If you are facing unmanageable debt and are at risk of losing your home or investment property for not making payments on your mortgage, our office can help.
We have represented and assisted hundreds of property owners facing foreclosure, vigorously defending property owners throughout northern Illinois.
We can review your financial situation, assess your options, agree upon a course of action, and finally negotiate with the bank to meet your goals.
There are a number of possible options to avoid a judicial foreclosure – a disposition where the court orders the sale of your property by auction and you may be responsible for any deficiency between the auction sale price and the balance you owed the bank. For example:
(1) Seek a foreclosure alternative, such as a deed in lieu of foreclosure or consent foreclosure – either of which return the property to the bank, but may provide a waiver of any outstanding debt to the bank.
(2) A loan modification – where your lender modifies your existing loan to more manageable terms.
(3) Refinancing – where you seek a new loan with better terms to pay off your old loan.
(4) Strategic Default – where, through a combination of factors, such as possibly filing for bankruptcy or not being personally served in the foreclosure lawsuit, it may be financially advantageous to not participate in the foreclosure.
(5) Sale/Short Sale – where the property is listed for sale, with the sale proceeds being applied to the balance owed to the bank. In the case of a short sale, where the sale price is lower than the amount owed on the mortgage, the bank generally agrees to waive the unpaid balance.
While we attempt to resolve your foreclosure case, our attorneys will fight to ensure (a) that the appropriate pleadings are filed and defenses asserted, (b) that the bank turn over the documents it plans to use to prosecute its claims, and (c) that the bank is forced prove its right to foreclose and to prove any damages it seeks.
And we also represent the interests of tenants in foreclosed properties. Often, we are able to negotiate cash-for-keys, additional time, or a new lease. There is also often claims those tenants can assert against their former landlords, such as claims for their security deposit and claims under tenant-protection municipal ordinances, such as the Chicago Residential Landlord & Tenant Ordinance.
Your financial situation is unique, which is why our Chicago foreclosure defense attorneys take an individualized approach to every case we handle. Let our firm help you determine which approach is right for you.
Contact us to find out more about how we can assist you in that matter.