LEGAL HELP TO STOP FORECLOSURE IN CHICAGO
Stopping Foreclosure for Over 20 Years In IL
With a Chapter 13 bankruptcy, you can stop the foreclosure process dead in its tracks. However, if you want to keep your home, you will have to catch up on all of your back payments through a Chapter 13 reorganization plan.
Provided you have a steady source of income, Chapter 13 will allow you to create a manageable monthly payment that combines your current mortgage payments, your back payments (arrears), and any other debts you have. You will have 36 to 60 months to catch up on your mortgage debt through this payment plan.
Mortgage lenders issue foreclosure summonses only after a borrower has fallen behind on payments. Their intent is to take ownership of the house and sell it at auction to recover a portion of their loan, leaving you responsible for the balance due (the deficiency) after the sale. If you have received a summons, you have approximately seven months to stop your home from being sold at a foreclosure sale. You should meet with a lawyer to discuss your options as soon as possible.
The longer you wait to file for Chapter 13, the more arrears you will have to pay back. This will lead to a higher monthly payment, and you will have a smaller chance of gaining court approval for your bankruptcy repayment plan.
At Billbusters, Borges and Wu, LLC., we work closely and carefully with you throughout the bankruptcy process. In addition to helping you determine eligibility, we’ll be your guide to help you file your Chapter 7 Bankruptcy
At Billbusters, Borges and Wu, LLC. we help clients with a wide range of mortgage defense and mortgage assistance issues. As lawyers, we are able to use legal means of stopping a foreclosure that other “debt relief agencies” cannot. We are prepared to help you get your debt problems under control while keeping your home.
We are the BillBusters, we’ll help stop foreclosure on your home!
There are quite a few options for homeowners who are behind on mortgage payments. Unfortunately, misinformation and unethical business practices mean that homeowners are often uncertain as to what they can actually do to keep their home or investment properties.
Legislation concerning property ownership varies from State to State, and that applies to Foreclosure Law as well. Individual State foreclosure laws provide for one of two routes for lenders to obtain relief, namely Judicial and Non-Judicial Foreclosure. This, in turn, depends on the method that the lender used to secure the collateral for the loan. Where the loan involves a Deed of Trust then banks may choose to follow the cheaper Non-Judicial route. Where a mortgage is required, the lender must follow the more expensive and longer Judicial Foreclosure route. A consumer should find out which State law applies to them before they sign, and especially before they file for bankruptcy.
The following is a broad-based summary of how these two foreclosure procedures work in principle, and may not be correct in all detail from a particular State.
If you are in danger of losing your home to foreclosure, there are a number of legal options you can employ to keep your property. At our firm, we will not try to push you into the option that works for us, but listen to your goals in order to find the solution that best works for you. Those options may include bankruptcy or the following mortgage assistance options:
We understand that no two situations are the same. Our lawyers will work with you personally to get an in-depth understanding of your situation. We will tailor a debt relief strategy that suits your unique legal goals.
We know you are in a tough position. Not all of the below options will be right for you. But if you work with us, you will have the chance to:
We also advise that you be very wary of out of state companies who promise assistance. These companies can make endless promises, but who knows who you are actually dealing with. Wouldn’t you be more comfortable meeting with an actual local attorney, being able to look them in the eye and get your questions answered directly when it comes to dealing with issues regarding your home? We certainly believe so.