1512 Artaius Parkway, Suite 300,
Libertyville, IL 60048

Call for a FREE Phone Consultation

847-549-0000

Video Consultations Also Available

Subscribe to this list via RSS Blog posts tagged in Libertyville foreclosure defense attorney

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.

...

Libertyville foreclosure defense lawyersFalling behind on your mortgage payments can lead to serious trouble. If you are far enough behind that you are in default, the lender could initiate foreclosure and eventually seize your home. During the foreclosure process, however, you as the borrower have certain rights, even though you are in default on your loan. One of these rights is the right to negotiate a reinstatement of your mortgage, which will stop the foreclosure proceedings.

Initiating Foreclosure

A single missed mortgage payment is probably not going to be a serious problem. Your lender will more than likely work with you to get your missed payment caught up, even if it means paying a little extra on each of the next few payments. Likewise, two missed payments can usually be taken care of in a similar manner. Once you reach a third missed payment, however, and venture into the period of 60 to 120 days late, your lender is likely to notify you that your mortgage is in default. The lender will also send you a notice of intent to foreclose.

After you have passed the point of being 120 days late, you will probably be served with a summons and a copy of the civil complaint indicating that your lender has initiated foreclosure proceedings. In most cases, you will be served personally, but avoiding process servers or sheriff’s deputies will not stop the case from moving forward. If you cannot be served in person, your lender can file a public notice in the newspaper to serves as your formal notice. Once you have been notified, you have 30 days to respond. You also have 90 days during which you have the right to reinstate your loan.

...

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.

...

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.

...
AFDA BBB IRELA Illinois State Bar Association Illinois Trial Lawyers Asscociation Manta Member NACBA North western suburban bar association Top One
Back to Top