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Avoid These Common Mistakes If You Are Facing Foreclosure

Posted on in Foreclosure

Libertyville foreclosure lawyerAs most people know, regardless of whether or not they have ever owned a home, foreclosure is the process that lenders use to reclaim a home from a borrower who has violated the terms of the mortgage loan agreement. The most common violation, by far, is the failure to make monthly payments as specified in the loan paperwork.

Foreclosure can be frightening, not to mention long and confusing for the average person, and it is easy to make mistakes when facing difficult circumstances. If you are seriously delinquent on your mortgage payments and foreclosure has become a possibility, you will want to avoid some common mistakes.

Mistake #1: Ignoring Letters and Calls From Your Lender

Under Illinois law, your lender cannot begin foreclosure proceedings until you are at least 120 days behind on your mortgage. In the meantime, your lender will probably start sending you letters and calling you to remind you that you are approaching default status. Taking these calls and responding to the letters will be uncomfortable, for sure, but ignoring them is not a good option. Your lender may have alternatives to foreclosure available that you would never learn about by avoiding their calls. In some cases, avoiding contact with your lender could even encourage the bank to push foreclosure proceedings along faster once you reach the 120-day point.

Mistake #2: Failing to Keep Up the Property

If you are having problems paying your mortgage, you might be tempted to just let the house start to fall apart around you. After all, the bank will be taking it eventually, so what’s the difference? In reality, the difference could be dramatic. Allowing the house to fall into disrepair could make a foreclosure-avoiding short sale impossible, and it could make things more challenging for the lender when it tries to sell the home in foreclosure. The end result could be a much larger deficiency and a lender who is less willing to forgive the deficiency due to your lack of effort.

It is understandable, to an extent, that you might not have the money for major repairs, but you can still do the small things like keeping the property clean and free of pests. The worst thing you could do is to cause intentional damage to the property out of spite or frustration, as the consequences for your actions could be severe.

Mistake #3: Refusing to Face Reality

Once you know that a foreclosure is happening, you need to accept the reality of the situation. This means that you should be saving the money that you were putting toward your mortgage and looking for a new place to live. Even if you are ultimately successful in avoiding the foreclosure, you will probably still need to find a new house or apartment. Waiting until the last possible minute will only make things more difficult for you and your family.

Mistake #4: Trying to Face Foreclosure Alone

A foreclosure will have a wide range of implications on you and your family, including a black mark on your credit and, in some case, a deficiency judgment that you still need to pay. It may be possible to minimize the damage, but you will need the help of an attorney who understands foreclosures. Having a legal professional on your side also ensures that the lender cannot take advantage of you or violate your rights during the foreclosure process.

A Lake County Foreclosure Lawyer Can Help

At Newland & Newland, L.L.P., our experienced Libertyville foreclosure defense attorneys are ready to assist you if you are facing a possible foreclosure. We will explain your available options and help you make the best decisions for yourself and your family. Call 847-549-0000 to schedule a free phone consultation today.




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