Defending Your Home From Foreclosure
Thousands of Illinois homeowners have missed mortgage payments and now live in fear of losing their homes to foreclosure. Do not live in fear. There’s hope for homeowners facing foreclosure. If you’ve lost your job, sustained a severe injury or suffered a serious illness, or if you’ve missed mortgage payments for any other reason, arrange as quickly as possible to discuss your circumstances with an experienced Chicago foreclosure lawyer. For some, keeping your home will be a quite arduous task – it may take considerable work and sacrifice – but you and your family will probably be able to remain in the home you love.
One option is bankruptcy, which immediately stops the foreclosure process from moving forward. When you file for bankruptcy, the bankruptcy court issues an automatic stay that requires creditors, including your mortgage lender, to cease immediately all collection efforts or legal proceedings against you. While an automatic stay stops foreclosures and repossessions, if you owe taxes, legal fines, student loans, child support, or spousal support, you should know that these debts cannot be discharged through bankruptcy, and efforts to collect these debts may continue even after obtaining your automatic stay.
For many homeowners, negotiating directly with your mortgage lender will be a better option than bankruptcy, and an experienced Chicago foreclosure lawyer can help. Sometimes you can negotiate a lower mortgage payment or an extended repayment term. Homeowners facing foreclosure may also have additional options available to them. After a foreclosure lawyer has assessed your financial situation, your lawyer will recommend the best options for your specific circumstances. You’ll get the sound and candid legal advice and services you need to help you protect your home whether you choose bankruptcy or an alternative strategy. It’s up to you to take the first step. If foreclosure is imminent, call now to set up a consultation with an experienced Chicago foreclosure lawyer.
