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Lake County foreclosure defense lawyerFalling behind on your mortgage payments is stressful for anyone. The thought of foreclosure looming is not a situation that any homeowner chooses to be in. The foreclosure process is handled through the court system, which means you can fight it. There are legal defenses that can be presented to help you keep your home. However, it is a complicated process. That is why you need an Illinois foreclosure defense attorney to represent you. Depending on your circumstances, one or more defenses may be available to you. Below are some common arguments that may be applicable to your foreclosure case.

Statute of Limitations Has Passed

Has it been a long time since you stopped making payments to when the mortgage lender started the foreclosure? There is a chance the statute of limitations has passed. Your attorney will be able to tell you whether the deadline has passed or not by looking further into the details of your case.

The Foreclosure Party Cannot Prove Legal Standing

The only party who can bring a foreclosure case is the loan owner. If he or she cannot prove the loan, then there is no legal standing. It is a common procedure for banks to sell loans over and over during the life of your mortgage. Determining the rightful loan owner can be challenging for the bank.

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The economy may be showing some signs of improvement, but the outlook remains bleak for many Illinois homeowners. The Land of Lincoln has one of the highest home foreclosure rates in the country. One in every 663 housing units in the state received a foreclosure notice in December. Many homeowners fell behind on payments due to a job loss, sudden illness, portfolio reversal or other temporary income loss. But if you fall even three or four payments behind, it can be almost impossible to catch up. If the bank is trying to take your home, Chapter 13 bankruptcy may be your best option.

Automatic Stay

The moment you file your voluntary petition, an automatic stay goes into effect. No creditor can take any adverse action against you and no foreclosure sale can go forward without special permission from the bankruptcy judge.

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Are you currently experiencing the onset of extreme financial hardship and perhaps thinking of tipping your hand and cashing it in when it comes to your home mortgage? Perhaps you should think again. Saving your home may be worth the fight because in all reality, your mortgage lender actually does not want to repossess your home.

As defined by QFINANCE, a collaborative effort of over 300 of the world's leading financial professionals, repossession is simply the return of merchandise after a period of default of time payments. Statistically defined, one in every 1126 homes throughout the United States are currently under foreclosure status as of August 2014.

Although easily defined by the professionals, the definition surely becomes more involved as it pertains to your personal financial security and quality of life. Before placing a call to an experienced foreclosure attorney to discuss your options, take note of why the bank really does not want to enter into the foreclosure process. Quite simply, they are not in the real estate industry to produce profit from the short sale of your home. Perhaps better understanding of why your mortgage lender is not breaking down your door to repossess your home may provide you with better insight of what the future may hold before seeking professional legal counsel.

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RealtyTrac®, the leader in online real estate market data recently released its Midyear 2014 U.S. Foreclosure Market Report™. There is good news and there is bad news. The good news, as of July 2014, the national foreclosure rate dropped to 16 percent, matching the lowest level since the burst of the housing bubble in 2006.

The bad news, some states are still exhibiting a high rate of foreclosure with Illinois filling the number three spot for the first half of 2014. Although the good news supports that there may no longer be a foreclosure infestation, Illinois accompanied by Florida, Maryland, New Jersey and Nevada have yet to make it out of the formidable foreclosure forest.

RealtyTrac® data for Illinois foreclosure rates was based on a total of 42,866 properties initiating foreclosure filings during the first half of 2014. Data derived supports that at least one in every 123 Illinois homeowners were facing the reality of losing their homes or rental property, with probably a large percentage seeking the services of a qualified Illinois foreclosure attorney.

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Becoming familiar with your spending habits, debt ratio, and understanding how lenders view your financial snapshot may very well be your best defense against future bankruptcy or foreclosure action. It all begins with fiscal responsibility, supported by a sound credit report, but how many Americans actually request and review their credit report on an annual basis?

Under the Fair and Accurate Credit Transaction Act (2003), all American citizens are entitled to request a free annual credit report from each of the three leading credit reporting agencies: Experian, Transunion and Equifax. Unfortunately, according to American Trust Escrow, a full-service, licensed and independently owned real estate escrow leader, only 44 million people out of approximately 200 million request and review their credit report each new calendar year.

Establishing an annual credit report review practice, especially if you are planning on purchasing a home, is essential. By doing so, you may find incorrect reporting items or come to the realization that it may not be the opportune time to begin house hunting.

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