Foreclosure can seem frightening, especially when you are struggling with debts and the lenders are powerful banks, but homeowners in Illinois are frequently able to defeat foreclosure lawsuits and keep their homes. In a typical case, several things can go wrong for lenders, so if you face foreclosure in the Chicago area, get legal help right away by contacting an experienced Chicago foreclosure defense lawyer. In foreclosures, if lenders are missing mortgage notes, have careless or disorganized paperwork, or fail to follow legal procedures precisely, they can lose their case. Even so, it’s almost impossible to defeat mortgage lenders on your own. Having a good foreclosure defense lawyer on your side is imperative.

Your lawyer may be able to raise several effective defenses in a foreclosure lawsuit even if you’ve missed some mortgage payments. For example, before foreclosing on a house, a lender must actually own the mortgage, and today’s mortgages are bought and sold so many times that the true owner is often difficult to identify. Thanks to the growing practice of mortgage trading, this is an increasingly effective defense for homeowners. Most mortgages are held by massively large financial institutions that own tens of thousands of home loans. Because of the sheer volume of mortgages, some lenders neglect state foreclosure laws, such as the Illinois requirement to serve a notice of default before filing a foreclosure claim. Careless procedural work can lead to the dismissal of a case.

In addition to these common foreclosure defenses, you have other legal options that can defeat a foreclosure claim. For example, a Chapter 13 bankruptcy stops a foreclosure and gives homeowners three to five years to catch up on mortgage payments. You have the right to fight for your home. If you’re threatened with foreclosure, exercise that right, and get legal help at once by contacting an experienced Chicago foreclosure defense lawyer.