Homeowners in the Chicago area may be among the many individuals across the nation who are facing foreclosure. However, our firm offers individuals a number of different strategies that may be used to fight foreclosure proceedings and keep residents in their homes.
When having difficulty making mortgage payments, it is important to remember that a bank will typically start the foreclosure process after just a few payments have been missed. The best course of action may be to seek help well before the bank begins legal action. When an event, such as job loss, changes the household income, a proactive approach to a possible solution is usually preferred over waiting for the bank to begin sending foreclosure notices.
Among the options available are the HAMP, short sale, Chapter 7 bankruptcy and deed in lieu of foreclosure. In addition, some consumer might be able to pursue a modification on a loan, or a person might try to restructure his or her mortgage. These are all different avenues and each has its own qualifications, benefits and drawbacks.
In some cases, it may even be a good strategy to allow a property to go through the foreclosure process. While this approach may negatively affect a person's credit score, the method might be beneficial for individuals who owe more money than the property is worth.
Our firm has experience applying all these strategies to the benefit of our clients. Those who have questions about the strategies or who are seeking a more detailed explanation of how these methods work should visit our website's page on foreclosure defense litigation.
Source: Atlas Consumer Law, " Chicago Foreclosure Defense Lawyers", September 05, 2014