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 good 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.

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.

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 loan modification or 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.

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.

Second Mortgage & 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.

Understanding 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.