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 in Chicago, 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.
- How Does The Foreclosure Process Work In Illinois?
- What Triggers A Foreclosure?
- What Are The Nuances Associated With Home Ownership?
- Can Someone Get A Loan Modification During A Pending Foreclosure?
- What About Money Judgements Following Foreclosure In Illinois?
- What Are Second Mortgages, Judgement Liens And Tax Liens In Foreclosure?
If you have received a Notice of Default, or expect to receive one, contact Robert J. Adams & Associates. They are Chicago foreclosure lawyers who have decades of experience helping homeowners find solutions to their financial problems including saving their homes from foreclosure. Your first visit is complementary. They will listen to your dilemma, discuss with you your options and help you make an informed decision on how to proceed.
Our Chicago foreclosure attorneys understand Illinois Mortgage Foreclosure Law. Call Robert J. Adams & Associates in Chicago, IL for foreclosure defense and discuss your financial issues with our experienced debt relief and bankruptcy attorneys. We have offices located in Waukegan and Lake County, Illinois and we also help clients in surrounding areas. We have experience aiding people with bankruptcy, debt relief, foreclosures, repossessions, paycheck garnishments, collections suits, payday loans, parking tickets, license suspensions, income tax problems and much more.
Can you reverse a foreclosure sale?
In very rare circumstances, a foreclosure sale can be reversed. In order to be reversed, a foreclosure sale must be proven to contain:
- An irregularity in the foreclosure process; for example, a failure of the loan provider to send notice of foreclosure to the borrower or fails to post notice in a newspaper.
- An inadequate sale price; if the price of the foreclosure sale is low enough to “shock the conscience”, the foreclosure may be reversed.
- Noncompliance with the mortgage terms; for example, the lender fails to send a breach letter before starting a foreclosure.
If you believe that your foreclosure sale is reversible based on a failure by the lender, it is imperative that you contact a foreclosure attorney in Chicago immediately.
Can a foreclosure lawyer stop a foreclosure in Chicago, IL?
Hiring a foreclosure attorney in Chicago is not a guarantee that your foreclosure will be stopped or reversed. However, an experience Chicago foreclosure lawyer can greatly improve your chances of seeing success in your foreclosure case. Foreclosure is a complicated issue and can vary based on factors such as whether your foreclosure is a judicial or non-judicial foreclosure. If you want to fight foreclosure in Chicago, IL, it is absolutely worth it to consult with a foreclosure attorney as soon as you possibly can.
Can you stop a foreclosure on the day of the sale?
You can stop a foreclosure up until the foreclosure sale has taken place. Discuss your case with a skilled Chicago foreclosure attorney and give them all of the details about the history of your mortgage and payments. He or she will know the appropriate timeline for finding a way to stop or reverse your foreclosure before it is too late.
How can I get my house out of foreclosure?
There are several options for getting your home out of foreclosure:
- Catch up on your mortgage payments. Obviously, this isn’t a realistic option for most people who find themselves with a home in foreclosure due to inability to make their mortgage payments.
- Ask your lender about a forbearance program. Some lenders offer programs that allow you to temporarily pause your payments and stop foreclosure. Others will allow you to make reduced payments for a period of time or pay extra each month to make up the missed payments.
- Get a loan modification. Your lender may be willing to modify the terms of your loan by either increasing the loan term and lowering the payments or reducing the interest rate.
- Ask for a deed in lieu of foreclosure. A deed in lieu of foreclosure will transfer your home back to the lender without the foreclosure process.
- Get permission for a short sale. A short sale happens when you get permission from your lender to sell the home for less than the amount that you owe on the mortgage. The lender will usually forgive the difference and you will not have to go through an actual foreclosure.
Before attempting any of these methods, contact a Chicago, IL foreclosure attorney to advise you on the best course of action for your individual situation.
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