Mortgage payments bite deep into the budgets of homeowners in Chicago and throughout Illinois. For a variety of reasons, you may have fallen behind on payments. Failing to make your mortgage payments puts you at risk of foreclosure. This is the process by which your...
Losing your home in Illinois through foreclosure can be a deeply saddening experience. But, while you may feel hopeless when you are behind on your mortgage, there are methods you could use to stop lenders from taking your home. Loss mitigation Loss mitigation means...
Significant mortgage debt leads to a number of foreclosures in Cook County, Illinois every year. Many of these foreclosures are contentious and result in significant legal bills and procedures. But there is a different way. Consent foreclosure is a way to ease the...
If you fail to make payments on your Illinois home loan, the lender that services this debt may foreclose on the property. This means that it will take possession of the property and take steps to recoup its losses. However, it may be possible to postpone or prevent a...
If you fail to make mortgage payments on time, it's possible that you will lose your Illinois home. However, there are several strategies that may prevent this from happening. At a minimum, fighting a foreclosure may provide time to negotiate a new payment plan or to...
If you live in Illinois and fall behind on your mortgage loan, your lender can attempt to repossess your home through foreclosure. Although repossession is a frightening proposition, the lender must follow a specific procedure to let you know your loan is in default....
Pre-foreclosure is the first phase of the legal proceedings that end with repossessing defaulted borrower's property. A lender starts the process by filing and sending a notice of default on the property. The pre-foreclosure begins after the borrower exceeds the...
Foreclosure is a scary word for homeowners in Illinois that are still paying their mortgages off. If you miss enough mortgage payments, your lender could potentially initiate a foreclosure action and take your home. However, foreclosure is typically the last resort...