Millions of people across the United States are having trouble keeping up with their mortgage payments. If you are one of these people, know that you are not alone.
In Illinois, when you take out a loan to purchase a house, the loan typically contains a promissory note stating that you will repay what you owe. If you start to miss mortgage payments, you should consider possible loss mitigation options and affordable foreclosure alternatives with Newland & Newland, LLP.
Illinois law allows residential borrowers a grace period of 90 days after their mortgage is in default before foreclosure proceedings begin. If you believe that you are close to being placed on a grace period, or if foreclosure proceedings on your property have begun, we will provide defenses to foreclosure.
Illinois Foreclosure Process
Here is a brief look at what to expect if you fear may be facing foreclosure in Illinois:
- The homeowner fails to make mortgage payments.
- The lender sends a notice informing the homeowner that it intends to begin foreclosure proceedings.
- The lender files a foreclosure lawsuit.
- The homeowner is served with notice of the lawsuit.
- The homeowner has the opportunity to file a response to the lawsuit.
- A judge enters a judgment of foreclosure which allows the property to be sold at auction.
- An auction is held to sell the home.
- The judge then approves the sale in a court proceeding where a deficiency judgment may be entered allowing the lender to pursue the borrower for damages.
- The homeowner is evicted.
Homeowners have different options, depending on where they fall in this process. A legal professional can explain what is available to you.
Loan Default Management and Modification Strategies
Defending against a foreclosure is not the only option available if you are looking to alter your current mortgage. Newland & Newland, LLP also helps clients modify existing loans to fix adjustable mortgage rates, re-amortize loans to include past due payments, grant extensions on unpaid bills, and obtain reductions in principal owed.
Depending on the circumstances of your mortgage, you may find strategically defaulting is to your advantage. In a strategic default, an individual stops making payments on a residential or commercial mortgage because the value of the property is significantly less than the debt owed.
Forensic Loan Auditing in Illinois
In addition to providing avenues for a strategic default and modification, our firm also offers forensic loan auditing. Our attorneys have reviewed hundreds of loan packages in order to determine if there have been any violations of the law with regard to the loan received. Many loans often include Truth in Lending Law violations, HUD violations, interest rate violations, or predatory lending practices, such as charging excessive or hidden fees, not providing appropriate disclosures, or not notifying borrowers of their right to cancel a loan.
Contact a Foreclosure Lawyer
If you are struggling to pay your mortgage, Newland & Newland, LLP can help you protect your legal rights. Whether that means filing a lawsuit on your behalf to stop a foreclosure or asking the lender to modify or cancel your loan. Contact us today to see how we can help.