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Chicago Foreclosure Defense Lawyer

Helping people stop foreclosure on their homes in Illinois

Within the next two years, as many as seven million American homes will fall into foreclosure — so many of us are justified in our concerns about our future as homeowners. Given the scale of the problem, it's no surprise that the media is filled with news about folks in danger of losing their homes to foreclosure. Unfortunately, much of the information being put out is also inaccurate. To prevent or stop the traumatic foreclosure experience from affecting our lives, we need to understand how we got here, exactly what foreclosure is and how it works. The foreclosure defense lawyers in the Chicago office of DebtStoppers are proud to provide more information for your education:

Foreclosure defined

Foreclosure is the legal action your lender uses to take possession of your home for non-payment of your mortgage loan.

When you are unable to make your mortgage payments on time, you are legally in default of your mortgage contract. Under the terms of that contract, the mortgage loan was secured by your home, and if you default, the lender is entitled to take possession. The law allows the lender to foreclose on any property that secures a mortgage — including a second mortgage or home equity loan. You can also lose your home to foreclosure for non-payment of your property taxes.

Illinois foreclosure process

Illinois requires judicial foreclosure, which means that foreclosures must be administered through the courts. The court notifies you that foreclosure proceedings have begun and gives you 90 days to redeem your property. This means that you can keep your home if you pay off the entire mortgage. The actual foreclosure sale cannot be scheduled until the 90-day redemption period has expired, which makes the Illinois foreclosure process slower, taking four to six months from start to sale.

Call DebtStoppers in Chicago to stop the foreclosure on your home!

If you're faced with foreclosure or even if you're just falling behind on your mortgage, find out for free if a DebtStoppers plan is a better plan for you. To speak to a Chicago foreclosure attorney at DebtStoppers, call us at 800-440-7235 or set up a one-on-one Personal Debt Analysis online now.