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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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