Unfortunately, many Illinois senior citizens have been steered into high-cost mortgages, unfair refinancing deals, or home equity loans they could never realistically repay. Many of these “deals” were cloaked under terms like “no-risk refinancing,” “quick cash-outs,” or “affordable loans.” What these seniors may have ended up with is high-interest mortgages, hidden fees, and monthly payments they could never sustain on a fixed income.
When foreclosure notices begin arriving, most of these senior homeowners blame themselves, unaware they may be victims of unlawful, predatory lending practices. Illinois law offers robust protections for seniors who were misled, exploited, or are victims of predatory lending practices (815 ILCS 123/).
In fact, by challenging the validity of the loan, the lender’s conduct, or the way the mortgage was sold, seniors can often delay or stop foreclosure and potentially negotiate better loan terms. If you are a senior who is the victim of a predatory loan and are now facing foreclosure as a result, you must speak to an experienced Grayslake, IL foreclosure defense lawyer.