Protect Your Home From Mortgage Default
Millions of Americans are facing the threat of foreclosure. In these difficult economic times, losing your job can mean losing the home you worked so hard to buy. For many people, foreclosure is a frightening and embarrassing situation that they don't want anyone else to know about. Yet no one should have to face it alone. If you live in Illinois and are facing foreclosure, you need an attorney to explain the process and help you avoid losing your home.
Foreclosure occurs when a homeowner is unable to make mortgage payments. Since the mortgage loan was secured by your home, if you fail to make the payments, the law allows the lender to take the home back. Foreclosure can happen to anyone, regardless of whether the interest rate on your mortgage was fixed or variable. You might even face foreclosure for failing to pay off other debts or property taxes.
In Illinois, foreclosure is conducted through the courts. After the homeowner fails to make a payment, the lender may file a Complaint to Foreclose Mortgage, to which the homeowner has 30 days to respond. If the court finds in favor of the lender, it give the homeowner 90 days to pay off the mortgage. If the homeowner cannot pay, the house is sold in a Sheriff's Sale.
Many people facing foreclosure believe that the loss of the home is inevitable, so they just walk away without trying to remedy the situation. That can be a mistake, because homeowners often have other options available to them. Contact one of our experienced attorneys, and let us explain what you can do to save your home. One option is to file for Chapter 13 bankruptcy, which would temporarily halt the foreclosure and allow you to restructure your mortgage payments so that you can afford to pay them.
Contact DebtStoppers to protect your home from foreclosure in Illinois
As Americans, we take pride in owning our own homes. Don't let fear or embarrassment prevent you from saving yours. Contact our lawyers in Chicago today. Call DebtStoppers at 312-913-0630, or fill out our simple online form to set up a free consultation.