Foreclosure Attorneys in Chicago, IL
Illinois has one of the highest rates of foreclosures in the nation: 1 in every 944 homes. Cook County has an even higher rate of foreclosure occurring in 1 out of 685 homes. If your home is currently in foreclosure, or you are facing foreclosure, know that you are not alone. At Gregory K. Stern, P.C., our foreclosure defense attorneys have been helping the families of Chicago, Cook and surrounding counties defend foreclosure actions since 1983. Call Gregory K. Stern, P.C. to discuss your unique situation and explore your options with our foreclosure defense attorneys.
What is Foreclosure and are there Foreclosure Alternatives?
If you are facing foreclosure or currently in foreclosure, bankruptcy may be an option. A bankruptcy can cure a mortgage default or it can delay a foreclosure proceeding. It can also eliminate or prevent a mortgage lender from seeking a personal deficiency against you. Call the bankruptcy and foreclosure defense attorneys at Gregory K. Stern, P.C. to discuss your options.
Many homes have not recovered from the housing market crash in 2008. In fact, many homes are still underwater, meaning that there is no equity in the home because the debt on the property is greater than the value of the property. In some instance, the homeowner may decide that keeping the property is not in their best interest. They may stop making monthly mortgage payment, forcing their lender to initiate a foreclosure action. This is known as a strategic default. While this may sound enticing to some homeowners, there are disadvantages to a strategic default, including but not limited to the possibility of a deficiency judgment and a negative impact on your credit score. If you are considering walking away from your property call Gregory K. Stern, P.C. to discuss your options.
Deed in Lieu of Foreclosure
Our foreclosure defense attorneys can negotiate with the bank for a deed in lieu of foreclosure. The goal of a deed in lieu of foreclosure is to exchange the deed to the property for forgiveness of the mortgage debt. Essentially, the homeowner would give ownership of the property to the bank and the bank would forgive the mortgage indebtedness. While a deed in lieu of foreclosure has advantages to a strategic default, it requires extensive negotiation with the lender. Call at Gregory K. Stern, P.C. to discuss your options with our foreclosure defense attorneys.
Your home may be “underwater,” meaning that the debt on the property is greater than the value of the property. In some situations, you can negotiate with the bank to agree to allow you to sell the property for less than you owe and forgive the balance of the loan. Our attorneys can negotiate with the bank to convince the bank that a short sale is in everyone’s best interest.
If you are facing or currently in foreclosure you may be eligible for a loan modification. You can work with your lender to obtain a loan modification which changes the terms of your mortgage loan so that you can afford your monthly mortgage payments.
What is Foreclosure?
The official definition of foreclosure is, “the process of taking possession of a mortgaged property as a result of the mortgagor’s failure to keep up mortgage payments.”
In simple terms, a foreclosure is when the bank takes your home because you have been unable to make the monthly mortgage payments. This can happen for a variety of reasons including:
- Loss of a job
- Serious medical illness/disease/condition
- Unanticipated maintenance or repair costs
- Death in the family
- Negative equity
- Drug and Alcohol Abuse
- Relocation/moving for employment
If you fall behind on your mortgage payments, you will most likely being facing a foreclosure action. Call Gregory K. Stern, P.C. to discuss your situation and explore your options with our foreclosure defense attorneys, servicing Chicago and Cook County.
How Long Does a Foreclosure Take?
The foreclosure process can vary depending on your particular needs. An uncontested foreclosure can be complete in several months, while a contested foreclosure can run for a couple of years. There are alternatives to foreclosure including strategic default, deed in lieu, consent judgment, short sale, loan modification, etc. Call Gregory K. Stern, P.C., to discuss your options with our foreclosure defense attorneys.
What Should I Do If Facing Foreclosure?
If you are having difficulty making your mortgage payments and expect that foreclosure is in your future, call the foreclosure defense attorneys at Gregory K. Stern, P.C. We know how to help fight or best mitigate the damage brought about by foreclosures. Since our founding, we have been helped thousands of families in Chicago and Cook Country.
We know that facing a foreclosure can be overwhelming and emotional for any individual or family. Our attorney know that the situation may be greater than just foreclosure and we take a personalized approach with all of our clients. We will look at the big picture and assess the situation with your goals in mind. There is no one-size-fits-all solution.
More importantly, we can provide you with the legal guidance and expertise needed during one of the most difficult times you will ever face. In many cases, bankruptcy may be an option. In others, it may be the only viable option. Each situation is unique, so we will proceed and advise you accordingly.
Call the bankruptcy and foreclosure defense attorneys at Gregory K. Stern, P.C. Our phone number is 312-427-1558 and we are located at 53 West Jackson Boulevard, Suite 1442, Chicago, Illinois 60604. There is no charge for your initial consultation and we will help you. Call now.
What Happens During a Foreclosure? Can I Keep My Home?
At Gregory K. Stern, P.C., our foreclosure defense attorneys know what a foreclosure looks like for a family. We can help prepare you for the process and/or help you defend the foreclosure.
In Illinois, there is a formal legal process a lender must follow when it seeks to foreclose on a property. Below are some of the step that a lender must follow when foreclosing on a property in Illinois.
- The party seeking foreclosure must have mailed a grace period notice initially.
- The notice must advise the mortgagee attend housing counseling.
- Thirty days after sending notice, a foreclosure lawsuit may be initiated.
- Unless the borrower(s) attend the counseling, in which case another 30-day period is added.
- Otherwise, the homeowner(s) will have 30 days in which to respond to the lawsuit.
- Once the court issues judgement, three notices of sale must be published; the first 45 days prior to the sale and the last 7 days prior.
- Likewise, said notice must be sent to the borrower no less than 10 days prior to the sale.
- Up until the actual sale date, there may be a reinstatement of the loan.
- And there is a special process should the original mortgage holder make the purchase at the sale.
- If the purchase was made by someone else and the homeowners have not left, the court will order removal within 30 days.
Will My Neighbors Know About the Foreclosure?
Foreclosures, like all legal proceedings, are part of the public record. If a neighbor wanted to look your name and/or address up in county records they will find a notice of foreclosure. In addition, when the property is auctioned at a judicial sale, notice of the sale will be publically published. Nonetheless, you will likely find your neighbors very supportive and understanding; some may even offer to help in some way. No one likes a foreclosure.