Times are tough. Trust me, we understand this statement completely. The economy is tough and jobs that were once abundant just a few years ago have all but dried up. Prices are rising, job salaries are staying the same, and it’s created a financial market that is a headache for a large percentage of us. If you find yourself pushing the cable bill aside one month in order to keep the lights on, and then pushing the car payment off one month in order to get your cable turned back on, the constant treading water is enough to cause a huge amount of stress. However, there’s one bill that can come back and cause more than just stress if it’s pushed aside; your mortgage. Home ownership is a huge responsibility and with that responsibility is the requirement to pay the mortgage every month. When the mortgage slips behind and the mortgage company becomes involved, it is necessary to contact a Foreclosure lawyer right away.
As your lender will likely start calling after the second mortgage payment is missed, it is important to be proactive and take the steps necessary to save your home. Instead of ignoring the lender’s phone calls and hoping that it will go away, it is a better option to pick up the phone and let the lender know that you are having a hard time paying the mortgage. You may be surprised to find out that lenders generally do not want you to lose their home, and most are willing to work with their mortgages, within reason. However, once you are 60-120 days late and receive a Notice of Intent to foreclose, the process becomes more difficult the longer you allow it to go on. In Illinois, it can generally take anywhere from approximately 12-15 months for a foreclosure to be completed from the date of your first missed payment. The important thing to remember is that within that time frame, there are several steps that occur at pre-determined times and having the assistance of an attorney is crucial. If you work with Foreclosure lawyers in Chicago, you will find yourself represented by an experienced attorney skilled in the ins and outs of the foreclosure process. If it is your intent to save your home and avoid going through a foreclosure, working with the attorney to stay the proceedings is a very crucial step.
Once you have received the intent to foreclose and the lender has their attorney involved, your Chicago foreclosure attorney will contact their attorney in an effort to work with them to come to an agreement which will allow you to stay in the home. In some cases, a reinstatement may be possible which means that you agree to pay the lender the monthly payments owed, the late fees, court fees, and attorney’s fees. Your attorney will be able to discuss these options with you and will counsel you on what your legal options are going forward.
Foreclosure can be a very difficult and scary time, and we understand that it’s natural to want to avoid the situation and hope that it will magically fix itself. Trust us when we say – it doesn’t. Being proactive and taking the steps necessary to save your home is the difference between making a lifetime of memories in your home and needing to start all over in a different home.