The possibility of foreclosure is a frightening reality for many throughout the country, particularly in urban centers like Chicago, where rates have soared. The prospect of losing one's home due to financial hardship is not only emotionally distressing but also...
Foreclosure Defense
Should a person facing foreclosure consider a short sale?
Facing foreclosure can feel like you're on shaky ground, and it can get stressful to deal with it all. However, it's important to remember that you do have options, like a short sale. This alternative to foreclosure can provide a lifeline when it feels like your home...
Answers to commonly asked questions about foreclosures
Many people encounter occasional financial difficulties. Sometimes, money-related problems make it hard to pay your monthly bills. If you begin and continue missing your mortgage payments on your Illinois home, lenders can put this property into foreclosure. If this...
Recognizing a foreclosure rescue scheme
Under the threat of losing their Illinois residence to foreclosure, some homeowners unfortunately fall victim to foreclosure rescue schemes that take advantage of those who have fallen behind on mortgage payments. These perpetrators promise to pay off the delinquent...
4 Alternatives to protect homes from foreclosure
When individuals face financial difficulties in Illinois, they can fall behind on their bills. If they fall behind on their house payments, they may face foreclosure. Many people assume that foreclosure automatically means they’ll lose their homes. That’s not...
Common Illinois foreclosure scams
A 2023 NBC News report posted on the NBC News website states that home foreclosures are on the rise. A separate report from the NBC News website states that as of June 2023, Illinois has had 1,358 foreclosures. The foreclosure spike has contributed to foreclosure...
Fighting a zombie foreclosure
Illinois homeowners face many challenges and complexities when dealing with what has come to be known as a zombie foreclosure. This type of foreclosure can cause multiple financial and legal problems for the homeowner if not correctly addressed. The following explains...
Common foreclosure defenses
Each year, judges in Illinois halt foreclosures because of errors by the mortgage holder. Several defenses against foreclosure exist, but some are more commonly used than others. Unfair lending practices Mortgage companies must not discriminate against who they lend...
Examining a foreclosure action
When an Illinois resident takes out a mortgage, they must make the required payments on the loan and do so timely. When someone misses one or more, becoming current should be a priority. A foreclosure action might result if the borrower falls too far behind....
What happens during the foreclosure process in Illinois?
For most people, their biggest financial investment involves buying a home. However, a change in your finances could cause you to fall behind in your payments. If you fail to meet your mortgage obligations, your mortgage lender could foreclose on your home. Steps...