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Libertyville IL foreclosure attorneyHomeowners who encounter financial difficulties can sometimes struggle to make mortgage payments. Unfortunately, if a person defaults on their mortgage, their lender may begin foreclosure proceedings, which could ultimately result in the loss of their home. Those who are having trouble meeting their financial obligations will want to understand the foreclosure process and the potential defense strategies that may be available.

Steps Followed in a Foreclosure

A homeowner will be considered to have defaulted on their mortgage if they fail to make payments on time or in full. After the first missed payment, a person may receive notification from their lender that they will be charged late fees, and after a second missed payment, the lender will usually advise the borrower that they may face legal action if they do not become current on their payments. After a third missed payment or delinquency of at least 90 days, the lender may contact the homeowner letting them know that they will be beginning foreclosure proceedings. This process will involve the following steps:

  1. Demand letter - At least 30 days before filing a foreclosure lawsuit, the lender must send the homeowner a notice that they are in default. This letter will provide details about how the borrower has failed to meet their obligations, describe what needs to be done to become current on mortgage payments, and provide a deadline for when payments must be made.

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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 attorneysIf you are behind on your mortgage payments and you owe more than your home is worth, you may be wondering what will happen next. One option which may be advantageous to you and your family is a “short sale.” A short sale occurs when a home is sold for an amount of money that is less than what the owner still owes on the mortgage. Short sales are often used to avoid foreclosure. Having your home foreclosed on is not only extremely stressful but can also result in significant damage to your credit score. Some people who experience foreclosure are even forced to file for bankruptcy. A short sale is not right in every situation, but there are several advantages to short selling of which you should be aware.

Avoiding the Stigma of Foreclosure and Remain in Control of Who Gets Your Home

Life does not always go according to plan and foreclosure can happen to anyone. One out of every 2541 residences in the United States is in some stage of the foreclosure process. In Illinois, that number is one out of every 1381 residences, nearly double the national average. Dealing with foreclosure on is not necessarily something to be ashamed of, however many people who experience foreclosure do feel embarrassed when friends and neighbors find out about it.

Short selling your home is a one way to avoid the stigma associated with foreclosure. Furthermore, because you are selling your home, you maintain control over the sale. You ultimately get to decide who gains ownership of your home instead of the bank making this decision.

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