Have you fallen behind on your mortgage payments in Elgin, Illinois and are you facing foreclosure? Unfortunately, if your lender has filed a lawsuit against you because of those outstanding payments, you are headed to a court. However, the good news is an attorney who is well-versed in current foreclosure laws can stall proceedings to give you enough time to come up with the money and prevent an eviction.
The Foreclosure Process
Illinois is a judicial state, which means foreclosure cases are presided over by the court. The process is quite simple and straightforward. Once you fail to make mortgage payments on time, you receive a notice from the lender about the proceedings. If you still fail to make payment, you get a notice for the lawsuit.
As the homeowner, you can file a response to the lawsuit. If not, the court will set a judgment of foreclosure, the home will be set up for auction and you will be evicted. The lender may also be granted permission to pursue you for damages post foreclosure.
In Illinois, the timeline for an uncontested foreclosure is 10 to 12 months from the time you missed the first payment. If it is contested, the process can stretch to about two (2) years or more but the time you will get depends on how skillful your attorney is. A reliable one will ensure you get the maximum possible time with a powerful defense.
Why Does It Matter?
The foreclosure procedure can be a soul-draining experience. Besides being deprived of a roof over your head, you still have to pay the remaining debt to the lender. Plus, the process will come up in your credit report and disrupt future investments.
If you have been struggling to pay your mortgage or are at the brink of losing your home, you need aggressive legal representation. With our dedicated and informed legal counsel, you can have a brighter and more stable future. We can help you negotiate with lenders to sell your property before a foreclosure via a short sale. Besides preventing a negative impact on your credit, this can stave off potential financial ruin and ensure a positive future. Get in touch with us for a consultation today. We are always responsive and sympathetic to each client’s unique needs and are positive that we can help you figure out a strategy that can ensure long-term stability.