Mortgage Foreclosure Attorneys in Chicago

Dedicated to Protecting Your Home & Your Future

Many homeowners are currently facing mortgage foreclosure. Our firm defends homeowners facing foreclosure if they have a valid defense or counterclaim and can afford and wish to save their home.

If you are facing mortgage foreclosure, Edelman Combs Latturner & Goodwin, LLC can help you seek a favorable resolution to protect your home and your future. Our lawyers have 200 years of combined experience helping individuals and families find viable solutions so that they can move forward.

Foreclosure can be a daunting ordeal, fraught with uncertainty and stress. However, homeowners often have more options than they realize. From negotiating repayment plans with lenders to engaging in court-mediated solutions, our team offers comprehensive consultations to explore every potential avenue for relief. Moreover, understanding your rights during this process is crucial. With our guidance, you can effectively identify and assert potential defenses against wrongful foreclosure actions.

What Are My Rights as a Homeowner Facing Foreclosure in Illinois?

First and foremost, you are entitled to receive adequate notice of the foreclosure proceedings. Illinois law requires lenders to issue a notice of default as well as their intent to foreclose, thereby granting you an opportunity to respond. Additionally, you possess the right to reinstate your mortgage before the property is sold by paying the overdue balance, including any associated fees and costs. This action can effectively halt the foreclosure process.

You also have the right to contest the foreclosure in court. This means you can present defenses or counterclaims if you believe the foreclosure is unjustified. Mortgage foreclosure attorneys in Chicago can help you identify potential defenses, such as errors in the loan documents, improper servicing, or failure to follow required procedures.

Furthermore, Illinois law provides a redemption period, allowing you to reclaim your property even after the foreclosure sale by paying the outstanding balance, plus interest and costs, within a certain timeframe. This period typically lasts seven months from the date you are served or three months from the entry of the judgment, whichever is later.

Understanding all your legal rights is a vital part of our comprehensive legal strategy. Beyond immediate claims, we assist you in exploring every aspect of Illinois foreclosure laws, ensuring that the lenders comply with all legal requirements. It's not only about challenging the foreclosure; it's about ensuring that every step taken is legally sound and in your interest.

How Long Does the Foreclosure Process Take?

The duration of the foreclosure process in Illinois can fluctuate, typically ranging from several months to over a year. As seasoned mortgage foreclosure lawyers in Chicago, we're here to offer you a comprehensive overview of this timeline to assist you in preparing and exploring your available options.

Illinois follows a judicial foreclosure process, requiring all foreclosure actions to proceed through the court system. Generally, the process initiates when the lender files a lawsuit against the borrower following multiple missed mortgage payments. The borrower will then receive a summons and complaint, providing approximately 30 days to respond. If the borrower fails to contest the foreclosure or if the court sides with the lender, a judgment of foreclosure will be issued by the court.

After the judgment, there is a statutory redemption period during which the borrower can pay off the total debt to reclaim the property. In Illinois, this period lasts seven months from when the borrower is served, or three months from the entry of judgment, whichever is later. During this time, you may be able to work out alternatives with your lender, such as a loan modification or a short sale, with the assistance of a knowledgeable mortgage foreclosure lawyer in Chicago.

After the redemption period concludes, the property is slated for a foreclosure sale, which generally takes place within a few months. Subsequent to the sale, there is an additional confirmation phase where the court officially validates the sale, potentially extending the timeline by a few more weeks.

It's important to remember that while the process may seem lengthy, this duration can work in your favor by offering more time to explore options and negotiate with lenders. We provide detailed timelines and strategic advice to anticipate and respond to every step in the process, helping you to make informed decisions at each stage.

Solutions for Mortgage Foreclosure

If you want to save your home and you have not yet applied for a loan modification, you should do so right away. Many courts, including the Circuit Court of Cook County, now have mediation programs. Foreclosure defendants can request to participate in these programs and attempt to negotiate a solution – such as a loan modification – with their mortgage company.

Unfortunately, some homeowners can no longer afford their homes. If you are in that situation, there are options available, such as a deed in lieu of foreclosure or a short sale. You should consult with an experienced Chicago mortgage foreclosure attorney before you pursue these options, as you may still end up personally liable for the difference between the short sale amount and the balance owed on the loan. In addition, some lenders will pay “cash for keys” and give you cash in exchange for moving out of the property by a certain date and leaving the property in good condition.

Our firm is committed to providing a roadmap for navigating foreclosure alternatives. Whether you're considering mediation, loan modification, or more drastic measures such as a deed in lieu, our attorneys provide detailed guidance. We help evaluate the financial impacts of each option, offering a clear comparison that helps in choosing the most suitable strategy for your situation. Additionally, understanding lender incentives like 'cash for keys' can also be an instrumental part of the negotiation process.

Second Mortgage and Credit Debt Collection Suits

We have found that debt buyers are suing people over second mortgages and for lines of credit they may not legally be entitled to collect. We have been able to assert defenses and obtain favorable resolutions for consumers being sued over old second mortgages and lines of credit. If you are being sued by a debt buyer to collect a second mortgage that has been in default for many years, contact us to see if you have a defense.

Second mortgages and lines of credit are often complex and can become entangled in legal proceedings long after the original default. We prioritize untangling these issues, helping you understand whether the debt is valid or if there are defenses available. By scrutinizing the legality of the claims, our team identifies errors often overlooked, such as expired limitations or unauthorized collection actions, providing an effective defense strategy.

Foreclosure Defense in Chicago: Local Resources and Support

In the heart of Chicago, homeowners facing mortgage foreclosure can find themselves overwhelmed by the complexities of the legal process. The City of Chicago and Cook County offer various resources to assist residents in navigating these challenging times. For instance, the Chicago Department of Housing provides valuable information on foreclosure prevention programs, including counseling services that can help you understand your rights and options.

Local pain points often include the stress of financial uncertainty and the fear of losing a home that holds years of memories. Many residents in neighborhoods like Lincoln Park and Pilsen are grappling with rising living costs, making it difficult to keep up with mortgage payments. If you find yourself in this situation, it’s crucial to know that you are not alone. Our firm is dedicated to helping Chicagoans like you explore all available avenues for foreclosure defense, including potential loan modifications and participation in mediation programs offered by the Circuit Court of Cook County.

Whether you reside in the bustling downtown area or the quieter suburbs, we are here to provide personalized guidance tailored to your unique circumstances. Don’t hesitate to reach out for a free consultation to discuss your situation and explore how we can assist you in defending your home against foreclosure.

By tapping into city and county resources, our firm empowers you with the knowledge and strategies necessary to make informed decisions. Local organizations like the Neighborhood Housing Services of Chicago offer guidance on housing affordability solutions, which can be pivotal in averting foreclosure. These resources, combined with our legal assistive measures, ensure that you have comprehensive support throughout the foreclosure process, enabling a pathway toward a stable financial future.

Common Mistakes to Avoid During Foreclosure

Navigating the foreclosure process is fraught with potential pitfalls. One of the most common mistakes is ignoring communication from your lender. Failure to respond to notices can lead to accelerated proceedings. At Edelman Combs Latturner & Goodwin, LLC, we stress the importance of staying engaged and informed. Ignoring lender communications can prevent access to potential foreclosure alternatives that might have saved your home.

Another critical error is misunderstanding your legal rights and options. Many homeowners fail to seek professional guidance because they underestimate the complexities of foreclosure laws in Illinois. Engaging with knowledgeable foreclosure attorneys can help you identify viable defenses and avoid costly missteps. Additionally, relying solely on informal advice from friends and family instead of verified legal counsel can lead to inadequate or incorrect actions.

Connect with an experienced foreclosure defense lawyer without delay. Dial (312) 626-3585 or submit an online form to get started.

Frequently Asked Questions

What Steps Can I Take to Avoid Foreclosure?

Acting promptly is critical when facing foreclosure. In Chicago, homeowners can take several proactive steps to avoid foreclosure. Begin by communicating directly with your lender to discuss your financial situation. Lenders might offer solutions such as repayment plans, loan modifications, or forbearance. 

Engaging a foreclosure attorney early in the process can make a significant difference. They can advocate on your behalf, ensuring that all legal processes are correctly followed and exploring all possible defenses. Furthermore, organizations like the Chicago Department of Housing offer resources and assistance to those facing foreclosure. Utilizing these local resources alongside professional legal guidance maximizes your chances of a favorable resolution.

How Does Foreclosure Mediation Work in Cook County?

Foreclosure mediation in Cook County is designed to facilitate communication between homeowners and lenders under court supervision. This program aims to help both parties reach mutually agreeable solutions to avoid foreclosure whenever possible. During mediation, both parties meet with a neutral third party who facilitates negotiations and encourages open dialogue.

The mediation process begins once a homeowner is notified of the foreclosure lawsuit. They can enter the mediation program voluntarily. The timing is crucial, as early participation increases the likelihood of a beneficial outcome. The mediator focuses on exploring feasible solutions such as loan modification or repayment plans, ensuring that all talks are grounded in practicality and feasibility.

Can Bankruptcy Halt a Foreclosure?

Submitting a bankruptcy petition can temporarily halt the foreclosure process through an automatic stay. This pause gives homeowners time to assess their financial situation and explore long-term solutions. Chapter 13 bankruptcy, in particular, can allow you to reorganize debts and create a repayment plan that includes past-due amounts on your mortgage.

While bankruptcy may offer temporary relief, it is not a permanent solution. It's crucial to evaluate the long-term implications of bankruptcy on your credit and financial health. Consulting with a foreclosure attorney who understands both foreclosure defense and bankruptcy laws can provide clarity and help tailor an approach suited to your specific circumstances.