Missing one mortgage payment or accidentally paying the incorrect amount doesn’t necessarily mean you will face foreclosure and the prospect of filing for bankruptcy. However, if you are unable to stay current on multiple mortgage payments, your lender may try to repossess your property and sell it to pay back your debt. In fact, your lender can get a court order cancelling your property rights if you continuously fail to make your monthly mortgage payments, which is why it’s so important to enlist the services of a foreclosure attorney.
If you begin to fall behind on your monthly mortgage payments, it’s a good idea to consult a Chicago bankruptcy attorney . As your bankruptcy lawyer will explain, your lender ne eds t o give you an opportunity to make payments or obtain a loan modification before beginning a foreclosure proceeding. Even though the legal requirements vary by state, you generally need to be considerably behind on your payments for foreclosure to begin. If you are filing for bankruptcy in Chicago, this will result in an automatic stay, which will immediately stop creditor activity on your property. However, every bankruptcy case is unique, so it’s important to discuss your financial situation with a foreclosure attorney in your area.