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. Contact your lender proactively and ask them if something can be done to remedy the situation before the 90-day period is achieved. Remember, you have this period where you can submit the missing payment and avoid problems.
The lender starts by sending you an initial notice for complying with the mortgage terms. You then reach a notice that initiates the foreclosure process. Accepting these notices on time give you the best chance of seeking an experienced foreclosure lawyer and preparing a strong defense. This certainly helps you with other tips as well.
Discuss with Lender
Discussing the foreclosure situation directly with the lender may help you in most foreclosure situations. Remember, the lender must wait for 120 days of delinquent behavior before filing for foreclosure. You can quickly discuss an earlier notice from your lender and find out you still have some time to remedy the situation by working out an agreement with the bank. In most cases, the bank keeps sending you notices to inform you of the missing payments.
Seek a Lawyer
The most important tip is to seek an experienced foreclosure lawyer immediately for preparing a defense. You should help your lawyer with all the documentation and the communication that you may have had with the lender’s representative. Since skilled attorneys are aware of the state regulations and the laws that govern foreclosure, they can prepare a suitable defense according to your particular situation.
You should ask your foreclosure lawyer any questions that you have in mind and they will have the answers ready for you. They allow you to relax and make up your mind how you want to get out of a foreclosure situation. Sometimes, holding onto a large mortgage may not be the right option, in which the next point may be advised by your lawyer.
Short Sale
A short sale is when you sell your house at a value lower than your mortgage with the permission of your lender. This is often the best solution for both sides, but you should only go for it if you have hired a foreclosure lawyer and have worked out the finer details of the process. This is important, since it will allow you to stay away from any surprises that may destroy your capacity to save your remaining assets. Typically, you still owe the remaining money to the lender but it is often waived off, based on your monetary situation.
Always remember that you must act swiftly for the best foreclosure defense. Contact Covert & Covert, LLP at (630) 717-2783 or online to schedule a free consultation today and let our foreclosure defense attorney help with your case.
