Foreclosures Aurora IL – ASM Law – Call 847-231-3999
Foreclosures Aurora IL
The stress of getting behind on mortgage payments is something homeowners usually don’t expect. However, if unforeseen events like loss of a job, divorce, an accident or an illness occur, it can result in serious financial difficulties and rising debts.
If you have concerns about possibly defaulting on your mortgage, read on for some useful information about Foreclosures Aurora IL and when you should speak to a lawyer about how you may be able to avoid the process and stay in your home.
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 usually charged a late fee.
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 a housing counselor or seek loss mitigation.
A second thirty-day grace period is also required before a lender takes legal action. If the borrower misses a third loan payment the lender sends notice that it will accelerate the whole loan and will file 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 lawyers.
The lender in some cases will send the borrower a letter informing them of the delinquency and provide some time to repay the overdue payments. (There will be extra fees, too.) The mortgage lender must provide notice of the right to reinstate the mortgage loan at least thirty days prior to filing for foreclosure.
Get Legal Help and Stay in Your Home – Talk to a Foreclosures Aurora IL Lawyer at 847-231-3999
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.
According to federal regulations, filing a foreclosure can’t happen until the loan is delinquent for at least 120 days.
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 such as the IRS.
Service of a summons is done in one of a couple ways. One is by personally serving it directly to the borrower. Another is through publication in the event the lender is not able to serve the summons personally. The homeowner then has thirty days to reply.
Any homeowner who is at risk of losing their house to foreclosure should consider retaining a Foreclosures Aurora 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.
How a Lawyer Can Help You Stop Foreclosures Aurora IL Against You
A lawyer specializing in foreclosure cases has experience helping people like you defend their home against banks or mortgage lenders. The majority of foreclosure cases typically involve legal issues that can get very complex. Lawyers representing a lender are usually not going to communicate directly with you.
Hiring a Foreclosures Aurora IL lawyer can streamline communications and help you breathe easier knowing you have an advocate on your side who understands the paperwork and process.
Often, a lawyer will be able to help you gain some more time to stay in your home.
If you feel as though you have an effective defense against foreclosing your home, the next step is to contact a Foreclosures Aurora IL lawyer 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 Foreclosures Aurora IL lawyer include:
-If the bank or loan servicer broke state of Illinois foreclosure laws.
-The opposing side is not able to prove that it’s the owner of your account.
-The bank or loan service made a major error with 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).
Foreclosures Aurora 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 schedule 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 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 comply 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 Foreclosures Aurora IL lawyer for more assistance.
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 Foreclosures Aurora IL. Mediation is often an effective option if the bank denies a load modification or if the borrower is not eligible.
It 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 Foreclosures Aurora IL lawyer representing you in mediation can provide an excellent opportunity to keep your home.