Hiring A Chicago Real Estate Attorney Can Save you From Foreclosure

08-Nov-2010 Foreclosure rates in Chicago are on the rise. It is anticipated that 2010 will see a 10%-15% increase in foreclosure filings over 2009.  You may think that the only way to protect yourself from foreclosure is to find a way to pay off your mortgage debt.

In Chicago there are real estate attorneys who can help you during the foreclosure process and possibly prevent you from being foreclosed upon.

When you bought your home you signed several documents at closing that outlined your ownership of the property as well as your agreement with your lender. One of the things in your lender agreement is the amount of mortgage payments you can miss before you have defaulted on your loan and they begin foreclosure proceedings on your home. If you have not been making payments the lender has the right to put your home on the market and use the proceeds of the sale and apply them towards the debt that you owe.

As soon as you are faced with foreclosure it is in your best interest to find a qualified foreclosure attorney. They will be educated on your rights and may be able to help you find a solution that will allow you to avoid foreclosure.

One solution your attorney may explore is loan modification. Your attorney would contact your lender and find a way to modify your loan or interest rate so that your monthly mortgage payments become more manageable. This will require that you still have a steady income that allows you to make the payments but a lender would often rather receive a little less from you monthly then foreclose your home for less than it's worth and forfeit the interest they stand to gain from your loan payments.

In order to qualify for loan modification you will need to have a history of timely payments and a solid credit score in addition to the means to make payments.

Your attorney will also be educated in other home saving solutions such as the stimulus package by President Obama that can help save your home from foreclosure.

If you are not eligible for any alternatives to foreclosure your attorney will still guide you through the foreclosure process. They will ensure you are represented fairly, inform you of your rights and prepare you for what you need to do to abide by foreclosure laws.

Chang and Carlin Disclaimer
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601 or Request a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.