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. Keep in mind that rarely do lenders relish foreclosing. It costs them time and money. Generally, they would rather work with the borrower. In extraordinarily aggressive foreclosure cases, the lender may be out of line and illegally harassing, bullying, and threatening a borrower. Lawyers can make them put an end to this behavior as well. It would be best if you engaged lawyers who get results to protect you and meet your needs.
Remember this: Do not assume that your foreclosure will happen. Assume only that you need to get legal help to fight it.
What If I Want to Allow Foreclosure?
A foreclosure lawyer’s job is to advocate for your wishes and resolve the situation in your best interest considering those wishes. Therefore, access legal services. The attorneys will first go over your circumstances with you and explain your options.
If your choice is to allow the foreclosure, your time with the attorney will not have been wasted. This is because it is in your best interest to have your lawyer arrange for you to surrender your property to the lender. Through a deed in lieu of foreclosure, your attorney can negotiate the circumstances of when and how you will hand over the property.
Foreclosure and deed in lieu of foreclosure have different impacts on your credit, financial situation, and even the time you have to vacate your home. This is why it is best to work with a lawyer with experience in Illinois foreclosure law before pursuing either.
Foreclosures in Illinois and all over the country are expected to increase. COVID-19 and the volatile economy are continuing, along with everyday challenges that have always led to foreclosures. If you fear foreclosure, your story needs to be heard by a lawyer. The information about foreclosures, options for homeowners, and avenues to relief are of little help if you do not have a lawyer pursuing them on your behalf.
Vantage Group Legal Services: Affordable Legal Representation Made Simple
Vantage Group Legal Services simplifies and expedites the legal process for foreclosures, civil litigation, and more, all while saving you money. As a unique company, Vantage Group Legal Services makes accessing legal help simple. You do not have the hurdles of searching for attorneys or dealing with a law firm. Instead, just submit an inquiry, and an attorney will contact you for a free no-obligation consultation.
Once you then subscribe to Vantage Group Legal’s subscription plan, an experienced network attorney that is the perfect fit for you will be assigned. All of this can take place typically in 24 hours. At that point, turn your concerns over to your network attorney. They will handle all aspects of your case for as long as you are subscribing to services. Vantage Group Legal Services is based in Chicago. Our primary focus is foreclosure defense. You need only contact us to begin getting the legal help you need.