Behind on Your Mortgage Payments and Facing Foreclosure in Chicago?
There’s Got to be Another Way!
Looking for some foreclosure alternatives assistance? If you’ve been getting notices from your lender regarding late payments, you may be headed down the path toward foreclosure. Before you stop opening those letters or start packing, consider getting some help! There are actually a number of viable, effective alternatives to foreclosure, but you need to be proactive to take advantage of them.
- Step 1 is checking out the list of foreclosure alternatives below.
- Step 2 is contacting an experienced foreclosure attorney who can help you determine which options could work for you.
The Top 6 Foreclosure Alternatives
- Get Help! Don’t ignore the problem. The further you fall behind on your payments, it will be harder to reinstate your loan and more likely that your lender will decide to foreclose. Contact an experienced foreclosure attorney in the Chicago, IL area immediately if you hope to save your home. Suburban Legal Group PC can guide you through your options when facing foreclosure.
- Full Payment. If you are able to pay the amount owed in arrears, plus all fees and penalties incurred, the foreclosure process will be stopped.
- Lender Approved Mortgage Modification. Your lender may be willing to work with you to extend your repayment term or modify your interest rate to lower your monthly payment to a manageable amount. They may be motivated to offer better terms because of the expectation that you might be able to afford a lower payment, and that a performing loan (i.e. one in which payments are current) will be more valuable ultimately than the proceeds obtained from a foreclosure sale.
- Federal Programs. In response to the housing crisis brought on by the financial collapse of 2008, the Federal Government implemented a number of programs to assist homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department and HUD. Options include modifying or refinancing your loan for lower payments, dealing with “underwater” mortgages, assistance for unemployed homeowners, managed exit for borrowers, FHA-insured mortgages, and more.
- File for Chapter 7 or Chapter 13 Bankruptcy. Filing bankruptcy stops foreclosure proceedings through the “automatic stay”. The automatic stay is triggered as soon as you file Chapter 7 or Chapter 13 bankruptcy. No action besides filing a bankruptcy petition is required for the automatic stay to go into effect. Once you file bankruptcy, the automatic stay bars any attempts to begin, continue, or complete a foreclosure, either in or out of state court. However, there are exceptions and clauses that may apply, depending on your situation. Getting more information from a bankruptcy attorney is key.
- Forbearance. The bank may agree to accept a lower monthly payment or no monthly payment for a limited time. At the end of the forbearance agreement you must bring the account current. However, you may have to make larger payments later on. Make sure you understand the terms and can afford a forbearance agreement before you agree to it. Hiring a foreclosure attorney who can deal with the bank may make this process less daunting.
Recent Foreclosure Attorney Testimonials:
At Suburban Legal Group, understanding your needs and representing your best interests with honesty and integrity is our core mission. See what others have said about our services:
Excellent law firm, very friendly,helpful and professional. Highly Recommend!
“We are very happy with our experience with Suburban Legal Group. When ever we had a question, needed help, or when we needed Suburban Legal Group to take action for us they were very prompt, friendly and professional. Also, everyone on their staff is wonderful. Every time we called it seemed they had our file out in front of them and knew us, ready to answer our questions. No complaints at all. Thank you to everyone in your firm that helped us.”
Rob and Jyne C.
Outstanding Law Firm
“Suburban Legal Group PC were excellent in handling us as people and clients. Our privacy was protected and everyone on the staff was genuine and warm. The service was explained thoroughly and handled professionally. All our expectations were met. Our every concern was handled quickly and efficiently. I would highly recommend this law firm to everyone.”
Arlington Heights, IL
Looking For Foreclosure Alternatives to Save Your Home in Chicago? Set Up a Free Consultation Today!
If you want to save your home from foreclosure, it is crucial that you act the second you suspect your home may be in jeopardy. You may still have time to take advantage of one of the numerous options we’ve outlined above. Contact Suburban Legal Group PC for a Free No Obligation Foreclosure Legal Evaluation today! With no hidden fees and no obligation to commit to our services in this consultation, what do you have to lose?