If you are unable to make your mortgage payments and are worried that the bank or other lender will foreclose on your home, there are certain things you can do now to prevent that from happening. Even if the bank or lender has taken steps to proceed with the foreclosure, you can still negotiate to try to keep your home. It is strongly recommended that you speak with an experienced foreclosure attorney no matter what stage you are at in the process.
The most common way to avoid foreclosure is to negotiate with your lender for a loan modification. Loan modification is where the length of the loan or the interest rate or other factors are revised resulting in a monthly payment that is more manageable for you. So, if the length of your loan is extended from 15 years to 30 years, your monthly payment will go down.
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Negotiating a loan modification is probably not something you want to do on your own. It can be difficult to get in touch with the right people at the lender and negotiate with them when you have little or know experience with the mortgage industry. A good foreclosure attorney will have experience working with banks and lenders and coming up with a reasonable plan to avoid foreclosure. Oftentimes, a lender wants you to keep your home and resume making payments. Foreclosures can be expensive for them, but an experienced foreclosure attorney will know who to talk to and what to ask for in terms of modification.
If it is too late and your attorney cannot negotiate a loan modification in time, you may consider filing for bankruptcy. Filing for bankruptcy stops the foreclosure process and gives you and your attorney more time to work something out. However, bankruptcy is serious and should only be done after thoughtful consideration and under the careful guidance of a good bankruptcy attorney.
A foreclosure attorney can also represent your interests throughout the foreclosure process and at any hearings that may take place. It may even be crucial at this difficult time to have someone on your side who will explain what is going on, help you understand the law and protect your interests.
You may be thinking that you don't need a lawyer to assist you with the loan modification process as you've probably seen ads for loan modification companies. However, there have been a number of lawsuits against loan modification companies under the Illinois Mortgage Rescue Fraud Act because these companies basically rip off vulnerable homeowners. If a company charges you thousands of dollars up front for their services, know that such a thing is illegal in the state of Illinois. Walk away and get a good foreclosure attorney.
Typically, an attorney assisting with a loan modification will charge around $1,500 with a $500 processing fee upfront, and $1,000 at the end. The attorney collects the $1,000 only if they are successful. So, if your lawyer is unable to help you keep your home, you do not have to pay the $1,000 fee. For representation during the entire foreclosure process, attorneys generally charge an hourly fee.
The possible threat of losing your home can be scary and overwhelming. Oftentimes, people may assume it is solely their burden to bear and don't think of turning to an attorney for help. However, an attorney can help you in a number of ways during this time from loan modification to explaining the process and the law to helping you weigh your options.
To learn more visit, http://www.findgreatlawyers.com/Illinois-Foreclosure-Defense-Lawyers.htm
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