When you are unable to make mortgage payments on your home in a timely fashion, your bank or other secured creditor will start foreclosure proceedings. Very simply, foreclosure is when a mortgagor sells your property in order to receive the money that is owed to them. If you are having trouble making your mortgage payment, you should contact a foreclosure attorney in the Chicago area immediately to advise you. Chang and Carlin are experienced foreclosure attorneys with 5 Chicago are locations (Schaumburg, Chicago, Joliet, Waukegan, Warrenville) that may be able to keep you from losing your home. Contact Chang and Carlin for a Free Foreclosure Legal Evaluation.

What Does Foreclosure Mean for Me?
• You will lose your house.
• You will most likely lose all the equity in your house. The bank is not required to sell your home for fair market value. Their primary goal is to cover the mortgage payment arrears, taxes, liens, and attorney and auction fees. It is unlikely that there will be any additional funds remaining from the sale after these fees are paid.
• Your credit score will suffer. A foreclosure will remain on your credit report for seven years, making you a higher credit risk. You will not qualify for loans or credit cards easily, and most likely the interest rates if you do qualify will be much higher.

How Can I Avoid Foreclosure?
• Contact an experienced foreclosure attorney in the Chicago, IL area. Chang and Carlin, LLP can guide you through your options when facing foreclosure.
• Full Payment: If you are able to pay the amount owed in arrears, plus all fees and penalties incurred, the foreclosure process will be stopped.
• Mortgage Modification: Your lender may be willing to work with you to extend your repayment term or modify your interest rate to lower your monthly payment to a manageable amount.
• Federal Assistance Programs: Mortgage assistance is available from the federal government for homeowners who qualify.
• Chapter 13 Bankruptcy: Filing Chapter 13 bankruptcy stops foreclosure proceedings. Additionally, the arrearages owed will be paid back through a court appointed official while you continue to make your monthly payment. Chang and Carlin LLP can help you decide if Chapter 13 bankruptcy is the right choice for you.

Foreclosure is a complicated process, and it does not happen over night. The best ways to avoid losing your home are to keep the lines of communication open with your lender and to contact an experienced foreclosure attorney, in the Chicago area, right away. Chang and Carlin LLP will help you successfully come up with a plan to manage the foreclosure process. Contact Chang and Carlin for a Free Foreclosure and Debt Legal Evaluation.