Foreclosure Defense Lawyer Arlington Heights, IL
If you face foreclosure, critical decisions will need to be made, including whether you should contact a foreclosure defense lawyer Arlington Heights, IL residents recommend. The prospect of losing your home can be scary, and you will need to determine whether you will fight the foreclosure. When weighing your options, you will want to speak with Bott & Associates, LTD. Our team can work with you to review your case and provide you with the guidance you require. We know that you will have many questions about the foreclosure process and what steps should be taken to manage the matter, which is why it’s in your best interest to schedule a consultation with our office.
What is a foreclosure?
Foreclosure is the legal process that occurs when a lender repossesses their property. Foreclosures happen when the borrower fails to make their mortgage payments or fails to pay their property taxes. The borrower will take the property and sell it to regain the money they have lost. When a borrower signs loan documents when they purchase their home, they agree to the terms of the loan and, should they default, the lender can take the home back for missed payments.
Are there a number of missed payments that trigger financial institutions to pursue foreclosure?
Our estate planning lawyer Arlington Heights, IL, shares that when you sign a loan, you agree to the terms, meaning you will make your monthly mortgage payments on time. Often a second missed mortgage payment will put you in default of your loan. Your lender should reach out to you and offer you options for catching up on your payments. Lenders typically don’t begin the legal process of foreclosure until a borrower has been in default of their loan for 3-4 months. However, it’s essential to be aware that timeframes can depend on the market and where you live.
How should I expect to be notified of foreclosure?
When a borrower is in default of their loan, they should be notified by the lender in writing. Your lender will make attempts to rectify the situation or provide you with options. Typically, once you have missed four mortgage payments, the lender will start the foreclosure process and issue a foreclosure summons.
What steps should be taken after I receive a foreclosure summons?
If you receive a foreclosure summons, it’s critical to contact a lawyer immediately. Time is of the essence as you will have limited time to respond to the summons. If you wish to fight the foreclosure or remain in your home, a lawyer can help provide you with options in a timely manner. If you believe you have grounds to fight the foreclosure, your lawyer will work to strategize a defense which is often based around technicalities to the foreclosure process.
Is there any way to stop the foreclosure process?
If you are looking to stop the foreclosure process, there may be a few options. Your options will depend on the specifics of the situation but may include: working out an agreement with your lender, filing for bankruptcy, or applying for a loan modification.
There are several reasons why a person may default on their loan payments and be facing foreclosure. Unfortunately, this is often the result of unforeseen circumstances like job loss, suffering from illness or injury, loss of income, and more. Facing financial challenges can be draining, and taking action is critical to ensuring that you are given the best opportunity at a favorable outcome. Bott & Associates, LTD knows that this is a difficult time, and we are prepared to approach your case with our experience and compassion. Contact our Arlington Heights, Illinois foreclosure defense lawyer to get started.