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Important Things to Know Regarding Foreclosure in Illinois

Mortgages that were originated by an unlicensed lender have been ruled to be void … according to a recent Illinois Appellate Court case.

Many homeowners face the unimaginable personal crisis of losing their home in this market. The Chicago Tribune reported that foreclosures in Cook County were up 47.8 percent for the first half of this year and are expected to pass 42,000 by the end of the year 2008. As of September, 1 in 510 homes in Illinois were in some stage of foreclosure. If you find yourself and your family in the midst of a foreclosure, you may need some important information and advise. During these trying times, there are several important things to know regarding foreclosure in Illinois.

Don't Panic: There are a number of options available to you and your family to help save your home and protect your investment. Did you know that banks are not interested in taking away your home? They would much rather be paid than force you out of your home. An experienced attorney can help you negotiate with your lender to find a suitable solution such as loan modification, refinance, forbearance agreement, bankruptcy or Deed in Lieu of Foreclosure.

Act Quickly: Typical foreclosure cases can take anywhere from six months to one year to wind through the crowded court system. Your attorney can help you negotiate for more, but not unlimited, time. Inaction on your part could end in your losing your home at a Sheriff's Sale. Under Illinois law, you do not have the right to redeem your home after it is sold at a Sheriff's Sale. Consulting with your attorney early on can help you from the devastating loss of your home.

Excess Liability: If your home is sold at a Sheriff's Sale for less than the amount of your underlying mortgage, you could still be responsible for the difference due to the fact that Illinois law permits deficiency judgments.

Contact an Attorney: The best way to protect your investment in your home is to consult with an experienced lawyer. Attorneys knowledgeable about foreclosure rules and are dedicated to protecting your interests can help you through this difficult time.

There may be legal defenses to your mortgage which can only be determined by an experienced attorney's review of all the mortgage and closing documents. These defenses can be the result of mortgage fraud, the Truth-in-Lending and Disclosure Laws, amongst others. At Bellas & Wachowski we have that knowledge and dedication. Call us for more information.