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Libertyville foreclosure defense lawyersUPDATE: If you are considering reinstatement as an option for avoiding foreclosure, you will want to be sure to understand your rights, the deadlines that you will need to meet, and what other options may be available. The deadline for reinstating your loan is 90 days after you were served with a foreclosure notice. By this deadline, you will be required to make up the missed payments and pay other fees and expenses. In addition to late fees, you may need to pay other costs related to foreclosure proceedings, such as attorney's fees, recording fees, court costs, and the costs of a home inspection. You will need to request a quote from your lender for the total amount that must be paid to reinstate the loan. If you disagree with the amount provided in this quote, you can send a notice of error disputing the amount. Once you have met the requirements for reinstatement, the foreclosure case will be dismissed. It is important to note that after you have exercised your right to reinstatement, you will not be able to use this form of relief for five years after the date of the dismissal.

Another option that may be available is to pay off your loan in full. This is known as "redemption." To pay off the loan, you may be able to refinance your home through a loan from another lender, or you may receive a personal loan or gift from a person such as a family member. Typically, the deadline for redemption of your loan is seven months after the date you were served with a notice of foreclosure, although there may be some exceptions depending on your individual situation. As with reinstatement, you can request a payoff quote from your lender that will detail the full amount that will need to be paid, which will include the principal of the loan, any applicable late fees or interest, and foreclosure-related expenses.

If you have questions about reinstatement, redemption, loan modifications, or other options for foreclosure defense, contact our Waukegan foreclosure lawyers at 847-549-0000 to schedule a free consultation.

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Lake Forest IL foreclosure defense attorneyAfter nearly a year, the COVID-19 pandemic is continuing to affect people across the United States. Even though vaccines are currently being administered, they are being rolled out slowly, and it will most likely be several more months before enough people can be vaccinated to allow a return to the activities that people enjoyed before the pandemic. Unfortunately, this means that those who have been struggling financially may continue to face difficulty and uncertainty for the time being. However, federal and state government organizations have offered a variety of different forms of relief, and programs may be available to help homeowners who have been affected by COVID-19 avoid foreclosure.

Foreclosure Moratorium Extended

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which went into effect in March of 2020, placed a moratorium on foreclosures and evictions for single-family homes with mortgages backed by the Federal Housing Administration (FHA). While this moratorium was initially intended to last through July 24, 2020, it has been extended several times as the pandemic has continued to affect people and families. Most recently, the FHA announced that the moratorium will extend through February 28, 2021. The moratorium applies to new foreclosure proceedings and any foreclosures which are already in process.

Options for Mortgage Forbearance and Bankruptcy

In addition to the moratorium on foreclosures, the FHA is allowing homeowners to request a forbearance from mortgage lenders. A forbearance will allow a homeowner to defer or reduce mortgage payments for up to six months, and it may be extended for an additional six months if needed. The Consolidated Appropriation Act (CAA), which was passed by the U.S. Congress on December 27, 2020, prohibited lenders from denying forbearances or foreclosure relief to lenders who had previously filed for bankruptcy or who are involved in bankruptcy proceedings.

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Lake County consent foreclosure lawyersLife can sometimes throw unexpected curve balls our way that prevent us from staying current on mortgage payments. Perhaps you or someone in your family has experienced a job loss, substantial increase in expenses, major health issue, or another surprising life event. Whatever the reason, being behind on mortgage payments can put an individual at risk of foreclosure. If you are facing a possible foreclosure, one option that may be right for you is a consent foreclosure.

What is a Deficiency Judgement?

Illinois law mandates that all foreclosures must go through the court system. The mortgage servicer may begin the foreclosure process when the borrower is four months or more behind on payments. If the homeowner cannot cure the default, the servicer will file a foreclosure lawsuit. If the lender wins the lawsuit, it has the authority to seize and sell your home. The difference between the amount you owe on your home and the home’s sale price is called a deficiency. Deficiencies can often be tens or even hundreds of thousands of dollars. The legal order requiring you to pay this difference is called a deficiency judgment.

Can a Consent Foreclosure Can Help Me Avoid a Deficiency Judgment?

If you want to avoid a stressful negotiations with the bank and a lengthy court process, you may be able to simply return the property to the bank and avoid a deficiency judgment through a consent foreclosure. An experienced real estate attorney can negotiate a consent foreclosure on your behalf. If the lender agrees to accept the consent foreclosure and waives the deficiency, you will be able to move on with your life without the burden of a costly deficiency judgment.

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Libertyville foreclosure lawyerAs most people know, regardless of whether or not they have ever owned a home, foreclosure is the process that lenders use to reclaim a home from a borrower who has violated the terms of the mortgage loan agreement. The most common violation, by far, is the failure to make monthly payments as specified in the loan paperwork.

Foreclosure can be frightening, not to mention long and confusing for the average person, and it is easy to make mistakes when facing difficult circumstances. If you are seriously delinquent on your mortgage payments and foreclosure has become a possibility, you will want to avoid some common mistakes.

Mistake #1: Ignoring Letters and Calls From Your Lender

Under Illinois law, your lender cannot begin foreclosure proceedings until you are at least 120 days behind on your mortgage. In the meantime, your lender will probably start sending you letters and calling you to remind you that you are approaching default status. Taking these calls and responding to the letters will be uncomfortable, for sure, but ignoring them is not a good option. Your lender may have alternatives to foreclosure available that you would never learn about by avoiding their calls. In some cases, avoiding contact with your lender could even encourage the bank to push foreclosure proceedings along faster once you reach the 120-day point.

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Lake County foreclosure defense lawyersIf you are seriously behind on your mortgage payments, you are in danger of foreclosure. Under Illinois law, all foreclosures must be filed in court, and a judicial foreclosure can be a challenging, expensive undertaking for the lender. Court costs, attorneys’ fees, and other expenses can add up quickly. As a result, if the lender wins the foreclosure lawsuit, the lender can seize and sell your home, and you could be left responsible for the difference between the sale price and the amount remaining on your mortgage. This amount is known as a deficiency.

In some situations, however, the lender may be open to other options that might not cost so much in terms of time, money, and energy. In exchange, the lender may be willing to waive its right to pursue a deficiency judgment against you. One such option is a consent foreclosure.

Negotiating the Terms of a Consent Foreclosure

A consent foreclosure is a process allowed by the Illinois Mortgage Foreclosure Law (IMFL) that is essentially a pre-trial settlement of the foreclosure proceedings. A consent foreclosure is still a foreclosure in that court enters a judgment of foreclosure against you as the homeowner in default on your loan and the property is turned over to the lender. The “consent” part of a consent foreclosure, however, means that you are not fighting the foreclosure and you agree to walk away from the property.

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