Avoid Foreclosure with The Help Of A Chicago Attorney and Illinois Foreclosure Laws

21-Feb-2011 Foreclosure is a very frightening prospect. When finances become tight it may become a challenge to make your monthly mortgage payments. When you hire a Chicago foreclosure attorney they can help you understand the specific foreclosure laws of Illinois and what you can expect if you've defaulted on your mortgage.

It is commonly believed that missing a single payment will ignite a warning sign for your lender and they will begin sending threats of foreclosure. The truth is that as a result of how mortgage companies are run it will probably be closer to 4 or even 5 months of missed payments until you'll receive a notice from your lender. The notice will then give you 30 days to pay the balance including some fees, late charges if applicable before foreclosure proceedings begin.

The good news for Illinois residents is that if your mortgage company has started the foreclosure process you can still save your home.

It is possible to reinstate your mortgage within 90 days after you've defaulted on your loan. In order to reinstate you will have to make all of the defaulted payments plus interest and any fees.

After the 90 days you are then eligible to redeem your mortgage. You have 7 months after defaulting during which you may redeem your mortgage. The rule applies to residential real estate and the redemption timeline starts when the foreclosure paper work is served. In order to redeem a home you will also be responsible for all back payments towards interest and principal as well as any fees accrued as a result.

It is because of Illinois law that Chicago residents can take advantage of reinstatement or redemption and have ample time to save their home.

However before you feverishly scrape together the funds to save your home make sure you will be able to continue making the payments in the future. There is probably a reason why you missed those 5 payments and now it's time to decide if that will happen again. Don't throw all of your money into a mortgage you are not going to be able to maintain. If you are in foreclosure take a couple months to think about it. Put the mortgage payments in a savings account every month. That way it will be there if you decide you will keep the house and in your pocket if you decide it's too much.

Hiring a Chicago foreclosure attorney will help you to better understand the law surrounding foreclosure in Illinois. They will also be able to advise you in the event that you decide to save your home as well as in the event that you give it back to the bank. If it is your goal to save your home you will want to speak with an attorney early. Even before you default.

If your home is foreclosed upon you can expect to be able to live there for another 6-12 months before you have to move out. This will give you time to determine what your next move will be.

Chang and Carlin
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.