Don’t Let Your RIghts Get Foreclosed: Why An Attorney Can Help In Mortgage Foreclosure Matters

Maybe you lost your job or your income was decreased. Maybe you and your spouse got divorced or your spouse passed away. Or… maybe you bit off a bit more than you could chew. Whatever the reason is, you are now faced with the very real possibility of losing your home. What do you do now? Hopefully this article can provide you with insight as to how an attorney could help you keep your home.

Remember, there are alternatives to foreclosure. When people are served with a foreclosure summons, sometimes they take the approach of simply burying their heads in the sand because they don’t think that they can do anything to stop the process and think that they could never become current on their mortgage. However, there are things that you can do and with which we can assist.

First, have you tried to sell your home? You may want to explore something that you have probably heard several times: a “short sale.” A short sale is when you sell your home for less than what you owe on your mortgage. It is not a quick process, and it takes lender approval, but it is a viable alternative to foreclosure. We work with realtors who handle short sales on a regular basis. We also work with seasoned negotiators who have experience with working with lenders to obtain their approval of a real estate contract with as minimal effect on you as possible. Not only can we assist you with the sale of your property, we can also assist with getting you more time in court if a foreclosure has been/is eventually filed against you.

You could also explore a loan modification. This involves working with your lender to obtain an offer for a temporary and/or permanent modification of your mortgage. If approved, this could mean a reduction in your interest rate and a lower and more affordable monthly mortgage payment for you. We can assist you with working with your lender for a modification, or, if you have already started that process, we can again assist you in the mortgage foreclosure action to get additional time for you to complete your modification.

You may also have legal defenses which need to be asserted in a mortgage foreclosure action. You may have defenses regarding Truth-In-Lending Act violations, issues of fraud, issues with whether your bank is able to bring the suit against you, etc. We can help you navigate these defenses to see if they can be applied to your case.

So, if you are involved with or being faced with a mortgage foreclosure situation, don’t hide from the manageable process. We can help find the best solution for your situation. Feel free to contact us for a consultation to see if any of these options are for you: (815) 459-8800, or send us a quick message on the right where it says “Tell us about your legal needs.”


Posted by: Jennifer L. Johnson