Foreclosure Defense Attorneys
If you have not been able to make your mortgage payments for an extended period of time, the lender may initiate the foreclosure process to reclaim your property. Our foreclosure defense lawyers are dedicated to helping clients defend their homes from foreclosure through bankruptcy, mediation with lenders, short sales, deeds in lieu of foreclosure, and more. With decades of experience protecting what matters most to our clients, we can help you find the right form of foreclosure defense for your unique situation.
Taking Legal Action to Stop Foreclosure on the North Shore
Financial circumstances that are difficult to manage can quickly lead to debt piling up. In the worst situations, you could face foreclosure. If you have not been able to make your mortgage payments for an extended period of time and have an outstanding balance, the lender may start the foreclosure process to reclaim your property. Depending on the circumstances of your debt and property, the foreclosure process can take as little as 30 days from the time you receive an initial notice.
- What Was The Foreclosure Moratorium That Expired On July 31st, 2021?
- Will Homeowners Lose Their Homes Immediately Now That The Moratorium On Eviction/Foreclosure Is Over?
- Where Do Foreclosures Pick Up After The Expiry Of The Moratorium?
- What Factors Should Be Considered When Deciding On How To Move Forward In A Foreclosure Defense Strategy? How Do I Know What’s Right For Me?
If selling the property does not satisfy your debt, the lender may still come after you for more money. At Bach Law Offices, Inc., we are dedicated to providing you with foreclosure defense to help you keep your home or property. Our Northbrook foreclosure lawyers have over 40 years of combined experience taking action to prevent foreclosure.
How Can You Get Out of a Foreclosure?
Even if your lender has filed a Notice of Default (NOD), there are still strategies available for you to fight against foreclosure.
Here are some ways to stop the foreclosure process:
- Filing for bankruptcy — When you file, federal law stops debt collectors, even your mortgage lender, from collecting any debt.
- Foreclosure work out with your lender — Most lenders may be willing to work out a compromise to allow you to get back on track with your mortgage instead of taking your home.
- Short Sale — This option is available if your lender has filed an NOD, but has not yet scheduled an auction . If you receive an offer from another buyer, your lender is required to consider it.
- Deed in lieu— This involves signing the the deed to your home back to the bank, however, the lender may be reluctant to do this. It is more likely to be granted if the foreclosure is imminent.
Using Bankruptcy to Prevent Foreclosure
There are many steps you can take against foreclosure, including bankruptcy. Bankruptcy is an effective way to defend against foreclosure, because it puts in effect the automatic stay as soon as you have filed your petition with your local bankruptcy court.
How Does Bankruptcy Stop Foreclosure?
- Once you file, an automatic stay is issued
- Automatic stay prevents all collection activities
- Foreclosure proceedings will stop while the bankruptcy is pending
- Once your bankruptcy is approved, you can work out a payment plan
- After the payment plan is established, you can catch up on payments
Need Assistance to Stop Foreclosure?
It is extremely frightening to think that you could lose your home because of a dire financial situation. Our Northbrook foreclosure defense attorneys can provide you with advice and assistance to determine what form of foreclosure defense is right for you. If you choose to file for bankruptcy, we can lead you through the necessary steps to seek protection.
Reach out to our North Shore firm today at (847) 440-5998 to request a free consultation. We are here to ensure you understand your options and what to expect.