Understand The Chicago Foreclosure Process And Defense
The foreclosure process in our state is one of the longest in the nation, so the good news is that if you are facing the imminent threat of foreclosure, there still may be time to fight it. Your lender will likely initiate foreclosure proceedings after you’ve missed two or three payments, and once you have been served with an intent to foreclose, you have 30 days to reply. For 90 days after you have been served, you still have the right to reinstate your loan, meaning that you can pay off all your accumulated debt as well as late fees and legal costs in order to forestall the foreclosure process. It can take anywhere from 6 to 15 months for the process to be completed, and it is important that you contact a knowledgeable attorney from the
, as early on in this process as possible, as time is of the essence.
If you are facing the threat of foreclosure in Chicago in the wake of the housing bubble’s popping a few years ago, you are not alone, and there are resources available to help you. State legislation that went into effect in June 2013 mandates that the lending entity must prove to the court that it has worked with the defaulting homeowner to find an alternative solution (such as loan modification) and has exhausted all other possibilities before proceeding with the foreclosure process.
Contact Our Firm Today
Attorney Jerry Borden resides in Chicago with his family, so he understands the state and local legal systems, and he will fight for you and your family throughout this entire process. At , we believe that communication is key to building a strong defense. From the moment that you first contact us to review your options, we will be available to you as much as possible to answer any questions that you may have throughout this process. For an obligation-free consultation, fill out a free case evaluation today and we will be in touch.