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Can My Disability Pay be Garnished in a Foreclosure?

To be living off of disability and facing foreclosure can create quite a conundrum. Will your lending financial institution’s decision to foreclose your property while you are solely surviving on social security impact your life?  Yes. But in the case that the lender is not able to recover the amount you owe by selling the mortgaged property, will the court, under the garb of garnishment allow the lender to take your social security funds away? And do you need a foreclosure defense lawyer? These are the most common questions that run through...

Foreclosure Defenses for Real Estate Property Owners

If you have defaulted on a mortgage for your real estate property, the creditor can decide to foreclose on the property and then sell it at a formal auction to the highest bidder. However, there are certain steps you can take to defend against foreclosure. It is critical that you retain a great foreclosure defense lawyer to support your case and help you understand the foreclosure process as well as following possible arguments. Foreclosure process Before considering foreclosure, your lender may send you a formal notification that you are defau...

Foreclosure Defense Tips that You Should Know

Facing a foreclosure in Illinois can be a daunting task without the help of an experienced foreclosure attorney. Although it is best to avoid foreclosure situations, here are a few tips that you should know in case you need to exercise foreclosure defense to get out of sticky situations: Accept Documentation Some people commit the mistake of not being vigilant about receiving notices and reach a position when it is too late to mount a defense. The first tip is to be always attentive, especially when you have even missed a single repayment. Cont...

Short Sale – A Necessary Defense to Stay Away from Foreclosure

It may not be ideal to lose your home, but it is always better to lose your home while it still has some value and can help you get rid of the impending debt. A short sale is an important term in the real estate industry. It is a way of avoiding foreclosure, by selling the property earlier, and often at a lower value. This only works out if the lender agrees to it, as you must present financial circumstances that help the lender realize that it is the best solution. Here, we describe some benefits of a short sale that you can get by seeking the...

Defaulting on a Second Mortgage: What You Should Know

When purchasing a home, people often take out more than one mortgage loan to accommodate other expenses. These loans can be used for covering the initial purchase of the property, carrying out a home remodel or renovation project, going on a vacation, or even paying for college fees. However, just like a primary mortgage loan, if you default on the payments of the second mortgage, you are likely to face a foreclosure. Whether the first or second lender initiates the process typically depends on the current value of your home. Understanding a Se...

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