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Waukegan foreclosure defense lawyerDebt is a major problem for many American families, especially during difficult times such as the COVID-19 pandemic. If you have lost your job, are facing large medical bills, or are struggling to make payments on the debts you owe, you may be concerned about the possibility of foreclosure on your home. Fortunately, bankruptcy may provide your family with some relief by allowing you to discharge or repay certain debts without losing your home.

Automatic Foreclosure Stay During Bankruptcy Proceedings

When you file for bankruptcy, an automatic stay will go into effect preventing creditors from attempting to collect on the debts you owe. This stay applies to mortgage lenders and foreclosure proceedings. If a bank has begun the process of foreclosing on your home, filing for bankruptcy can put a halt to these proceedings while you determine the best steps to take to regain financial security while keeping your home.

Chapter 7 or Chapter 13 Bankruptcy and Your Mortgage

A Chapter 7 bankruptcy is known as a “liquidation bankruptcy,” since all non-exempt assets you own will be sold to make payments to your creditors, and any remaining debts will be discharged. Chapter 7 bankruptcy can help you delay a foreclosure, but if you discharge the amount owed on your mortgage, in many cases the lender can still eventually foreclose on your home. However, if you do not discharge your mortgage debt, and you remain current on your mortgage payments, Chapter 7 bankruptcy may allow you to discharge other debts and give you the financial means to stay in your home.

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North Chicago foreclosure defense attorneyThe economic impact of the COVID-19 pandemic has been significant. Many people throughout the United States have either taken a pay cut, been temporarily furloughed, or lost their jobs completely. As a result, renters and homeowners are struggling to make their monthly housing payments. While repossession and foreclosure are both processes used by creditors to reclaim property that is used as collateral for a loan, the procedures followed in each type of case are different.

Defaulting on a Loan

Repossession is common in vehicle loans. Once a person becomes delinquent on payments and the borrower is in default on the loan, the lender can take back possession of the property at any time. The foreclosure process, on the other hand, is more complicated than repossession. If someone is 120 days delinquent on his or her mortgage, the lender can begin official foreclosure proceedings by filing a complaint in court. The homeowner has 30 days to respond to the complaint.

Foreclosure refers to the legal process where real estate is taken away from a borrower. Depending on state law and the circumstances of a case, a foreclosure may be judicial or nonjudicial. Illinois law outlines specific procedures that the lending institution must go through before having a foreclosure sale. 

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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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Lake County foreclosure defense attorneysEvaluating the legality and validity of your home loan documents is a critical first step in the foreclosure process. During the housing boom, many mortgage lenders cut corners and failed to properly comply with securities laws in their pursuit of maximizing profits during the boom. If you have received a notice of foreclosure, your loan documents should be reviewed and evaluated for legitimacy by legal counsel as soon as possible.

Lenders And Banks Originated Invalid Documents

At the height of the boom, many lenders were doing so much business, so quickly, that what resulted were work process failures that caused invalid loan documents to be originated and issued to consumers and other lenders. Potential cases of lender misconduct include robo-signing, predatory lending, inaccurate documentation and defective transfers.

Robo-Signing Paperwork

Robo-signing is the practice of documents being signed and notarized by a computer. Unfortunately for the banks, in the case of mortgage documents robo-signing is illegal. By law, mortgage documents must be signed by an actual person, not a computer program. Additionally, mortgage documents must be witnessed and signed in front of a notary.

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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.

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