Facing foreclosure? Start by reading this guide to Illinois foreclosure law, then contact Vantage Group Legal for immediate help. Anticipating or dealing with the process of foreclosure in Illinois 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...
Continue ReadingIf you have missed mortgage payments or your lender has filed a Notice of Default (NOD), you might feel like there is nothing you can do to prevent the loss of your home. Facing foreclosure is stressful, legally complex, and a danger to your credit. But you are not without hope. In Illinois, there are legal avenues an experienced...
Continue ReadingFacing foreclosure in Chicago? This article lists free resources for you to explore, and explains your options for resolving your foreclosure issue. 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...
Continue ReadingThe foreclosure process in Illinois can take several months, and you may have options to avoid foreclosure. Even still, you should not ignore the foreclosure summons. If you’ve received a foreclosure summons, it’s in your best interest to consult with a qualified foreclosure defense attorney. At Vantage Group we offer low-cost legal service subscriptions to help folks like you...
Continue ReadingHomeowners have many possible options before foreclosure happens. The only time it is finally too late is when the house has been sold at auction after a court approves the sale. General Timeline of Foreclosure Proceedings Lenders must make a decent amount of effort to attempt to help the borrower avoid foreclosure. Here is a brief timeline of what...
Continue ReadingOn June 25, 2021, the Biden administration and the Federal Housing Finance Agency (FHFA) announced that the national foreclosure moratorium ends on July 31, 2021. However, many borrowers are still experiencing hardships related to COVID and remain seriously delinquent. The mortgage industry is anticipating a high volume of foreclosures and an overwhelming amount of assistance requests. The Biden administration...
Continue ReadingForeclosure most commonly refers to a lender taking possession of a property for non-payment of a mortgage loan. However, the status of mortgage payments is just one cause of foreclosures. Other causes include the owner’s unpaid debt to other parties, a homeowner not meeting other aspects of the loan agreement, and payments misdirected to the wrong lender. Therefore even...
Continue ReadingLegal and real estate professionals expect foreclosures to be on the rise in 2021. Fortunately, the federal government is aware many people are struggling due to COVID-19. Forbearance avenues, therefore, exists to assist homeowners. If you are a homeowner genuinely unable to meet your mortgage obligations, you should explore all avenues of mortgage forbearance. COVID-19 or other life challenges...
Continue ReadingIf you are fearing foreclosure, an experienced Chicago foreclosure defense attorney can analyze whether you are at risk. If you are, they can help prevent foreclosure and protect your credit. Do not let the fear of foreclosure paralyze you. Be proactive by understanding your rights and using available courses of action. Let’s answer some questions you may have about...
Continue ReadingIf you are making payments during foreclosure, it is important to understand whether the lender can accept those payments. In addition, you should evaluate your reasons for making payments. Depending on why you are making the payments during foreclosure, there are likely other options to meet your goals. In Foreclosure, Will the Lender Still Accept My Payments? The short...
Continue Reading