How can a lawyer in Cook County help with foreclosure?
Even before the Pandemic, Banks were waiting to pounce on inadvertent late or missed payments. Today, people around Cook County (and beyond) are struggling with COVID-19 and historic unemployment. No wonder so many open their mailboxes to find pre-foreclosure letters from lenders eager to foreclose! If you are a victim, what should you do? Turns out your best option is to talk to a knowledgeable Cook County foreclosure lawyer: one who understands the landscape and has legal knowledge in this area.
An experienced Attorney will give your situation the individualized attention it demands and offer the best advice on how to defend against foreclosure.
M.Hedayat is an award-winning Lawyer with experience in Cook County Courts. More than that, Mr. Hedayat has owned a title insurance agency and worked closely with mortgage companies and borrowers for years. Put Mr. Hedayat’s vast experience to work for you. Call us for your free consultation before you take your next step.
What Does Foreclosure Mean?
Foreclosure is the legal means of recovering property when a borrower misses, or miscalculates, or pays late, with respect to one or more mortgage payments. Remember – all it takes is one late payment, or missing late fee, and your lender can declare your loan in default! At that point, the lender has the legal right to take your property. Realistically, however, your mortgage lender will demand payment (the dreaded pre-foreclosure letter) before taking you to Court. In most cases, you will have 20 days to respond to their claim and pay what you owe, including late-fees, Attorneys’ fees, interest, etc. Should you fail to do so, your matter will advance to the next phase.
While the terms of every mortgage are different, frequent acts of default include:
NOTE: While a lender is entitled to foreclose if even a single payment is missed, the process is lengthy and expensive. It is in the best interests of all parties to resolve the matter short of foreclosure. The problem is that what seems reasonable to a mortgage lender is often not reasonable – or even realistic – for borrowers.
Financial Self-Defense: What to do once in Foreclosure
The Sale Option
Homeowners always have the option of selling or refinancing to distance themselves from their lender. Of course, if foreclosure is looming then credit issues generally prevent refinancing. But, what about selling? A few points to keep in mind here:
Sales, Refinancing, and Non-traditional Options include:
What is HAMP?
Home Affordable Modification Program explained for Cook County Residents:
Started by Bush, continued by Obama
Government Hardship Guidelines