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How to Save Your Illinois Home from Foreclosure

Grayslake Foreclosure Protection Lawyers

Lake County, IL Lawyers Help Clients Avoid Mortgage Foreclosures

Over the last several decades, millions of Americans have struggled to make their mortgage payments. As a result of the housing crisis of the early 2000s, many families lost their homes in foreclosure proceedings. Unfortunately, individuals and families in Northern Illinois and throughout the country continue to fall behind on their mortgages, placing their homes in danger of foreclosure. If you are one of them, the experienced attorneys at Newland & Newland, LLP are ready, willing, and able to help you take action to protect yourself and your home from foreclosure.

Do Not Ignore the Problem

If you are behind on your mortgage by even a single day, you cannot afford to ignore the situation. A late payment or two will probably not be that big of a deal, especially if you make the payment within the grace period offered by your lender. Missed payments, however, are much more serious, and each missed payment will bring you one large step closer to foreclosure.

At Newland & Newland, LLP, we know that ignoring a delinquent mortgage will lead to foreclosure, and you will almost certainly lose your home if you do not take action to remedy the situation. While you may not know exactly what do, our attorneys can go over the options that may be available to you. If you are getting calls and letters threatening foreclosure and you do not have the money to bring your mortgage up to date, contact us right away.

Repayment Plans, Load Modifications, and Short Sales

Your options for avoiding foreclosure will depend on many factors, including the value of your home, how much you owe on your mortgage, and your financial situation. In some cases, you may be able to get caught up through a payment plan with your lender. With our help, you might also be able reach an agreement with your lender to modify the terms of your mortgage loan. A loan modification could result in lower monthly payments through reduced interest rates, a longer repayment term, or principal moved to the end of the loan.

A short sale may also be an option for avoiding foreclosure. In a short sale, your home can be sold for less than what is owed on it. The proceeds of the sale would go to the lender to satisfy a portion of your remaining debt. It would be up to the lender to decide whether to accept the proceeds of the sale to settle your debt or if you would still be liable for any deficiency. Our lawyers can negotiate the terms of a proposed short sale with your lender so that you can make an informed decision.

Bankruptcy Protection

If your mortgage is just one of many debts that you are struggling to pay, filing for bankruptcy could also keep you out of foreclosure. Depending on the amount of equity you have in your home, you may be eligible for Chapter 7, but most homeowners who wish to keep their home will file for Chapter 13. In Chapter 13 bankruptcy, you must come up with a plan to pay off your debts, including your mortgage loan. Upon completion of the bankruptcy proceedings, you will be permitted to keep your home as long as you continue making your scheduled payments.

Call 847-549-0000 Today

There are many different methods for keeping your home out of foreclosure, even if you are currently behind on your mortgage payments. Contact our office to learn more about your options. Call 847-549-0000 for a free, no-obligation consultation at Newland & Newland, LLP today. We serve clients in Libertyville, Arlington Heights, and the rest of Northern Illinois.

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