Stopping Home Foreclosure in Illinois
Many people who seek debt relief are attempting to stop foreclosure on their homes. Filing bankruptcy is one option, but there are others such as loan modification. Before you choose a plan, you should discuss each option with a knowledgeable attorney.
At The Law Offices of Chad M. Hayward, P.C., we meet with clients to discuss their goals regarding foreclosure. Some people want to keep their homes, while others are hoping to stay foreclosure temporarily until they can make other plans. Make sure your attorney is clear about your goals before he or she recommends a strategy. To schedule a free consultation, please call 888-804-8641 or contact us online.
How Bankruptcy Can Help
All chapters of bankruptcy stop foreclosure, at least temporarily, through the power of the automatic stay. The automatic stay prohibits creditors from taking collection actions against you. This includes foreclosing on your home or any other liens.
People who wish to keep their homes typically choose Chapter 13 bankruptcy. Under this chapter, your debts, including your mortgage, are reorganized into a repayment plan of three to five years. During this time, your payments will be lowered so you can afford to make them.
Chapter 13 also allows you to strip a second mortgage from your first mortgage. When real estate values decrease so that the property is worth only enough to secure the first mortgage, you may be able to discharge the second mortgage, giving you additional funds to pay your bills.
You can keep your home under Chapter 7 bankruptcy as long as you can afford to keep making your mortgage payments. Ask us about this option if you are interested.
Alternatives to Bankruptcy
If bankruptcy is not the option for you, loan modification may help. As experienced negotiators, we can work with your mortgage company on modifications such as refinancing, reducing your interest rate or extending your mortgage terms.
Chicago Home Foreclosure Defense Lawyer
Please call our office at 888-804-8641 to schedule a free consultation. We have offices in Chicago, Aurora, Joliet, Schaumburg, Palos Heights, Northbrook, Oakbrook and St. Charles.
