As inflation continues to rise and the economy enters a period of unpredictable highs and lows, many people are left in the middle, trying to afford their family’s lifestyle and feeling as though the most basic things in their lives have become threatened. When it feels like you are at risk of losing your home because you cannot afford the mortgage payments, the serious potential consequences can make it hard to think straight.
Foreclosure may be in your future, but it does not necessarily have to be the end of the world and you may, in fact, have other options that you are unaware of. At [[title]], we take your concerns seriously and work to communicate clearly with you so you can make wise decisions about your financial future. Our real estate attorneys are here to help and, if appropriate, we provide excellent foreclosure defense services for our clients.
How Does Foreclosure Work?
If you do get far enough behind in payments, your mortgage lender will eventually file a lawsuit that asks the court to give them permission to sell the house in a foreclosure sale. If you ignore the lawsuit, the judge typically will grant a default judgment, and your house can be sold.
But thanks to the fallout from the 2008 financial crisis and the housing collapse that followed, borrowers today are much more protected by federal and state laws from foreclosure. This means that you will have ample opportunities to receive warnings about foreclosure proceedings, including the chance to participate in what is known as “loss mitigation opportunities,” which are essential procedures designed to protect you from losing your home to foreclosure. These may include:
- Participating in negotiations with the lender to come up with new or temporary mortgage terms
- Receiving special protections for active-duty military members
- Loan payoff opportunities
- Redeeming your house after it is sold
- Getting any extra money back after the foreclosure sale
How an Attorney Can Help
Having your home foreclosed on is going to affect your financial situation, no matter where you are in life. Your credit is going to be affected dramatically, and it will be very difficult for you to obtain another mortgage in the near future. You are also likely to encounter problems with securing financing for a new car or other major purchases.
There are a number of ways in which you can avoid foreclosure, even if you are struggling to make your monthly mortgage payments. In many situations, negotiating directly with your lender could buy you some time to figure out your best course of action with the help of a qualified attorney. If it turns out that you cannot avoid foreclosure, your lawyer may be able to help prevent you from being stuck with a large deficiency judgment that can make your financial situation even worse.
Call a Local Cook County, IL Foreclosure Defense Attorney
Facing the prospect of foreclosure can be scary, but with the help of a DuPage County real estate attorney who understands your family’s needs and your neighborhood’s housing trends, you can get a better sense of your options and come up with a plan that works for you. Call [[title]] at [[phone]] today to schedule a free, confidential consultation and meet our friendly team.