• Reasons to Hire a Foreclosure Defense Attorney

    As soon as you are served with a foreclosure notice, you should consult a Chicago bankruptcy attorney. A Chicago foreclosure attorney can help you delay the foreclosure process through a Chapter 7 petition or save your home altogether by filing a Chapter 13 bankruptcy petition. If you are filing for bankruptcy, the court will automatically issue an order for relief, which prohibits your creditors from continuing their collection activity and can postpone a foreclosure sale.

    Representing You in Court
    Foreclosure Defense Attorney in Chicago Even after filing for bankruptcy, you may have to go to court in order to prese rve your homeownership. Without the help of a foreclosure attorney, it will be much more difficult to state your case and protect your interests. The banks you face in court will have legal representation, so you will be at a disadvantage if you go to court without a foreclosure lawyer by your side. If you are filing for bankruptcy in Chicago, a bankruptcy lawyer can maximize your chance of keeping your home, ensure that you never miss a legal deadline, and help protect your rights during this stressful time.

    Responding to a Foreclosure Notice
    Once you receive a foreclosure notice, you have a certain time period to respond. This time frame is even shorter once the foreclosure summons and complaint are filed in court. Usually, you and your bankruptcy lawyers will have only a few weeks to investigate the complaint and challenge your bank. In fact, banks count on you not being able to file on time, which will result in a default judgment for the bank. Consulting with Chicago bankruptcy attorneys will keep you on track so you don’t miss this deadline.

    Investigating Foreclosure Alternatives
    As a bankruptcy attorney will explain to you, there are many alternatives to foreclosure. Once you consult a Chicago foreclosure attorney, he or she will investigate your case and provide you with a detailed analysis of your options. Foreclosure attorneys are experts at investigating foreclosure alternatives, including loan modifications and short sales. A foreclosure attorney can also help you reduce your monthly payment or reduce the interest rate on your mortgage.

  • How can our law firm help protect your home?

    If you are currently at risk of losing your home to foreclosure, the first thing that you need to do is contact a foreclosure defense attorney from our law firm. Our firm is known for providing active, aggressive help in these cases. Not only can we answer the claim, but we can defend it in state court. Foreclosure Defense Lawyer Chicago

    In modern times, cases of foreclosure can be difficult because of how often ownership is transferred. It is not uncommon for a mortgage to be packaged with securities and then sold multiple times. When this happens, it can become convoluted and difficult to determine who has the right to foreclosure.

    Therefore, when we take on a case, one of the first things that we will do is make the bank prove that they actually have the right to foreclose, which can be extremely difficult in most cases. Should they face an error in the chain of securitization or title, it may be nearly impossible for them to prove that they have the right. Due to this level of difficulty, many banks may accept a loan modification proposal.

  • Understanding the Basics of the Home Affordable Modification Program

    The Home Affordable Modification Program is available to people who are employed but are having difficulty making their monthly mortgage payments. By participating in HAMP, a homeowner can lower his or her monthly payments, making them more affordable and sustainable in the long-term. This can help a petitioner facing financial difficulties avoid filing for bankruptcy, escape foreclosure, and still keep his or her home.

    Eligibility
    Home Affordable Modification Process Chicago If someone is considering filing for bankruptcy, he or she should discuss HAMP with a bankruptcy lawyer. A Chicago bankruptcy attorney can help a petitioner determine whether or not he or she is eligible for HAMP. In general, petitioners need to have obtained their mortgages on or before January 1, 2009 in order to be eligible. In addition, petitioners must owe up to $729,750 on their primary residences or single unit rental properties. In order to qualify for HAMP, a homeowner should consult a foreclosure attorney to ensure that his or her income is sufficient to support a modified payment plan. Someone participating in HAMP also can’t have a felony conviction within the last 10 years in connection with a mortgage or real estate transaction.

    Availability
    The best way for someone to determine his or her HAMP eligibility is by consulting a mortgage service provider. This will help the petitioner determine whether or not his or her mortgage company participates in the program. If the mortgage company doesn’t participate in HAMP, it might be willing to discuss other foreclosure prevention programs. A mortgage company may also offer loan modification options, so it’s important for a petitioner to discuss these options with a bankruptcy attorney .

    Application
    In applying for HAMP, a homeowner needs to complete various forms and file them with his or her mortgage provider. A Chicago foreclosure attorney has the experience to ensure that these documents are completed accurately. Chicago bankruptcy attorneys understand how to fill out the Request for Mortgage Assistance Form and related IRS paperwork in Illinois. In addition, Chicago bankruptcy lawyers can help homeowners determine which mortgage loan modifications are best suited to their financial situations.