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Five Mistakes to Avoid When Facing Foreclosure

Posted on in Foreclosure

Libertyville foreclosure defense attorneysThere is no question that it can be extremely scary to face an imminent foreclosure. If you are substantially behind on your mortgage, you probably know that foreclosure is a possibility, but things will get all too real when you receive notice that your lender has initiated foreclosure proceedings. Unfortunately, the seriousness of the situation leads many homeowners to become overwhelmed—which often leads to avoidable mistakes. A qualified foreclosure defense lawyer can help you avoid some of the most common mistakes and protect your family’s future.

Mistake #1: Ignoring Notices

Perhaps the biggest mistake that you could make if you are delinquent on your mortgage is to ignore attempts at communication by your lender. Your lender will most likely call and send notices in the mail as soon as you miss a single payment. You might be embarrassed by your situation, but avoiding communication will not get you anywhere. There is a good chance your lender has options available for rehabilitating your loan or other avenues to help you avoid foreclosure altogether.

Mistake #2: Giving Up Immediately

Many homeowners believe that once their lender initiates foreclosure proceedings, they will automatically forfeit their home. This is simply not true. In Illinois, all foreclosures are handled through the court system, which can be notoriously slow. In the meantime, you and your attorney can continue negotiating with your lender to resolve the situation. You might not have as many options as you did before the lender filed, but you will have still have the chance to work things out and keep your home.

Mistake #3: Fighting for a Home You Cannot Afford

If your foreclosure was caused by changes in your life that made you unable to afford your current home, it might not be in your best interest to spend time and money trying to stay in your home. You could just be delaying the inevitable. Instead, you might be better served by focusing your energy on a short sale, deed-in-lieu of foreclosure, or another option that allows you to move forward without a foreclosure on your credit history.

Mistake #4: Refusing to Consider Bankruptcy

For many people, bankruptcy is a dirty word and the entire idea should be avoided at all costs. In reality, filing for bankruptcy protection—particularly under Chapter 13 of the U.S. Bankruptcy Code—could help you keep your home and restore your financial health over time. Chapter 13 bankruptcy, in most cases, allows you up to five years to catch up on your mortgage so that you can back on track while staying in your home.

Mistake #5: Handling Foreclosure Proceedings Alone

In Illinois, foreclosure is a legal proceeding that takes place in the state’s court system, yet many homeowners try to handle the process without an attorney. While you may be tempted to save money by representing yourself, a foreclosure defense lawyer understands the law as it pertains to the proceedings at hand. Your attorney will ensure that your right and best interests are fully protected, regardless of the circumstances.

Call a Libertyville Foreclosure Lawyer

At Newland & Newland, L.L.P., we have helped hundreds of clients throughout Northern Illinois avoid the most common mistakes associated with the foreclosure process. Our experienced Lake County foreclosure defense attorneys are ready and willing to help you as well. Call 847-549-0000 to schedule a free phone consultation and case review today.





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