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Facing foreclosure in Chicago? Start by reading this guide, then contact Vantage Group Legal for immediate help. Home foreclosure is the process by which you lose legal ownership of your property. Receiving a foreclosure notice can be overwhelming. This process occurs several months after months of missed mortgage payments.  Many Chicago area homeowners are devastated when they receive a foreclosure summons and do not know how to cope with the situation. If no action is taken, the bank can take your home and negatively impact your finances. Though this sounds like a difficult situation to overcome, you may have options to save your home and get foreclosure help in Illinois.  Foreclosure Resources for Homeowners There is foreclosure help in Chicago and the surrounding areas that you can take advantage of to guide you through the process of dealing with your potential foreclosure. Here is a list of some of the available resources to help you keep your home in Illinois. Illinois Housing Development Authority Foreclosure counselors from the Illinois Housing Development Authority are available to provide advice and services to help homeowners. These services include reviewing your mortgage and finances and discussing options to find a solution.  Hope Hotline 1-888-995-HOPE Develop a plan tailored to your unique foreclosure situation. Hope Hotline provides free one-on-one confidential and comprehensive financial and foreclosure prevention education.  Consumer Financial Protection Bureau The U.S. Department of Housing and Urban Development (HUD) approved the Consumer Financial Protection Bureau‘s list of housing counselors. A housing counselor can offer independent advice on your mortgage and other financial housing issues.  Illinois Legal Aid Resources that explain the foreclosure process are available from Illinois Legal Aid, along with the necessary paperwork and filing timelines to guide you through the process. There are also helpful videos explaining how foreclosures work and what you can do.  Illinois Hardest Hit Fund Financial assistance is available through the Illinois Hardest Hit Fund for thousands of homeowners who meet eligibility criteria and have experienced at least a 15% income reduction due to qualifying hardships.  Neighborhood Housing Services of Chicago, Inc. A certified homeowner counselor from Neighborhood Housing Services of Chicago, Inc., can help identify foreclosure prevention options and solutions to make your home more affordable. They also offer additional homeowner advice and resources.  Illinois Attorney General At the Illinois Attorney General‘s website, you can learn about the steps you should take when facing a foreclosure, your legal rights and options, and what to beware of. This site also provides access to the attorney general homeowner helpline.  Chicago Urban League The housing and financial empowerment center of the Chicago Urban League is a counseling agency that provides professional assistance for low-to-moderate-income residents. Some of their services include mortgage delinquency and default resolution, pre-purchase counseling, homebuyer education, financial counseling, foreclosure prevention, and more.  Northwest Side Housing Center Certified counselors from the Northwest Side Housing Center work toward improving your housing situation through counseling, education, and advocacy. If you are unable to make your mortgage payment and trying to save your home from foreclosure, they can work with you and your bank to make keeping your home affordable. This organization focuses on residents in Belmont Cragin and the surrounding communities. Partners in Community Building (PICB) PICB’s foreclosure prevention department assists clients who are in imminent default, facing foreclosure, or in post-foreclosure. Help is offered through the various federal government, bank, and investor programs.  How Can an Attorney Provide Foreclosure Help in Chicago? If you would like to keep your home and believe you have a defense to the foreclosure, your best option is to seek help from an experienced attorney who is knowledgeable about Illinois foreclosure laws. Most defenses are going to require navigating the legal system. Some valid defenses for foreclosure may include: Proper foreclosure procedures were not followed; The party foreclosing on your property cannot prove that it owns your mortgage loan; and The servicer made a serious error with your account.  If you choose to contest the foreclosure, there are several steps that you will need to take within the appropriate time frame.  Complete a Mortgage Foreclosure Appearance and Answer to Complaint This form lets the court know that you have been informed of the foreclosure summons and allows you to contest the information within the summons. You also have the opportunity to state any defenses you may have to the foreclosure and facts to support those defenses. An experienced attorney will ensure that this form is thoroughly completed and that your facts do support your defense.  Submit Documents to the Court Clerk The Mortgage Foreclosure Appearance and Answer Form should be submitted electronically to the court clerk in the county where you are filing the case against your foreclosure. This is usually the county where the property is located. Your attorney will do this on your behalf.  All Parties Are Informed of Your Answer The other parties involved must be made aware of the lawsuit. It is best to send these documents to the party’s attorney if they have one. Having your attorney ensure proper delivery will take this procedural aspect off your shoulders. Documents can be hand-delivered, mailed, sent by a third-party postal carrier, or filed electronically. Prepare for and Attend Court An experienced attorney is necessary to help you prepare for court. It is important to ensure you have all relevant documents and proof to defend against your property foreclosure. This may include all financial and payment history surrounding your home. You and your attorney should also review any potential questions that you may be asked by the judge and bring copies of all relevant documents. The judge and your attorney will direct you on how to proceed once you are in court.  Why Hire a Foreclosure Attorney? A foreclosure lawyer can help you formulate your arguments against foreclosure, navigate the rules of the court, and submit the appropriate paperwork at the appropriate time. It’s unlikely that you, as a homeowner, could mount a successful defense to property foreclosure without the help of...

Facing foreclosure in Illinois? Start by reading this guide, then contact Vantage Group Legal for immediate help. Anticipating or dealing with the process of foreclosure can be an angst-ridden time for anyone. Tendencies can be to ignore the possibility of foreclosure, try to handle the foreclosure case on your own, or be angry about the circumstance but not act. However, the most productive result is understanding the Illinois foreclosure process and seeking immediate help from an established legal service with expertise in Illinois foreclosure law. If you face foreclosure, you are taking a significant step in protecting yourself and your property right now by reading a bit about the Illinois foreclosure process. No matter what the circumstance, you have rights and options. Here’s a brief guide to help you get started on addressing foreclosure in Illinois. What Is Foreclosure? Let’s start with the basics. You’ve heard the term and maybe received a notice which references the term. But what exactly is foreclosure? Foreclosure is a process. It involves a lender taking a homeowner’s property because the homeowner failed to make agreed-upon payments or otherwise violated the mortgage contract. The Impact of Foreclosure in Illinois We understand the fear, desperation, and anger a foreclosure may be causing you. A foreclose can result in: A poor credit record, Difficulty in buying a home in the future, Financial upheaval, and  A change in living circumstances as you will have to vacate the property. There are also mental health tolls due to the stress of the circumstance. This legal process of foreclosure is indeed severe. As a result, individuals regularly consult Chicago foreclosure attorneys to help them avoid foreclosure. The Illinois Foreclosure Process There are various statutes in our state which address Illinois foreclosure law. Many legal terms can cause the statutes to be overwhelming to non-lawyers and even to lawyers who are not foreclosure experts. So let’s look at what some consider a typical home foreclosure process: A homeowner receives a warning that they are behind on payments or or have otherwise violated their mortgage contract; The lender sends the property owner a warning letter, notifying them that the lender may pursue foreclosure; A notification that the lender is filing for foreclosure is provided to the homeowner; and The judicial system provides notice that the lender has filed for foreclosure. The ending, without intervention, will be that the court allows the lender to take possession of the property and the now-former owner must vacate the property. No two foreclosure experiences are identical. But what will always be similar in every case is that a process that can end poorly without legal advocacy. What to Consider When Facing Foreclosure in Illinois It is incorrect ever to assume that foreclosure is the result of blatant irresponsibility. Guilt and embarrassment often plague those facing foreclosure. Even though a foreclosure notice may cause those emotions for the homeowner, a foreclosure warning in Illinois does not tell the story of the struggles the recipient has faced. Consider this scenario. A homeowner is a reliable, hard-working citizen. They have paid their mortgage on time for over 15 years. Due to Illinois unemployment and the economy, they lost their job and got far behind on their mortgage. Like many, they live paycheck to paycheck and don’t know where to get assistance. Feeling at fault, they do not contact the bank to explain their situation. Sadly, in time, they receive a foreclosure warning. This person may suffer the same fate as many others and lose their home.  The difference between those who end up in foreclosure and those who do not is often whether they sought help from an Illinois foreclosure lawyer. In the story above, if the person reached out to an attorney along the way, the attorney may have been able to help them avoid losing their home. Foreclosure in Illinois: It’s Possible Even If Your Mortgage Is Current Illinois mortgage foreclosure law also permits foreclosure even when a person is current with all payments. These cases may involve homeowners insurance, taxes, or the condition of your property. Many mortgage contracts require that you stay current on taxes and insurance and keep your property in a reasonably habitable condition. If you fail to do any of these things, you may violate your mortgage contract. The result? Possible foreclosure. In some cases, even HOA (homeowners association) violations can lead to foreclosure. You may be wondering, How long does foreclosure take in Illinois? The foreclosure timeline is varied and can depend upon the lender processing the foreclosure. It also may be based on the terms of your mortgage contract. Another factor may be legal protections given to homeowners to lessen, slow down, or even halt foreclosures because of COVID-19. It is never too late to try to fight a foreclosure. Stopping Foreclosure in Illinois There are many ways to fight foreclosure in Illinois. The first step is to hire a lawyer with experience in foreclosure defense. You want to do this as soon as you fear you may be at risk of foreclosure so that they can intervene swiftly to protect you. Foreclosure defense attorneys know how to fight Illinois foreclosure actions. They will review your specific circumstance and determine how best to advocate for you. Their legal strategies may include: Negotiating with your lender to allow for makeup payments;  Helping you submit the arrears amount, if you are able, to end the foreclosure process; Applying for state and federal relief to block the foreclosure; Battling the lender if they have unjustly started foreclosure; Addressing your extraordinary circumstances with the lender and seeking leniency of terms; and Negotiating for new terms of your mortgage contract. The above are just a few examples of the many strategies quality legal services can implement to fight for you. Each are good ways to resolve a foreclosure situation in a clients’ favor. You Have Options for Avoiding Foreclosure in Illinois It is rare that there are not some avenues available to try to avoid foreclosure....

Sometimes life can get a little hectic, especially with the current global landscape of uncertainty. Whether you forget to make your mortgage loan payment or lack the funds to do so, missing one payment is not the end of the world. Unfortunately, missing multiple mortgage payments can be a much more serious issue.  After 90 days without payment, your mortgage loan automatically defaults, and you may face foreclosure on your home. All foreclosures in Illinois are judicial foreclosures, which means that a lawsuit is required to foreclose on a property. Continue reading to learn about the Illinois foreclosure process and timeline, along with valuable information about the steps you can take to try and avoid property foreclosure. How Long Does a Foreclosure Take in Illinois? The time it takes from missed payments to having a home foreclosed on and sold can vary significantly depending on the individual case and whether you opt to contest the foreclosure. Without contesting the foreclosure, it can take up to 15 months before the property is no longer yours. Don’t start packing just yet. There are a lot of steps along the way. Here is the general Illinois foreclosure timeline: 30-60 days late: missed payments prompt contact from the lender. 60-120 days late: automatic mortgage loan default. 90 -120 days late: lender provides a breach letter.  120-175 days late: homeowner receives service of a mortgage foreclosure summons. 230 days late: without a response, the court enters default judgment. 260 days late:  right to reinstate the loan expires. 7 months after being served or 3 months after judgment (whichever is later): right to redemption expires. 10 days before sale: receive written notice. 15 days after property is sold: an eviction notice is entered. 30 days after property is sold: you may be forcibly evicted.  If you decide to contest the foreclosure, the timeline will change a little. The process will also include document filing deadlines and court proceedings. Reasons for Property Foreclosure Lack of payment leading to a mortgage loan default is the most common reason for foreclosures, but there are a few other things that could lead to foreclosures. Some of these include unpaid property taxes or homeowners association fees. Most mortgage contracts also require homeowners insurance to remain up to date and for the property to be maintained to a specific standard. These issues are all grounds for foreclosure. However, here we address how long a foreclosure takes in Illinois specifically with regard to mortgage loan default. Illinois Foreclosure Process and Timeline Going through foreclosure proceedings can be extremely stressful and hard on you as well as those you care about. This is especially true if you and your loved ones are living on the property in question. The help of an experienced foreclosure attorney could make the process a lot easier and potentially uncover ways that you could keep your home. It may be worth looking into getting professional legal help with your potential foreclosure.  Here is a breakdown of each step to better answer the question, How long does a foreclosure take in Illinois? Missed Mortgage Loan Payments Most lenders offer a grace period before assessing late fees on missed mortgage payments. The lender may even reach out to provide payment assistance programs to help you catch up. Life happens, and sometimes our finances change. Most lenders understand that, but that doesn’t mean that you shouldn’t take missed payments seriously. You certainly should not ignore lenders who may have options to help you out of debt.  Automatic Mortgage Loan Default In Illinois, your mortgage loan will automatically default after 90 days without payment. At this point, your lender will send a Notice of Default (NOD), which serves the purpose of informing you of their intent to foreclose on your property due to lack of payment. Once the lender sends this notice, your foreclosure becomes a public record. Beware of solicitation from creditors offering to help. It is best to work with your lender directly or a reputable debt management company.  Breach Letter Is Received Most mortgage contracts contain a clause that requires the lender to send a “breach letter” when the loan defaults. The lender should issue this letter 30 days before filing the foreclosure lawsuit, giving you, as the borrower, a chance to avoid foreclosure proceedings. Thirty days after the breach letter is sent and 120 days after the first missed payment, the lender may file a foreclosure complaint.  Served with a Mortgage Foreclosure Summons Despite what you may have seen in the movies, hiding in the bathroom or closet when the mailman knocks on your door will not prevent you from being served. The mortgage foreclosure summons is not something you should ignore. It is necessary to read the complaint to understand the allegations against you, find any discrepancies, and be notified of any important dates.  Default Judgment Is Entered If you choose to ignore or to intentionally not respond to the mortgage foreclosure summons, a default judgment will be entered against you. If you choose to respond and fight the foreclosure, this will change the Illinois foreclosure process timeline for your specific case. It is best to consult with a foreclosure attorney to assess your options prior to deciding whether to respond to the summons. Choosing not to respond means that you essentially agree with the complaint and the lender’s request for foreclosure.  Right to Reinstate Loan Expires In Illinois, you have 90 days from the date the lender serves you with the mortgage foreclosure summons to reinstate your mortgage loan, even after a default judgment has been entered. This means that you may bring your loan payments current along with other expenses that have occurred because of your late payments. Reinstatement after the 90 days may still occur if the lender allows it, but they are not obligated to do so. If the lender allows an extension past the 90 days, it could change how long the foreclosure takes in Illinois.  Right to Redemption Expires Up until seven...