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Lake County foreclosure defense attorneysBuying a home can be a dream come true for many people. Even if you worked hard and saved a substantial amount for a down payment, you will likely still need to take out a loan, which is known as a mortgage. If you fail to make your monthly mortgage payments, you could be at risk of losing your house. Foreclosure is the legal process by which the lender or bank can repossess your house. This means you will have to vacate the premises within a certain amount of time.

If your house is worth less than the amount you owe on your loan, a deficiency judgment may be entered. Not only do you lose your home, but you may owe your lender additional money to make up the difference in value, and your credit score will go down. The global coronavirus pandemic has impacted many homeowners financially. Fortunately, there are ways you can avoid going through foreclosure.

Practical Steps to Keep Your House

There is no doubt that the COVID-19 pandemic has impacted our nation’s economy. Many businesses have closed their doors, leaving workers unemployed and without their usual incomes. This has led many homeowners to fall behind on their bills, including their mortgage payments, which are often their biggest expense. While most lenders have instituted a moratorium on foreclosure proceedings during the current health crisis, the moratorium will eventually be lifted. It is a good idea to start preparing now for that reality.

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Lake County foreclosure defense attorneysBuying your first home can be exciting, but it can also be overwhelming to take on such a major responsibility. Regardless if you are single or married, it is important to carefully consider your mortgage and what you can afford in terms of a loan. During the COVID-19 pandemic, many people have been furloughed or laid off from their jobs for an indefinite period of time. Although they may be entitled to unemployment, those funds may not cover their monthly mortgage payment. The federal government has issued protections for tenants and mortgage loan borrowers under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. However, once this moratorium expires, home owners may still be struggling to keep afloat financially if they cannot return to work. Forensic loan auditing can help reveal any violation of the law with regard to the loan package. An experienced attorney can help determine if this specific type of auditing can help in your foreclosure defense

Uncovering Violations in Your Loan Package

The Truth in Lending Act (TILA) was created by the federal government to ensure that consumers are given accurate information when they enter into credit transactions. TILA covers credit loans, including mortgages, home equity loans, and credit cards. The disclosures by lenders should be consistent and standardized, but unfortunately, this is not always the case. If the creditor does not disclose pertinent data to the borrowing party, the creditor may be liable to pay damages to the borrower.
Examples of common loan violations may include any of the following:

  • Truth in Lending Act violations: This occurs when a creditor fails to disclose information in writing regarding the terms of a loan or any type of credit transaction. 
  • HUD violations: The U.S. Department of Housing and Urban Development (HUD) regulates the housing industry. Housing providers, including landlords or management companies that refuse to rent or sell dwellings to people based on race, color, nationality, religion, sex, familial status, or disability are in violating of federal law.
  • Interest rate violations: When the terms of your loan, such as the interest rate and structure (fixed, adjustable, balloon) are not fully disclosed, this may be considered a violation. Many first-time homeowners do not realize that their mortgage payments can go up substantially once the term ends.   
  • Predatory lending practices: In some cases, lending institutions engage in unethical actions in order to obtain business. This may include charging excessive or hidden fees, not disclosing appropriate information, or not notifying borrowers of their right to cancel a loan.

An attorney can help uncover the above violations and assist you with defending your home foreclosure by holding those accountable. In certain situations, you may also be eligible for remedies such as a loan modification or mortgage relief programs. 

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North Chicago real estate attorney loan modification

Are you having a difficult time making your monthly mortgage payment? If so, the first thing you need to know is that you are not alone. At any given time, thousands of homeowners are encountering situations in which they have trouble meeting their mortgage obligations, and for a myriad of reasons. For many homeowners, 2020 has been especially difficult, as the economic impact of the COVID-19 health crisis continues to cause problems even now. 

If you are struggling with your current mortgage payment, you have a few options. Two of the most common are refinancing your loan or modifying your existing loan. Loan modification and a refinance might seem similar at first glance, but they have very important differences that you need to keep in mind.

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Libertyville foreclosure prevention lawyerHave you missed a few mortgage payments because of COVID-19 or for any other reason? If so, you might be inching ever closer to defaulting on your loan, which means that foreclosure could soon become a possibility. While many lenders—including most federally sponsored lending programs—put a moratorium on foreclosures during the COVID-19 health crisis, these moratoriums will soon be coming to an end. With this in mind, you will need to address any payments that you might have skipped, regardless of the reasons.

The good news is that you will almost certainly have options that can help you get your loan back in good standing so that you can keep your home. One of the most common of these options is a loan modification, and an experienced Libertyville attorney can help you with your application.

Be Proactive

Put simply, a loan modification is an amendment to the conditions and terms set in your mortgage loan agreement. The purpose of the modification is to allow you to catch up and bring your mortgage current. Loan modifications can take many forms. For example, you might qualify for a loan extension that reduces your monthly payment, an adjustment to your interest rate, or an approved capitalization of the payments you have missed. The different types of loan modifications all share at least one commonality: a modification will not be granted unless you ask for one.

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Libertyville real estate attorney REO property

As the Chicago region begins to emerge from the lockdown caused by the COVID-19 pandemic, the housing market is flooded with prospective buyers looking to get a great deal on their next home. If you are searching for a new house, family members and friends may have suggested the possibility of buying a foreclosure property. A foreclosure property is real estate—in this case, a home—that is for sale by a lender because the current owner defaulted on the mortgage. Most defaults and foreclosures are caused by a failure to make the required payments.

A foreclosure sale is usually an auction, which means that it is possible to score a great deal, depending on the condition of the property. If a foreclosure property is put up for auction but not sold, the property reverts back to the bank and becomes a “real-estate owned” or REO property.

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