Oak Forest Office

708-687-8000

Bolingbrook Office

630-226-9111

Aurora Office

630-966-2505

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Illinois Foreclosure DEFENSE aTTORNEY

SAVING YOUR HOME WITH CHAPTER 13 BANKRUPTCY

Whether you reside in Bolingbrook, IL or Aurora, IL, Orland Park, IL or Tinley Park, IL, home foreclosure is an issue that is affecting more and more people in Illinois. Losing your job, experiencing a divorce, or having high credit card/medical bills, no matter what the reason is for falling behind on your mortgage payments, most lenders will not accept anything less than full payment of past mortgage payments after you are 90 days past due. Soon thereafter a foreclosure action is filed and unless the past due payments are satisfied your home will be sold and you will be evicted. A chapter 13 bankruptcy stops foreclosure and saves your home from being sold and you from being evicted.

How Chapter 13 Bankruptcy works, Loan Modification and Other Options

A chapter 13 bankruptcy filing allows the homeowner to have some "breathing room." Upon filing your chapter 13 bankruptcy the "automatic stay" goes into effect, meaning the foreclosure action is "stayed," and any pending foreclosure sale is canceled. A chapter 13 bankruptcy allows you to pay off past due mortgage payments over the course of 36 - 60 months. It also allows you additional time to explore other options such as a loan modification with your lender and whether it is in your best interest to enter into one.

Other options exist in limiting the scope of your financial liability to a lender if a chapter 13 bankruptcy or a loan modification are not possible such as a "short sale." A "short sale" of your home is where your lender agrees to accept a payoff amount less than the balance of your mortgage from a third party buyer. This method is successful if approved by your lender and done within a particular time frame. Time is of the essence with regard to a successful short sale. If you are facing foreclosure and would like to find out more about saving your home and/or limiting your scope of financial liability, contact my office today.

Contact an Illinois Foreclosure Lawyer Today

To inquire about saving your home from foreclosure and whether you qualify for a chapter 13 bankruptcy call my office today at 708-687-8000 for a free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.