When you’re facing foreclosure, one of the most important things you can do is to reach out to a Chicago foreclosure lawyer at Therman Law offices to help you navigate the legal process and protect your rights. Unfortunately, so many people with foreclosures haven’t taken this step and end up dealing with foreclosure alone, which almost always results in adverse consequences for them, like damaging their credit or losing their home to the bank. But if you’re faced with foreclosure, don’t make that mistake.
What is a foreclosure
A foreclosure is when you lose your home to another party. There are two types of foreclosures: judicial and non-judicial. Non-judicial foreclosures (the vast majority) require you to make payments and generally only occur if you miss several payments or are more than 90 days late on your mortgage. In judicial foreclosures, there is some type of legal action involved because of unpaid taxes, overdue assessments or other issues with your property. When you have a judicial foreclosure, it can take much longer for someone else to take over ownership of your home. If you’re facing either type of foreclosure in Chicago, it’s best to get professional help from an experienced attorney.
How Can I Avoid Foreclosure?
Obviously, you want to avoid foreclosure if possible. A foreclosure can be devastating to your credit rating, and it’s unlikely that you will be able to buy another home anytime soon afterward. If you are facing foreclosure on your primary residence, it’s important that you contact an attorney immediately, who can advise and assist you throughout the process. A lawyer can also help prevent further complications with your lender and make sure all of your rights are being upheld during negotiations. It is especially important to retain legal counsel if you have any mortgage refinancing options available, such as Home Affordable Refinance Program (HARP) or government-backed loan modification programs. Failing to utilize these resources could mean throwing away money for no reason at all! An experienced Chicago foreclosure lawyer can walk you through these programs and explain your options so that you don’t lose money unnecessarily or become stressed out over something that could have been avoided. The best way to fight foreclosure is by contacting a skilled professional in Illinois as soon as possible. Remember: The longer you wait, the more expensive it becomes to fight back! Contact Therman Law Offices today for assistance with your real estate needs in Chicago!
What are my foreclosure alternatives?
Your first line of defense when facing foreclosure is to work directly with your lender. That’s because 90% of foreclosures are resolved through short sales, deeds-in-lieu of foreclosure or loan modifications. As long as you meet certain qualifications, it’s likely that you can avoid going into foreclosure altogether and get back on track with your mortgage payments. The best way to start is by contacting your lender directly. Your lender will work with you to determine whether you qualify for one of these alternative options. If not, they’ll usually refer you to an outside company who will try and help you get caught up on your payments and keep ownership of your home in place.
How do I hire an attorney to help me avoid foreclosure?
Hiring an attorney may not be your only option, but it is one you should consider. You can probably handle a lot of things on your own, but when it comes to foreclosure, that’s something to leave in professional hands. Without legal counsel, you may miss out on any number of valuable legal defenses and opportunities to negotiate with your lender and prolong (or even avoid) foreclosure. An attorney can make sure everything is done legally and professionally so that you have as many tools at your disposal as possible when working to prevent foreclosure. With careful planning and strong legal representation, there’s every reason to believe that you can get back on track without losing your home. Contact a Chicago Foreclosure Lawyer from Therman Law Offices today!