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Just because a bank has instituted foreclosure proceedings against you doesn’t mean that you have to lose your home.
Sometimes in life events occur that are out of your control. You might lose your job. You might get very ill. You may run into credit problems. Often, these events cause homeowners to miss payments on their mortgages. After a while, the bank may come and try to take the house. This action is known as foreclosure.
Illinois law has many protections built in for homeowners facing foreclosure proceedings. Often, one can refinance some of the loans or slow the foreclosure proceedings. Some of the available remedies for a family facing foreclosure are:
- Stopping the foreclosure process;
- Drafting a loan repayment plan;
- Drafting a deed in lieu of foreclosure;
- Facilitating a short sale;
- Refinancing potential second or third mortgages;
- Securing more time for loan repayment;
- Fixing a beleaguered credit score;
- Filing suit against the lenders for predatory lending practices in connection with the original loan.
Foreclosure is a difficult process for a family to defend on its own without legal representation. There are many ways that our firm can help a family stay in its home.