Realizing that your home is at risk of foreclosure can be incredibly stressful, and our Oak Park foreclosure defense attorneys know how difficult it can be to understand your options under these circumstances. One common way to avoid foreclosure is the short sale, and our firm routinely represents clients in short sales in the Chicago area. What do you need to learn about short sales and how they work? The following are some of the top things to know about a short sale to avoid foreclosure.
Short Sales Stop Foreclosure
The first and most important thing to know about a short sale is that it is an option for avoiding foreclosure. What is a short sale? As Rocket Mortgage explains, the term “short sale” refers to selling your house for less than the amount that you currently owe on the mortgage in order to prevent the home from going into foreclosure. A short sale does not allow a homeowner to remain in the property since they will be selling it, but it does offer an option for avoiding the damage to your credit that would come with a completed foreclosure. Short sales do still impact your credit, but not to the extent of foreclosures.
Short Sales Require Agreement From the Bank or Lender
A short sale requires the homeowner to get permission from the bank or lender in order to move forward. Since you will be selling your home for less than what you owe on the mortgage, the lender has to agree to the amount that the home will be sold for and must agree to the overall sale. Short sales are often beneficial to lenders when a homeowner has an underwater mortgage and cannot continue making payments because the lender may be able to get more money for the home than they would with a foreclosure. A foreclosure defense lawyer in Oak Park can work with your lender to secure approval for the short sale.
Short Sales Do Not Leave You at Risk of a Lawsuit for the Remaining Amount Owed
With a short sale agreement, your attorney will also typically have the lender agree to forgive any remaining debt you owe on the mortgage as a result of the short sale. As such, you will not have to worry about being sued for the remaining amount owed. You may, however, owe taxes on the amount forgiven.
Contact an Oak Park Foreclosure Defense Attorney
Are you currently at risk of foreclosure and wondering about your options? You may have multiple options available to you, but a short sale is frequently a good option for homeowners who want to avoid foreclosure but know they do not have options for remaining in their homes. Whether you want to learn more about a short sale and receive legal help with the process, or you want to find out about other options for avoiding foreclosure, you should get in touch with one of the experienced Oak Park foreclosure defense lawyers at our firm. We have years of experience representing consumers and homeowners in the Oak Park area, and we can speak with you today. Contact the Emerson Law Firm to find out more about how we can help you with foreclosure defense options.
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Am I Eligible for an Option to Avoid Foreclosure?
Delinquent Mortgages Decline While Foreclosures Rise
Tuesday, May 16, 2023
Tuesday, April 25, 2023
Am I Eligible for an Option to Avoid Foreclosure?
Foreclosures are on the rise again in Chicago. While the numbers are not as high as they were during the foreclosure crisis that began nearly 15 years ago, the rates of foreclosure are creeping up, and they are attracting particular attention in major urban areas, including Chicago. Indeed, according to a recent report in Bloomberg, foreclosure starts rose by 22 percent in the first quarter of 2023 compared with numbers from the first quarter of last year, and Chicago has the second-highest rate of new foreclosure starts in the country. In the first quarter alone, there were more than 3,500 foreclosure starts in the Chicago area, a number that makes Chicago second only to New York City in terms of foreclosure starts.
If you are at risk of foreclosure, or if you are already facing foreclosure, what are your options for avoiding it? And should you even be taking steps to avoid it, or should you merely allow the foreclosure to happen and then attempt to get your credit back on track later?
You Should Do Everything You Can to Prevent Foreclosure
Many people who are struggling with debt and are facing foreclosure make the decision to simply allow the foreclosure to happen, but it is almost always beneficial to take steps to avoid foreclosure, and an experienced foreclosure defense attorney can help you with your options.
Why should you try to avoid foreclosure if you can? Not only does foreclosure always result in the loss of your home, but it can also have a substantial impact on your credit — significantly more than some of the options that may be available to you to avoid foreclosure — and it can result in you facing a lawsuit for the bank to recover the money you owe and the loss of any equity in your property. In short, if you can avoid foreclosure, you should.
Ways to Avoid Foreclosure in Illinois
There are many potential ways to avoid foreclosure, and our Oak Park foreclosure defense attorneys routinely assist homeowners with a range of tools for preventing foreclosure in Illinois. The following are just some of the options that could be relevant to your situation:
Contact an Oak Park Foreclosure Defense Attorney
Are you struggling with your mortgage payments and at risk of foreclosure? Now is the time to get in touch with an experienced Oak Park foreclosure defense lawyer who can learn more about your specific circumstances and can discuss different types of foreclosure defense options with you. For many struggling homeowners, there are ways to avoid foreclosure, and our firm can help. Contact the Emerson Law Firm for more information and to speak with an attorney.
See Related Blog Posts:
Delinquent Mortgages Decline While Foreclosures Rise
Foreclosure Rates Continue Uptick
If you are at risk of foreclosure, or if you are already facing foreclosure, what are your options for avoiding it? And should you even be taking steps to avoid it, or should you merely allow the foreclosure to happen and then attempt to get your credit back on track later?
You Should Do Everything You Can to Prevent Foreclosure
Many people who are struggling with debt and are facing foreclosure make the decision to simply allow the foreclosure to happen, but it is almost always beneficial to take steps to avoid foreclosure, and an experienced foreclosure defense attorney can help you with your options.
Why should you try to avoid foreclosure if you can? Not only does foreclosure always result in the loss of your home, but it can also have a substantial impact on your credit — significantly more than some of the options that may be available to you to avoid foreclosure — and it can result in you facing a lawsuit for the bank to recover the money you owe and the loss of any equity in your property. In short, if you can avoid foreclosure, you should.
Ways to Avoid Foreclosure in Illinois
There are many potential ways to avoid foreclosure, and our Oak Park foreclosure defense attorneys routinely assist homeowners with a range of tools for preventing foreclosure in Illinois. The following are just some of the options that could be relevant to your situation:
- Showing that your mortgage servicer or lender violated the law or made an error, and you should not actually be in a situation where you are facing foreclosure;
- Doing a short sale, which requires getting permission from the lender to sell your home at a price below what you owe and asking the lender to forgive the remaining amount;
- Deed in lieu of foreclosure, which involves turning over the deed to your house or apartment to the bank to prevent the bank from foreclosing; or
- Filing for Chapter 13 bankruptcy, if you are eligible, which can actually allow you to catch up on mortgage payments and keep your home.
Contact an Oak Park Foreclosure Defense Attorney
Are you struggling with your mortgage payments and at risk of foreclosure? Now is the time to get in touch with an experienced Oak Park foreclosure defense lawyer who can learn more about your specific circumstances and can discuss different types of foreclosure defense options with you. For many struggling homeowners, there are ways to avoid foreclosure, and our firm can help. Contact the Emerson Law Firm for more information and to speak with an attorney.
See Related Blog Posts:
Delinquent Mortgages Decline While Foreclosures Rise
Foreclosure Rates Continue Uptick
Friday, March 24, 2023
Delinquent Mortgages Decline While Foreclosures Rise
Foreclosure rates tend to be higher in times of economic downturn, and many commentators anticipated that the number of foreclosures across the country would start to increase as moratoriums ended and the financial impact of the COVID-19 pandemic became a reality. Recent data has shown upticks in overall foreclosure rates throughout the United States, with particular spikes in certain urban areas, including in the Chicago area. According to a recent article in DSNews.com, new statistics show that the overall rate of mortgage delinquencies has declined, but the rate of foreclosures continues to climb. What should you know about recent data on foreclosures? And what should you do if you believe you are at risk of foreclosure? Consider the following information from our Oak Park foreclosure defense attorneys.
Drop in Mortgage Delinquencies Coincides with Increase in Foreclosures
In comparison with mortgage delinquency and foreclosure data from a year ago, the news is good in terms of overall mortgage delinquency rates. Indeed, according to the DSNews.com report, as of January 2023, approximately 2.8% of mortgages in the United States “were in some stage of delinquency,” meaning that they were at least 30 days past due, with some already in the foreclosure process. While that percentage might seem high, it actually represents a 5% decrease from the same time last year in January 2022, when about 3.3% of mortgages were in a stage of delinquency. However, the data does not look as good for foreclosures.
Between January 2022 and January 2023, overall rates of foreclosure have actually increased. In January 2022, approximately 0.2% of all homes were in foreclosure, and by January 2023, that number had risen to 0.3%. While the change might not seem significant since the number is small, the rise is notable given the decline in mortgage delinquencies over the same period.
Avoiding Foreclosure: What are My Options?
If you are behind on your mortgage payments and are at risk of foreclosure, what are your potential options for avoiding foreclosure? You may have a few different options, and you should discuss them with a foreclosure defense attorney in Oak Park. Some possible options include, for example:
Contact a Foreclosure Defense Lawyer in Oak Park
Anyone who is at risk of foreclosure or for whom foreclosure proceedings have already begun should get in touch with an experienced Oak Park foreclosure defense attorney who can help. Our firm can assist you with multiple options that may allow you to avoid foreclosure, from a reorganization bankruptcy that could allow you to stay in your home to a short sale or deed in lieu that could prevent your credit from being impacted fully by a foreclosure. Contact the Emerson Law Firm to learn more about potential options for avoiding foreclosure in Illinois.
See Related Blog Posts:
Foreclosure Rates Continue Uptick
Wells Fargo Fined for Wrongful Foreclosures
Drop in Mortgage Delinquencies Coincides with Increase in Foreclosures
In comparison with mortgage delinquency and foreclosure data from a year ago, the news is good in terms of overall mortgage delinquency rates. Indeed, according to the DSNews.com report, as of January 2023, approximately 2.8% of mortgages in the United States “were in some stage of delinquency,” meaning that they were at least 30 days past due, with some already in the foreclosure process. While that percentage might seem high, it actually represents a 5% decrease from the same time last year in January 2022, when about 3.3% of mortgages were in a stage of delinquency. However, the data does not look as good for foreclosures.
Between January 2022 and January 2023, overall rates of foreclosure have actually increased. In January 2022, approximately 0.2% of all homes were in foreclosure, and by January 2023, that number had risen to 0.3%. While the change might not seem significant since the number is small, the rise is notable given the decline in mortgage delinquencies over the same period.
Avoiding Foreclosure: What are My Options?
If you are behind on your mortgage payments and are at risk of foreclosure, what are your potential options for avoiding foreclosure? You may have a few different options, and you should discuss them with a foreclosure defense attorney in Oak Park. Some possible options include, for example:
- Filing for Chapter 13 bankruptcy, which can allow you to stop the foreclosure process from occurring or moving forward, and can allow you to get caught up on mortgage payments through debt reorganization;
- Short sale, which is a process through which the lender agrees for you to sell your house for less than you owe on the mortgage and to forgive remaining debt; or
- Deed in lieu of foreclosure, in which you would sign over your deed to the house to the lender in order to avoid foreclosure.
Contact a Foreclosure Defense Lawyer in Oak Park
Anyone who is at risk of foreclosure or for whom foreclosure proceedings have already begun should get in touch with an experienced Oak Park foreclosure defense attorney who can help. Our firm can assist you with multiple options that may allow you to avoid foreclosure, from a reorganization bankruptcy that could allow you to stay in your home to a short sale or deed in lieu that could prevent your credit from being impacted fully by a foreclosure. Contact the Emerson Law Firm to learn more about potential options for avoiding foreclosure in Illinois.
See Related Blog Posts:
Foreclosure Rates Continue Uptick
Wells Fargo Fined for Wrongful Foreclosures
Friday, February 24, 2023
Foreclosure Rates Continue Uptick
Are you currently struggling to make your mortgage payments? If so, you should know that you are part of a growing group of Americans who are currently, or who could soon be, at risk of foreclosure. Indeed, according to a recent report from ATTOM Data, foreclosure rates are continuing to rise across the country. What should you know about this data, and what can you do if you are facing foreclosure? Our Oak Park consumer protection attorneys are here to discuss the data with you and to provide you with more information about foreclosure defense options.
New Data on Residential Foreclosures
How are foreclosure rates looking at the start of 2023? According to the data analysis from ATTOM, foreclosure filings are rising. Indeed, in January 2023, “there were a total of 31,557 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 36% from a year ago and up 2% from the prior month.” The CEO of ATTOM suggested that the “uptick in overall foreclosure filings nationwide” does appear to be a trend that is likely to continue into 2023.
The Chicago area currently has one of the highest rates of completed foreclosure rates from January 2023, with 206 in total. That number places Chicago alongside four other areas with the highest rates of foreclosure completions based on the population, which include Detroit, New York, Philadelphia, and Riverside, California. Chicago had the second-highest uptick after Detroit.
Can I Take Any Steps to Avoid Foreclosure?
Even when it seems like the start of the foreclosure process is imminent or your lender has already initiated the foreclosure process, it is critical to know that there are still many ways in which you may be able to avoid foreclosure. Depending upon your circumstances, you could be eligible to avoid foreclosure while remaining in your home, or avoiding foreclosure could mean that you will need to give up your house or condo. What are the options for avoiding foreclosure?
First, you should contact a foreclosure defense lawyer who can discuss options with you. If you are eligible for Chapter 13 bankruptcy, you could file for bankruptcy and create a debt reorganization plan that allows you to catch up on mortgage payments and get back on track with the terms of your mortgage. In this scenario, you can avoid foreclosure and stay in your home. When Chapter 13 bankruptcy is not an option, or when you want to avoid bankruptcy, you still have options to avoid foreclosure, but these options will also involve leaving your property. The good news is that avoiding foreclosure with one of these options will allow you to be eligible to buy a home again sooner than you would be able to following a foreclosure:
At the Emerson Law Firm, we can evaluate your situation and discuss all of your potential options with you for avoiding foreclosure. We are experienced Oak Park foreclosure defense lawyers, and we are here to help you. Contact the Emerson Law Firm to discuss your concerns about foreclosure and to learn more about your options.
See Related Blog Posts:
Wells Fargo Fined for Wrongful Foreclosures
Foreclosure Rates are Rising in Chicago
New Data on Residential Foreclosures
How are foreclosure rates looking at the start of 2023? According to the data analysis from ATTOM, foreclosure filings are rising. Indeed, in January 2023, “there were a total of 31,557 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 36% from a year ago and up 2% from the prior month.” The CEO of ATTOM suggested that the “uptick in overall foreclosure filings nationwide” does appear to be a trend that is likely to continue into 2023.
The Chicago area currently has one of the highest rates of completed foreclosure rates from January 2023, with 206 in total. That number places Chicago alongside four other areas with the highest rates of foreclosure completions based on the population, which include Detroit, New York, Philadelphia, and Riverside, California. Chicago had the second-highest uptick after Detroit.
Can I Take Any Steps to Avoid Foreclosure?
Even when it seems like the start of the foreclosure process is imminent or your lender has already initiated the foreclosure process, it is critical to know that there are still many ways in which you may be able to avoid foreclosure. Depending upon your circumstances, you could be eligible to avoid foreclosure while remaining in your home, or avoiding foreclosure could mean that you will need to give up your house or condo. What are the options for avoiding foreclosure?
First, you should contact a foreclosure defense lawyer who can discuss options with you. If you are eligible for Chapter 13 bankruptcy, you could file for bankruptcy and create a debt reorganization plan that allows you to catch up on mortgage payments and get back on track with the terms of your mortgage. In this scenario, you can avoid foreclosure and stay in your home. When Chapter 13 bankruptcy is not an option, or when you want to avoid bankruptcy, you still have options to avoid foreclosure, but these options will also involve leaving your property. The good news is that avoiding foreclosure with one of these options will allow you to be eligible to buy a home again sooner than you would be able to following a foreclosure:
- Short sale; or
- Deed in lieu of foreclosure.
At the Emerson Law Firm, we can evaluate your situation and discuss all of your potential options with you for avoiding foreclosure. We are experienced Oak Park foreclosure defense lawyers, and we are here to help you. Contact the Emerson Law Firm to discuss your concerns about foreclosure and to learn more about your options.
See Related Blog Posts:
Wells Fargo Fined for Wrongful Foreclosures
Foreclosure Rates are Rising in Chicago
Wednesday, January 25, 2023
Wells Fargo Fined for Wrongful Foreclosures
Are you currently facing foreclosure, or was your home foreclosed on as a result of actions taken by Wells Fargo? If so, it is critical to learn more about recent actions taken by the Consumer Financial Protection Bureau (CFPB) against the bank for unlawful acts, including wrongful foreclosures. Last month, the CFPB announced in a news release that it was ordering Wells Fargo “to pay more than $2 billion to redress consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines.” Indeed, according to the news release, “the bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes.” Our Oak Park foreclosure defense lawyers want to provide you with more information about the recent action taken against Wells Fargo and the specific issue of wrongful foreclosures.
Wrongful Fees and Misapplication of Payments
How did Wells Fargo’s actions result in wrongful foreclosures? As the news release from the CFPB explains, “consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank.” In other words, foreclosures resulted from homeowners being improperly charged fees and interest that they could not pay and from homeowners’ mortgage payments being improperly applied to their mortgage debt.
In addition to misapplying payments and charging unlawful interest or fees, Wells Fargo was also cited for improperly denying mortgage modifications to homeowners, which could have prevented foreclosures in some cases. The CFPB’s news announcement specifically notes that the bank’s improper denial of modifications—a number in the thousands—led, in some cases, “to Wells Fargo customers losing their homes to wrongful foreclosures.”
CFPB Enforcement Action
According to CFPB Director Rohit Chopra, “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of families . . . . The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”
In order to remedy the variety of improper and unlawful actions taken by Wells Fargo, the CFPB has taken a series of enforcement actions. Not only will the bank be required to pay more than $2 billion, but it will also need to pay penalties and change the process for assessing certain types of fees.
Contact an Oak Park Foreclosure Defense Lawyer Today
If you are facing foreclosure, you should get in touch with an experienced Oak Park foreclosure defense attorney who can discuss your options with you. Depending upon your circumstances, you could be eligible to consider a short sale, a deed in lieu of foreclosure, and other options. If you faced an unlawful foreclosure, or if you believe you are currently facing an unlawful foreclosure like those discussed above, our firm is also able to assess your case and provide you with more information about your options. Do not hesitate to get in touch with our firm to find out more about how we can help. Contact the Emerson Law Firm today.
See Related Blog Posts:
Foreclosure Rates are Rising in Chicago
Ways to Stop a Foreclosure Before the Holidays
Wrongful Fees and Misapplication of Payments
How did Wells Fargo’s actions result in wrongful foreclosures? As the news release from the CFPB explains, “consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank.” In other words, foreclosures resulted from homeowners being improperly charged fees and interest that they could not pay and from homeowners’ mortgage payments being improperly applied to their mortgage debt.
In addition to misapplying payments and charging unlawful interest or fees, Wells Fargo was also cited for improperly denying mortgage modifications to homeowners, which could have prevented foreclosures in some cases. The CFPB’s news announcement specifically notes that the bank’s improper denial of modifications—a number in the thousands—led, in some cases, “to Wells Fargo customers losing their homes to wrongful foreclosures.”
CFPB Enforcement Action
According to CFPB Director Rohit Chopra, “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of families . . . . The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”
In order to remedy the variety of improper and unlawful actions taken by Wells Fargo, the CFPB has taken a series of enforcement actions. Not only will the bank be required to pay more than $2 billion, but it will also need to pay penalties and change the process for assessing certain types of fees.
Contact an Oak Park Foreclosure Defense Lawyer Today
If you are facing foreclosure, you should get in touch with an experienced Oak Park foreclosure defense attorney who can discuss your options with you. Depending upon your circumstances, you could be eligible to consider a short sale, a deed in lieu of foreclosure, and other options. If you faced an unlawful foreclosure, or if you believe you are currently facing an unlawful foreclosure like those discussed above, our firm is also able to assess your case and provide you with more information about your options. Do not hesitate to get in touch with our firm to find out more about how we can help. Contact the Emerson Law Firm today.
See Related Blog Posts:
Foreclosure Rates are Rising in Chicago
Ways to Stop a Foreclosure Before the Holidays
Friday, December 16, 2022
Foreclosure Rates are Rising in Chicago
Are you concerned that you will soon be facing foreclosure in the Oak Park area? Or has your lender initiated foreclosure proceedings? You may not be alone. According to a recent report from MarketWatch, foreclosure activity has risen significantly from one year ago in November 2021. Indeed, according to that report, foreclosure activity increased by about 57% between November 2021 and November 2022. Some regions have seen a sharper rise in foreclosure rates than others, including the Chicago area. Our Oak Park foreclosure defense attorneys want to tell you more about the recent data concerning foreclosure activity in the U.S. and to provide you with more information about potential options for avoiding foreclosure. If you have any questions or if you need help with foreclosure defense, you should get in touch with an attorney at the Emerson Law Firm.
Significant Increase in Foreclosure Activity
In November 2022, foreclosure processes began on nearly 21,000 properties across the United States, according to the MarketWatch report. The report cites data from the analytics firm Attom, which found that foreclosure proceedings had risen by about 57 percent from November 2021 to 2022 and that these recent numbers suggest that the country “may be at or near peak level of foreclosure activity for 2022.”
Attom cited the “artificially low levels” of foreclosure last year, suggesting that the current numbers are the norm. The firm also indicated that foreclosure rates are significantly higher in particular areas of the country, and cited Chicago as one of the urban areas with the “greatest number of foreclosure starts.” More broadly, Illinois was also cited as one of the states with the highest number of new foreclosures.
How to Prevent Foreclosure
There are multiple ways that you may be able to prevent foreclosure if you are behind on your mortgage payments, or even if your lender has already initiated foreclosure proceedings. You should talk with a foreclosure defense lawyer in Oak Park about one or more of the following:
If you are facing foreclosure or are worried that you will soon be facing foreclosure because you are behind on mortgage payments, it is important to seek advice from a foreclosure defense attorney in Oak Park who can assist you. You may have multiple options to stop a foreclosure. Contact the Emerson Law Firm today to learn more about how our firm can help.
Sources:
Ways to Stop a Foreclosure Before the Holidays
Zombie Foreclosures Are Returning to the Chicago Area
Significant Increase in Foreclosure Activity
In November 2022, foreclosure processes began on nearly 21,000 properties across the United States, according to the MarketWatch report. The report cites data from the analytics firm Attom, which found that foreclosure proceedings had risen by about 57 percent from November 2021 to 2022 and that these recent numbers suggest that the country “may be at or near peak level of foreclosure activity for 2022.”
Attom cited the “artificially low levels” of foreclosure last year, suggesting that the current numbers are the norm. The firm also indicated that foreclosure rates are significantly higher in particular areas of the country, and cited Chicago as one of the urban areas with the “greatest number of foreclosure starts.” More broadly, Illinois was also cited as one of the states with the highest number of new foreclosures.
How to Prevent Foreclosure
There are multiple ways that you may be able to prevent foreclosure if you are behind on your mortgage payments, or even if your lender has already initiated foreclosure proceedings. You should talk with a foreclosure defense lawyer in Oak Park about one or more of the following:
- Filing for Chapter 13 bankruptcy, which can stop the foreclosure process from moving forward and can allow you to catch up on mortgage payments in order to keep your home;
- Doing a short sale, which involves selling your house at a price below what you owe, finding a buyer for your property, and getting the lender to agree to the sale; or
- Deed in lieu of foreclosure, in which you sign over your home to the lender to avoid foreclosure, and you work with a lawyer to have the lender agree to avoid further action to recover the debt you owe on the property.
If you are facing foreclosure or are worried that you will soon be facing foreclosure because you are behind on mortgage payments, it is important to seek advice from a foreclosure defense attorney in Oak Park who can assist you. You may have multiple options to stop a foreclosure. Contact the Emerson Law Firm today to learn more about how our firm can help.
Sources:
Ways to Stop a Foreclosure Before the Holidays
Zombie Foreclosures Are Returning to the Chicago Area
Friday, November 25, 2022
Ways to Stop a Foreclosure Before the Holidays
Facing foreclosure is extremely difficult at any time of the year, especially when the homeowner does not have any options for finding a new place to live and has a family to support. At the Emerson Law Firm, we know how devastating it can be to learn that you are at risk of foreclosure, and we also know how important it is to take steps in order to prevent the completion of a foreclosure. Even if you cannot remain in your home, you may be able to sell your property quickly without taking the impact on your credit that a foreclosure would have. In addition, you may be able to work out an agreement with the lender so that you will not still owe a significant amount of money on your mortgage and will not face legal action from the lender.
Whether you are currently facing foreclosure and it appears imminent, or you are behind on your mortgage payments and have concerns about your options for the near future, our experienced Oak Park foreclosure defense attorneys can discuss potential options with you.
File for Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy, if you are eligible, can stop the foreclosure process before the holidays and give you an opportunity to catch up on your mortgage debt. A Chapter 13 bankruptcy is often the best way to avoid foreclosure and to remain in your home.
Consider a Short Sale
If Chapter 13 bankruptcy is not a possibility for you, you should speak with an attorney about a short sale. With a short sale, you must get the lender to agree, and you will need to find a buyer for the property. How does this work? A short sale involves selling your property for less than what you owe on the mortgage but for an amount agreed upon by the bank. Then, with assistance from your lawyer, you can have the lender agree to forgive any remaining debt (i.e., the amount remaining when you subtract the purchase price of the house from the amount you owe on the mortgage). While a short sale will not help you stay in your home, it can allow you to avoid the credit consequences of a foreclosure, and you may be eligible to buy a home again soon.
Find Out About a Deed in Lieu of Foreclosure
While it is often less appealing than a short sale, if your lender will not agree to a short sale or if a short sale does not seem possible or likely for other reasons, you may be able to consider a deed in lieu of foreclosure. With a deed in lieu, as it is commonly described, you will sign over your home to the bank in return for the bank agreeing to stop any foreclosure proceedings. Depending upon your circumstances, you may be able to work with an experienced foreclosure defense lawyer to reach an agreement with the bank, where they will forgive the mortgage debt you owe so that you will not face a lawsuit in the future.
Contact an Oak Park Foreclosure Defense Lawyer Today
If you are struggling to make mortgage payments and want to learn about options to defend against foreclosure or to stop foreclosure before the holidays, our experienced Oak Park foreclosure defense lawyers can help. We have years of experience representing homeowners in foreclosure defense cases, and an advocate at our firm can speak with you today about your circumstances. Contact the Emerson Law Firm for more information about how we can assist you.
See Related Blog Posts:
Zombie Foreclosures are Returning to the Chicago Area
What are the Steps in a Short Sale?
Whether you are currently facing foreclosure and it appears imminent, or you are behind on your mortgage payments and have concerns about your options for the near future, our experienced Oak Park foreclosure defense attorneys can discuss potential options with you.
File for Chapter 13 Bankruptcy
Filing for Chapter 13 bankruptcy, if you are eligible, can stop the foreclosure process before the holidays and give you an opportunity to catch up on your mortgage debt. A Chapter 13 bankruptcy is often the best way to avoid foreclosure and to remain in your home.
Consider a Short Sale
If Chapter 13 bankruptcy is not a possibility for you, you should speak with an attorney about a short sale. With a short sale, you must get the lender to agree, and you will need to find a buyer for the property. How does this work? A short sale involves selling your property for less than what you owe on the mortgage but for an amount agreed upon by the bank. Then, with assistance from your lawyer, you can have the lender agree to forgive any remaining debt (i.e., the amount remaining when you subtract the purchase price of the house from the amount you owe on the mortgage). While a short sale will not help you stay in your home, it can allow you to avoid the credit consequences of a foreclosure, and you may be eligible to buy a home again soon.
Find Out About a Deed in Lieu of Foreclosure
While it is often less appealing than a short sale, if your lender will not agree to a short sale or if a short sale does not seem possible or likely for other reasons, you may be able to consider a deed in lieu of foreclosure. With a deed in lieu, as it is commonly described, you will sign over your home to the bank in return for the bank agreeing to stop any foreclosure proceedings. Depending upon your circumstances, you may be able to work with an experienced foreclosure defense lawyer to reach an agreement with the bank, where they will forgive the mortgage debt you owe so that you will not face a lawsuit in the future.
Contact an Oak Park Foreclosure Defense Lawyer Today
If you are struggling to make mortgage payments and want to learn about options to defend against foreclosure or to stop foreclosure before the holidays, our experienced Oak Park foreclosure defense lawyers can help. We have years of experience representing homeowners in foreclosure defense cases, and an advocate at our firm can speak with you today about your circumstances. Contact the Emerson Law Firm for more information about how we can assist you.
See Related Blog Posts:
Zombie Foreclosures are Returning to the Chicago Area
What are the Steps in a Short Sale?
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