Home Foreclosure Attorney in Chicago
Behind on Your Mortgage Payments? Want to Keep Your Home? A Foreclosure Attorney in Chicago Can Help!
When you are unable to make mortgage payments on your home in Illinois in a timely fashion, your bank or other secured creditor will start foreclosure proceedings. This has happened to many people in Illinois over the last few years, but you may still have options. However, banks often move quickly once a few mortgage payments have been missed, so if you're having trouble making your payments you should contact a foreclosure attorney in the Chicago, Illinois area immediately.
The attorneys at Chang and Carlin have extensive experience with foreclosure proceedings, and with 4 Chicago Area Locations (Schaumburg, Chicago, Joliet, Warrenville) we may be able to help you avoid losing your home. Contact Chang and Carlin, LLP today for a Free Foreclosure Legal Evaluation.
Our Chicago real estate attorneys are prepared to handle negotiations with mortgage lenders and engage in litigation when necessary. If you feel threatened by foreclosure and want to save your home, we are here to help you explore your legal options. Our highly experienced lawyers will work with you personally to investigate all the possibilities available.
What Does Home Foreclosure Mean for Me?
- You will most likely lose your house. The vast majority of people who go through foreclosures must move out of their home. You may be able to stay up until a certain point, but this is up to the bank or whoever purchases the home.
- 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 in Illinois?
- Don't Ignore the Problem! The further you fall behind on your payments, the harder it will be to reinstate your loan and the more likely that you will lose your house.
- 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.
- Forbearance: The bank may agree to accept a lower monthly payment or no monthly payment for a limited time. At the end of the forbearance agreement you must bring the account current. However, you may have to make larger payments later on. Make sure you understand the terms and can afford a forbearance agreement before you agree to it.
- Don't lose your house to foreclosure recovery scams! Listen to the U.S. HUD! If anyone contacts you claiming they can stop your foreclosure immediately and if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney.
Get The Legal Help You Need With Your Home Foreclosure
Foreclosure is a complicated process, and it can take time to resolve. 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, LLP for a Free No Obligation Foreclosure Legal Evaluation today! With no hidden fees and no obligation to commit to our services in this consultation, what do you have to lose?