Service Areas

Foreclosures Bolingbrook IL

Foreclosures Bolingbrook IL – ASM Law – Call 847-231-3999

Foreclosures Bolingbrook IL

Foreclosures Bolingbrook IL

Fighting Foreclosures Bolingbrook IL

Loan servicers typically have to offer borrowers the opportunity for loss mitigation, account for every step of the foreclosure process and to comply with the laws that govern foreclosure. In addition, a lot of people who borrow money in order to purchase a home in Illinois will sign a mortgage and a promissory note.

These documents provide homeowners with contractual rights as well as state and federal legal protections.

When it comes to foreclosure in the state of Illinois, borrowers in most cases will have the right to:

-Receive a notice of pre-foreclosure in the form of a breach letter.

-Submit an application for loss mitigation.

-Take part in mediation.

-Receive notice of foreclosure and have an opportunity to reply in court.

-Pay off the loan in order to prevent the foreclosure.

-Receive protections against foreclosure if you are serving in the military.

-Receive any excess funds following the sale at foreclosure.

It’s critical to be proactive and contact a Foreclosures Bolingbrook IL lawyer if you’re at risk of losing your home. Talk with a knowledgeable legal professional who specializes in helping people fight foreclosure to learn more about each stage in the process: from falling behind on a payment to sale of the home at a foreclosure auction.

After you gain a clearer understanding of how the process works from your Foreclosures Bolingbrook IL lawyer, you’ll be in a better position to possibly enact a strategy for saving your home.

Call for a Free Consultation with a Foreclosures Bolingbrook IL Lawyer at 847-231-3999

The period of time after a borrower gets behind in your payments but prior to the official start of foreclosure is commonly known as “pre-foreclosure”. It’s within this stage that loan servicers will often start charging the borrower extra frees.

For instance, they may add late payment fees or an extra charge for an inspection. In most situations, the servicer should inform the borrower regarding ways they may be able to prevent a foreclosure sale and send a notice of pre-foreclosure (a breach letter).

After missing a mortgage payment, loans usually include ten or fifteen day grace period. After that period the loan servicer will typically start assessing late fees for each month the borrower misses a payment.

Check your promissory note to find more information about the grace period for a late payment and the amount of late fees. You can also find information on your mortgage statement.

Also, a lot of Illinois mortgage loans permit the lender to take steps necessary to protect their interest in the property. Inspections of the property are done to confirm the residence is occupied and receiving appropriate maintenance.

Generally done as a “drive by”, inspections are automatically ordered once a loan enters the default stage. It’s not uncommon for borrowers to fall behind on making their mortgage payments due to loss of employment, sudden medical costs or other types of unforeseen hardships.

If you’re having a difficult time remaining current with your mortgage loan, it’s helpful to consider ways of preventing Foreclosures Bolingbrook IL before you’re dealing with significant problems with credit or at risk of removal from your home.

Seek the expertise of a lawyer with experience helping people in your circumstances right away.

Not every strategy for avoiding foreclosure is necessarily very difficult and doesn’t always have to involve appearing in court. If you’re looking for one of the simpler ways of stopping foreclosure, you might want to look at reinstatement of your mortgage through paying remaining late fees.

Understandably, a lot of homeowners want to avoid foreclosure but are not able to pay off late payments in a single sum.

Get FREE Consultation today by calling us at 847-231-3999!

full service

customer satisfaction