There’s a lot of misinformation regarding the ability to fight foreclosure cases. If you are facing the possibility of foreclosure in Illinois, do not settle for a loss. Contact the Dreyfus Law Group at 773-327-3474 for a free consultation regarding foreclosure defense.
Foreclosure Process
Foreclosures are a typical filing in court and have a substantially streamlined and straightforward process, as follows:
- The homeowner fails to make payments
- The lender sends notice of intent to foreclose
- The lender files a foreclosure lawsuit
- The homeowner receives notice of the lawsuit
- The homeowner has the opportunity to file a response
- The judge makes a foreclosure judgment
- The judge approves the sale
- Eviction takes place
Because of the necessary steps to reach adjudged foreclosure, there is ample opportunity and time to stop, delay, or reverse the process and speak with an attorney. While not an ideal option, our attorneys can discuss Chapter 7 and Chapter 13 bankruptcy filing options as yet another way to pause the foreclosure process.
Homeowners do have rights. It may seem as though the scales tip in the direction of the lender, and maybe they do; however, steps are available to increase your chances of legally preventing a foreclosure.
Getting Out of Foreclosure
Some homeowners do not want to fight a foreclosure process in court and simply want to bring their homes out of foreclosure. Getting out is possible, and there are several legally valid options, including:
- Catch up on payments
- Request forbearance or loan modifications
- Ask for a deed instead of foreclosure
- Put the home up for short sale
Foreclosure Filing Requirements in Illinois
Before thoroughly discussing foreclosure defense strategies, it is first necessary to make lenders prove the basis for their lawsuit. They must:
- Produce the lender's note
- Show the standing of the homeowner and the lender
- Show compliance with Truth in Lending and Predatory Lending Acts, among others
It might seem like a no-brainer that the lenders would have this information on hand. However, many lenders take shortcuts and fail to manage some accounts properly, including failure to notify homeowners.
Possible Defenses
Mistakes on the part of the lender open the doors to a plethora of defense options such as:
- Breach of contract and covenants
- Failing to meet loan servicing requirements
- Failing to attach the note and mortgage contract to the lawsuit
- Fraud, abuse, or collusion
- Improper notification
- Whether or not the lender has the standing to file the lawsuit
- Violations of consumer protection laws
Experienced foreclosure defense attorneys can evaluate your case and determine if these defenses apply.
Better Outcomes Hiring a Foreclosure Defense Attorney
Many homeowners threatened with foreclosure submit to defeat because they don’t believe fighting lenders is possible. But, the sooner you speak with an attorney who can discuss your many defense options, the more likely you are to achieve a satisfactory outcome.
Stopping or getting out of foreclosure is a matter of perspective. Don’t let the fear of foreclosure action stop you. You have rights and the opportunity to set your finances and home mortgage loan back on course.
We are proud to serve clients throughout:
Elmwood Park, IL | Forest Park, IL | Maywood, IL | Melrose Park, IL | Norridge, IL | Oak Park, IL | River Grove, IL
Our foreclosure defense attorneys are adept at loss mitigation and creating defensive strategies. Contact the Dreyfus Law Group today at 773-327-3474 to better understand your rights and request a free consultation.