Bensenville Foreclosure Defense Attorney

DuPage County Residential Real Estate Lawyers for Foreclosures and Short Sales

For many families, home ownership offers financial security, ensuring that they will be able to maintain a place to live while building wealth that can be passed down to future generations. Unfortunately, a family may encounter financial issues that can disrupt their goals. Unexpected health issues that affect a person's ability to earn an income, the accumulation of other types of debts, or increases in a family's expenses may make it difficult to make ongoing mortgage payments, and family members may be concerned about the possibility of foreclosure. By working with an attorney who is experienced in matters involving real estate and debt relief, a family can determine their options for defending against a home foreclosure or minimizing their financial losses.

At the firm of Hunt & Subach, Ltd., we help our clients address multiple issues related to real estate, and we advise them on the best steps they can take to prevent the loss of their home or determine how they can return to financial stability. If you have gotten behind on your mortgage payments, are concerned about your ability to repay the debts you owe, or believe that you may need to sell your home and find more affordable living arrangements, we can advise you of your options and provide you with legal representation to help you resolve these matters effectively.

Defense Against Foreclosure

If you have defaulted on your mortgage, your lender may have contacted you to request payments, or they may have informed you that they intend to take action to foreclose on your home. If you do not take steps to address this issue, the lender may file a lawsuit against you, and if they obtain a judgment of foreclosure, your home may be sold, and you may be evicted. If the sale of the home does not fully cover the amount owed on your mortgage, the lender may also attempt to collect a deficiency judgment against you and recover the amount that is owed.

You can put a halt to foreclosure proceedings by filing for bankruptcy. This will place an automatic stay on any actions taken by your mortgage lender or other creditors to collect the debts you owe. By proceeding with the bankruptcy process, you can determine the best ways to address the amount owed to your lender, and you may also be able to eliminate other types of debts. In many cases, Chapter 13 bankruptcy is the best option to prevent foreclosure. This will allow you to consolidate certain debts into a three-to-five-year repayment plan. By doing so, you can make up any missed mortgage payments, fees, and penalties, and you may also be able to eliminate other debts once your repayment plan is complete.

If you do not wish to proceed with bankruptcy, you may be able to work with your mortgage lender to negotiate loan modifications that will allow you to avoid foreclosure. A lender may agree to a forbearance of payments for a period of time, or missed payments may be added to the principal of your loan. You may also be able to reduce your interest rate or extend the term of your loan in order to make sure you will be able to afford ongoing payments.

Completing a Short Sale

If the loss of your home cannot be avoided, you may be able to minimize your losses by selling the home for less than the amount owed on your mortgage. Your lender will usually need to agree to this type of sale, and you may need to provide evidence that you have experienced financial hardship. By completing a short sale, you can avoid the possibility that your lender will attempt to collect money from you through a deficiency judgment. You may also be able to take advantage of government assistance programs or other incentives that will allow you to find affordable housing and maintain financial stability.

Contact Our Bensenville Home Foreclosure Lawyers

If you are facing the threat of foreclosure, our attorneys can help you determine your best options. We can advise you on whether filing for bankruptcy may be a good way to address your debts and maintain ownership of your home, or we can help you negotiate loan modifications or complete a short sale. To get legal help with issues related to debts and foreclosure, contact us and arrange a free consultation by calling 630-860-7800. We provide legal help with bankruptcy, foreclosure, and real estate matters in Downers Grove, Geneva, Naperville, Bensenville, Wheaton, St. Charles, Kane County, and DuPage County.