How to face a Foreclosure Defense

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Real Estate AttorneyYou tried to avoid it for the longest time; unfortunately, the time to face the dreaded foreclosure is upon you. There must be a number of different reasons and circumstances that happened to affect your income and expenditure. As a result, you missed more mortgage payments than you should have. Calm you fears because an experienced lawyer will explain the laws and your options regarding your foreclosure in detail, so don’t delay in setting up a meeting with a leading foreclosure attorney today.

Understanding the Illinois Mortgage Foreclosure Law

Illinois is a judicial foreclosure state, which indicates the foreclosure process in Illinois requires the lender to take some particular steps before acquiring the possession of the property.

The first step in preparing to face your foreclosure defense is to understand the Illinois Mortgage Foreclosure Law (IMFL). Foreclosure cases is not easy – will require the services of a prominent foreclosure attorney to help process each of the 10 steps involved in IMFL.

Service of Summons and Complaint

Once you have defaulted on your mortgage payments, the reason for failing to pay your mortgage will be mentioned in the complaint to foreclose. If you are the borrower, you will be provided with a summons and complaint with a 30 day grace period to prepare for the foreclosure. During the grace period, you can discuss your options with your attorney.

Court Appearance and Defense

As a borrower on default, you have an option to choose to have a court appearance in front of a judge and answer any queries related to your case. However, you would be liable to pay a filing fee to get an appearance and answer in court. As a borrower, you have several options for defense.

First in your defense would be to prove the lender lacks interest in the note and mortgage. A leading attorney can base your defense on proving the lender lacks standing. It’s essential to raise your line of defense as early as possible.

Another option for borrowers putting up a strong foreclosure defense is to pay particular attention to the violations of Federal Laws, such as The Violations of Truth in Lending Act (TILA) and Real Estate Settlement Procedure Act.

It might benefit you to mention the lender failed to clearly itemize the required financed amount, which involved a security interest to be placed on the principal property.

Another useful piece of information in your defense will include the failure of the lender to clearly disclose the payment schedule with the number of payments and the total amount of the loan. You also can include the lender failed to mention the annual percentage rate of the mortgage payment accurately.

If you wish to get more information about foreclosure defense, you can schedule a free consultation; contact Jackson Abdalla Law Group at (773) 550-3853 to speak with an experienced short sale lawyer.