Schaumburg Foreclosure Attorney
Suburban Legal Group PC provides foreclosure attorney services in Schaumburg, IL
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Suburban Legal Group PC – Schaumburg (Main Office Location):
1305 Remington Road, Suite C
Schaumburg, IL 60173
Foreclosure and Bankruptcy Services in Schaumburg, IL
The main office of the Suburban Legal Group PC law firm is in Schaumburg, IL at 1305 Remington Road, Suite C, Schaumburg (pronounced /ËˆÊƒÉ”ËmbÉ™rÉ¡/), Illinois 60173.
If you are living in Schaumburg and are afraid you might lose your home, a Foreclosure Attorney can help.
Losing your home is a legitimate fear for many in the Schaumburg area, as foreclosure proceedings in Illinois have recently increased drastically despite relative economic and real estate market recovery. According to a recent Tribune article:
Illinois’ third-quarter home foreclosure activity rose 31 percent compared to the same period last year. A report released Thursday by Irvine, Calif.-based RealtyTrac shows Illinois with 42,176 foreclosure filings from July through September. That represents one in every 126 housing units — the fourth-highest rate in the nation.
If you have been unable to make mortgage payments on your home in Schaumburg on time, foreclosure proceedings may be initiated by your bank or other creditors. Therefore, you should contact a foreclosure attorney in the Schaumburg immediately if you have been missing your mortgage payments.
What Will Happen in a Foreclosure?
While every situation is different, the following are typically true when a foreclosure occurs:
- It is very likely that you will lose your house.
- You may lose all the equity in your home. The bank’s primary goal is to cover their costs, and it is unlikely that there will be any additional funds remaining from the sale after these fees are paid:
- Mortgage payment arrears
- Attorney fees
- Auction fees
- There will be damage to your credit score. Obtaining loans or credit cards will become much more difficult, and if you do qualify, your interest rates will be much higher. Additionally, a foreclosure stays on your credit report for seven years.
Can I Avoid Foreclosure?
An experienced foreclosure attorney in Schaumburg can guide you through your options when facing foreclosure:
- Chapter 13 Bankruptcy. Filing Chapter 13 bankruptcy stops foreclosure proceedings. Additionally, the arrearages owed will be paid back through a court appointed official while you continue to make your monthly payment. Bankruptcy may not be the best choice for your situation, and Suburban Legal Group PC can help you decide if Chapter 13 bankruptcy is the right choice for you.
- Federal Assistance Programs. If you qualify, mortgage assistance is available from the federal government.
- Negotiate a Mortgage Modification. Working with your lender to extend your repayment term or modify your interest rate may be an option. A modification would lower your monthly payment to a manageable amount, enabling you to continue payments.
- Payment in Full. Foreclosure process will be stopped if you can pay the amount owed in arrears, plus all fees and penalties incurred.
Legal Help for Your Schaumburg Home Foreclosure
Foreclosure can be a complex process, and it takes experience and ingenuity to come through with the best results possible. There is also a chance that you might be able to avoid losing your home. To do this, you should contact an experienced foreclosure attorney in Schaumburg and keep the lines of communication open with your lender.