bankruptcy lawyers in Chicago

Nyc Metro Area

Illinois homeowners facing foreclosure have options. To evaluate these options, they should discuss these proceedings with an attorney. Attorneys which practice in the real estate field could obtain a loan modification to prevent foreclosure. For instance, if there is the presence of undisclosed terms in which the buyer was unaware the attorney could request the modification on these grounds. If you need assistance with a probable foreclosure, you should contact a foreclosure attorney in Chicago today.

Avoiding Foreclosure

Consumers have a few options in terms of avoiding foreclosure. If they recently lost their job or became disabled, a Chicago real estate attorney can request changes or delays in payment on their behalf. It is also possible for the attorney to negotiate a reduction in the monthly payments to make the loan more affordable.

Refinancing the Home

Refinancing the mortgage is another option. To refinance the loan, it is likely that the consumer will approach a different lender to secure funding. The process will require that the lender perform an appraisal for the property before they can offer a new mortgage. Unfortunately, this option could lead to higher interest rates for the consumer and an increase in overall costs. If you are unsure if refinancing is the right option for you, it is time that you discuss your case with a real estate attorney in Chicago to discuss this and other probabilities.

Quick Sale

A quick sale is effective in settling the balance owed by the consumer. A real estate attorney can list the sale of the property through a public auction or through a real estate agency. The drawbacks of a quick sale are that the consumer is less likely to receive the full value of the property and may not acquire all equity he or she has accumulated. They can pay off the remainder of the mortgage before a foreclosure occurs and prevent devastating effects on their credit through this option. If there is a remaining balance owed to the lender after the sale, the buyer is still responsible and should take measures to pay it off quickly.

A foreclosure remains on the consumer's credit report for up to ten years. This could prevent him or her from acquiring a loan for housing through a traditional lender. However, by acquiring