law
If a homeowner falls behind on mortgage payments, it’s important to act promptly to stop foreclosure.
After all, lenders don’t really want to seize your home. They potentially may coordinate with you so you’ll retain the property. For that reason, it’s essential to organize and get proactive as soon as you can. You’ll have a greater better chance of staying in your home with the assistance of a Foreclosure Lawyer Naperville IL. Our firm helps people throughout Chicagoland with foreclosure issues and will fight for your best interests.
It’s always useful to understand a little more about how foreclosure takes place in the state of Illinois. Following are a few basic steps you can take to help avoid foreclosure proceedings.
-Collect all your up-to-date loan paperwork and create a file. Organization is a key first step regardless of whether you’re behind on payments. Store the records relating to your property in a file and keep it a secure place. For example, include copies of the promissory note and mortgage. Also, we recommend including:
-All your monthly mortgage statements and a payment record.
-Information about your property taxes and insurance.
-Correspondence sent from your lender. Also, copies of anything you sent to the loan servicer.
Foreclosure Lawyer Naperville IL – Need Help Preventing a Foreclosure? Call ASM Law
-Understand your rights. After organizing your paperwork, take some time to read through it. As a result, you’ll know what takes place in the event you miss a payment. You’ll find plenty of information on the mortgage itself. For instance, you’ll learn:
-If you will be able to reinstate the loan by making the over-due payments.
-What the monthly charges are for late payments.
-If there are other charges the loan servicer might apply if you miss payments.
According to federal law, lenders usually may not initiate a foreclosure action until the borrower is 120 days late.
-Organize your other financial documents. In addition to your mortgage documents, collect and update your finance information. For instance, current paycheck stubs, bank statements, tax returns and supporting documents for other income. Also, collect paperwork if you receive rental income or alimony.
Next, calculate your monthly income. This may include gross wages, self-employment or unemployment income, overtime, Social Security and child support for example. Then list your monthly costs like mortgage and credit card bills, utilities, groceries and car or school payments.
Conduct a review of your budget after documenting income and bills. Consider changing spending practices and creating a new budget until your situation improves. Begin by identifying ways to lower your daily expenses. For example, if you purchase coffee each morning or go out to lunch frequently, those costs add up quickly. Also, look at which expenses are optional. Fitness club memberships, cable TV and other types of entertainment are costs you might reduce.
ASM Law – Experienced Lawyers for Chicagoland Homeowners
When it comes to monthly bills you cannot eliminate like credit card debt, try negotiating a lower payment. In general, consider ways that you can reduce or eliminate areas of spending that will help you make your home loan payments.
Some Options to Foreclosure in Illinois – Foreclosure Lawyer Elgin IL
In many cases, borrowers can access loss mitigation remedies to help avoid foreclosure. A few of these options include:
-Loan modifications. Modifying a loan results in a permanent alteration to the terms of the loan. For instance, a loan modification may prolong the length of time you’ll have to pay the loan. With this remedy, the loan servicer frequently may add any overdue amounts onto the remaining balance. Based on your situation, you might qualify for a loan modification.
-A forbearance agreement and repayment schedule. If the reasons you cannot make your mortgage payment is temporary, a forbearance agreement is a possible solution. In this form of agreement, the lender reduces or suspends the payments for a set time period. At the conclusion of the forbearance agreement period, you get the loan caught up through making the lower payments. This typically entails a repayment schedule.
-Talk to your loan servicer. Do not postpone action until the last moment to get help. If you are able, contact your loan servicer just as soon as you fall behind on payments. Ask the servicer if you might qualify for an alternative to foreclosure. The sooner you manage the problem, you’ll begin improving your situation.
Foreclosure Lawyer – ASM Law
-Speak with a HUD- housing counselor. For another helpful source of information, contact a HUD-approved area agency. Housing counselors can give you some assistance in forming ways to prevent foreclosure. Also, they may know of certain programs which could benefit you.
-Stay away from for-profit foreclosure loan modification outfits. Avoid foreclosure prevention businesses that claim they’ll obtain a loan modification on your behalf. In many cases, these companies do not deliver honest solutions for homeowners in distress.
-Learn more about foreclosure laws in Illinois. Foreclosure and its timelines differ among the states. Discover more about our state’s foreclosure laws so you’ll know some basics about the process. For example, how much time you have to reach a deal before losing the home in a foreclosure sale. In addition, it’s useful to know your legal rights and protections in a foreclosure proceeding. Call the ASM Law Firm and speak with a Foreclosure Lawyer Naperville IL today and get started.
-In the event these measures do not help your situation, sell the home prior to the foreclosure sale or give it to the lender. If you exhaust all options, you may possibly avoid foreclosure through selling or turning it over to the lender.
-Selling a home to prevent a foreclosure. If there’s equity in your home, you may sell it and apply the proceeds toward paying down the mortgage loan. If you owe more money than the home is worth, your lender might permit you to do a short sale. In that case you sell your home, but the proceeds of the sale are less than the balance owed on the loan.
-A deed in lieu of foreclosure. This is when the homeowner conveys a clear title for the property to the lender instead of going through foreclosure.
Consult with an Experienced Lawyer Today About Preventing Foreclosure
Approximate Foreclosure Costs in Illinois Typically Include the Following:
-Title costs and filing fees.
-Service charge for process fees and mailing costs.
Sheriff’s fees along with publishing costs.
Generally, the costs of foreclosure must remain reasonable and apply before they’re recoverable against the homeowner. Call ASM Law today to learn more about what to do and what not to do if you’re facing foreclosure. Our firm offers considerable expertise in the industry – we’ll recommend a plan action that works for you!
Insufficient Funds Fees
A non-sufficient funds fee is also known as a return of payment fee or a returned check fee. The servicer charges it to the borrower’s account if a payment draws on an account that lacks sufficient funds. Fees can vary and may have limits according to state law.