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Should I Negotiate with My Lender Directly if They Want to Foreclose?

 Posted on July 18, 2023 in Arlington Heights Foreclosure Attorney

Libertyville, IL foreclosure lawyerIf you have received a notice that your mortgage lender intends to foreclose your home or you anticipate this news because you are behind on your mortgage payments, you may be wondering if giving them a call and negotiating with them could be beneficial. While this approach may have been a viable strategy if you needed to miss a payment, if you are already behind on your mortgage, it is time to engage the services of a legal professional who can negotiate with your lender on your behalf. 

The Stakes of Your Situation

The primary reason why it is important to seek legal representation if your home is already at risk of foreclosure is that the stakes of your situation are so high that you cannot afford to make even a single misstep. Unless you are a trained negotiator, chances are that you are unsure of exactly how to achieve the most favorable outcome via direct negotiation with your lender. As a result, you may unintentionally say something that could compromise the strength of your legal and financial position. Furthermore, banks hire skilled negotiators whose job is to maximize the bank’s profits, even at the cost of the bank’s clients such as yourself. Having an attorney in your corner can make all the difference in achieving a fair deal.

Knowledge of Your Options

Additionally, most homeowners are unaware of all the options available to them in the event of financial hardship. By connecting with our team, you can learn about the various approaches that are used to respond to a foreclosure risk so that you can make a truly informed decision concerning how you would like to proceed.

Connect with a Dedicated Lake County, IL Real Estate Lawyer for Personalized Insight

Generally speaking, the more proactive you can be in connecting with the reputable North Chicago, IL real estate lawyers at Newland & Newland, LLP when you are concerned about the risk of foreclosure, the more options we will have to help you save your home. Whether the best approach for your circumstances is a loan modification, refinancing, negotiation, a short sale, or other strategy, we will do our utmost to advocate successfully on behalf of your interests.

To better understand your rights and options – as well as our team’s approach to foreclosure representation – please call Newland & Newland, LLP at 847-549-0000 or reach out online to schedule a risk-free, confidential case evaluation at no cost. We look forward to assisting you.



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