Homeowners in the Chicago area may be among the many individuals across
the nation who are facing foreclosure. However, our firm offers individuals
a number of different strategies that may be used to fight
foreclosure proceedings and keep residents in their homes.
When having difficulty making mortgage payments, it is important to remember
that a bank will typically start the foreclosure process after just a
few payments have been missed. The best course of action may be to seek
help well before the bank begins legal action. When an event, such as
job loss, changes the household income, a proactive approach to a possible
solution is usually preferred over waiting for the bank to begin sending
Among the options available are the HAMP, short sale, Chapter 7 bankruptcy
and deed in lieu of foreclosure. In addition, some consumer might be able
to pursue a modification on a loan, or a person might try to restructure
his or her mortgage. These are all different avenues and each has its
own qualifications, benefits and drawbacks.
In some cases, it may even be a good strategy to allow a property to go
through the foreclosure process. While this approach may negatively affect
a person's credit score, the method might be beneficial for individuals
who owe more money than the property is worth.
Our firm has experience applying all these strategies to the benefit of
our clients. Those who have questions about the strategies or who are
seeking a more detailed explanation of how these methods work should visit
our website's page on foreclosure defense litigation.
Source: Sulaiman Law Group, "
Chicago Foreclosure Defense Lawyers", September 05, 2014