Foreclosures Wheaton IL – ASM Law – Call 847-231-3999
Foreclosures Wheaton IL
Behind on Your Mortgage? Get Help from a Foreclosures Wheaton IL Lawyer and Keep Your Home
Fortunately, some lenders may allow the homeowner to catch up through a repayment plan over the course or a year or more. For those borrowers who are coping with long term financial difficulties such as a disability or a divorce, stopping foreclosure is tougher. You might need to go through what’s known as the redemption process.
That essentially means that you’ll pay the full balance of your loan along with interest. Borrowers usually accomplish this by:
-Refinancing their home by working with another lender. However, this can be very difficult for anyone with a credit report affected by financial problems.
-Selling the home. If selecting this option for stopping foreclosure, you could pursue a conventional sale or a short sale. A short sale involves selling the property for less money than is owed to the mortgage lender. Some lenders might accept a lesser amount as full payment of your mortgage.
Consult with a Foreclosures Wheaton IL lawyer and your lender to inquire if a short sale might be a realistic option for you.
Another method of transferring the ownership of your home is a deed-in-lieu of foreclosure. A deed-in-lieu is similar to a foreclosure with respect to the impact it has upon your credit.
In some situations, filing for a Chapter 13 bankruptcy with the help of a Foreclosures Wheaton IL lawyer might be an option for preventing foreclosure after the proceedings have started.
Bankruptcy will delay foreclosure, providing the borrower some extra time to remain in their house and possibly work on another solution with their lender.
If you would like to learn more about stopping foreclosure in Illinois, consult with a Foreclosures Wheaton IL lawyer today. An attorney will explain what options are available to you and evaluate solutions most likely to help you stay in your home.
Bankruptcy as a Defense to Foreclosure
As an Illinois homeowner you have certain rights. To that end, it’s helpful that you understand how those rights can help you protect yourself against a foreclosure proceeding.
In many cases, the homeowner is not in a financial position to provide a single payment to catch up on their mortgage or to provide a repayment schedule that’s acceptable to the lender.
Filing for a Chapter 13 bankruptcy is among the more effective ways for some people to save their home. It can provide the homeowner with a reasonable path to repaying their overdue mortgage payments. The repayment schedule can in some situations be as long as five years.
Additionally, the plan frequently reduces the payments to other remaining debts.
It’s possible to file for Chapter 13 bankruptcy any point after a loan becomes delinquent right up to the judicial sale. However, it’s always better to act before matters get that far. Call our law firm to speak with a Foreclosures Wheaton IL lawyer about bankruptcy filings and if it may be an option for you.
As part of a Chapter 13 bankruptcy, there are options to help prevent foreclosure including:
-If you own some equity in your home, it might be possible to sell your residential property and dismiss the foreclosure.
-Mortgage lenders will rarely agree to the option of a deed in lieu of foreclosure when there are liens on the home. If you attempt this, don’t wait too long to pursue another plan of action. If the lender does accept, there’ll be a limited time for you to vacate the property.
-A short sale happens when selling the home results in a lesser amount than the debts secured through liens upon the property. Upon acceptance a short sale, you’ll need an experienced lawyer representing your interests.
Don’t delay action if you are worried about getting behind on your mortgage – call ASM Law and learn how we can help you keep your home!