Home foreclosures are still occurring at a rapid rate in the Chicago area. Many struggling homeowners who have missed mortgage payments live in fear of getting a Notice of Default from their bank telling them that they are being foreclosed on. If you receive such a notice, you should contact a foreclosure attorney as soon as possible. There are defenses that can be presented on your behalf that may avoid foreclosure and allow you to keep your home. Just a few of the defenses that can be asserted include:
Improper procedures in the foreclosure process.
The Illinois Mortgage Foreclosure Law (IMFL) governs the judicial foreclosure process in the state. The law lays out specific procedures that must be followed for the foreclosure to be valid. Some procedural problems include:
- Failure of the lender to properly serve a Notice of Default.
- Failure of the lender to attach the required documents to the Complaint filed in court or failure to comply with other legal requirements for filing of the Complaint.
- Inability of the foreclosing entity to prove ownership of the mortgage.
Mistakes by the mortgage servicer.
Some mistakes that may be found are:
- Failing to credit you with your payments due to clerical error crediting them to someone else.
- Charging unauthorized fees.
- Overstating the amount necessary to reinstate the loan.
- Accepting payments after filing the foreclosure Complaint.
Unfair lending practices on the part of the original lender.
There are two federal laws that lenders must comply with when loaning money for mortgages: The Truth in Lending Act (TLA) and the Home Ownership and Equity Protection Act (HOEPA). These laws control certain lending practices and what information must be provided to the borrower.
If you have received a Notice of Default, or expect to receive one, contact Robert J. Adams & Associates. They are Chicago foreclosure defense lawyers who have decades of experience helping homeowners find solutions to their financial problems including saving their homes from foreclosure. Your first visit is free. They will listen to your dilemma, discuss with you your options and help you make an informed decision on how to proceed.