Protecting You From Home Foreclosure in the Chicago Area
Every year, hundreds of Chicago families lose their home to foreclosure. However, many of those homeowners could have stopped or at least delayed the foreclosure by filing bankruptcy.
At the Law Offices of Chad M.Hayward, P.C., in Chicago, our lawyers offer a free initial consultation to discuss your options if you are facing home foreclosure. Those options include bankruptcy, loan modification and short sales. We serve clients in the Chicago area and throughout northern Illinois.
How Can I Stop a Home Foreclosure?
You can stop a home foreclosure by filing bankruptcy as long as your house hasn't been sold in a sheriff's or judicial sale. Once your home is sold, it's too late to get it back.
Filing Chapter 13 bankruptcy will allow you to put your arrearages into a payment plan and pay them off over a five-year period. If your home mortgage is underwater, you can also strip second mortgages from your deed.
Filing Chapter 7 bankruptcy allows you to stay in your home while you pursue other options, such as a short sale or loan modification. Filing Chapter 7 bankruptcy will also eliminate any deficiency balance on foreclosed property.
What Is Loan Modification?
Many people have heard about home mortgage modifications under the Obama plan. If your mortgage payment is more than 31 percent of your gross income, you may qualify. If you don't qualify for loan modification, our lawyers can help you consider other options.
What Are Short Sales?
A short sale is a sale where the bank agrees to accept less than the full amount of the home mortgage. However, even when the bank accepts the arrangement, you may still owe taxes on the portion of the loan that is forgiven.
Talk to Our Bankruptcy Lawyers
To schedule a free initial consultation about home foreclosure defense with an attorney at our Chicago law office, call 888-804-8641 or fill out the contact form on this Web site. We have staff members who speak Spanish.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
