Missing Out On Mortgage Payments? Rush To A Real Estate Attorney

Foreclosure, in simple terms, is the bank’s attempt at recovering the money lent to you by re-selling the property that you have taken the loan for. It is an unfortunate situation to be in, but if you have months of over-due mortgage payments, then foreclosure is a very real threat. You may have a dozen genuine reasons for being behind on your payments, but to the bank, your financial challenges constitute an impending loss on their books, which they will try to minimize. However, keep in mind that foreclosure may not be your only option. You still may be able to save your home from being foreclosed and also maintain your credit rating. The first step to discovering your options is to contact a qualified lawyer with experience in foreclosure.

When you realize that you may not be able to make payments on your property for the next few months, it is time to get in touch with a foreclosure attorney in Chicago. The sooner you begin, the more options you may have. An attorney may be able to change the terms of your loan in your favor, reduce you interest rate, altered the term of the loan from adjustable to fixed, and possibly even reduce or put your mortgage payments on hold for awhile. Having a qualified attorney by your side can have a surprising effect on banks and other lenders. 

Getting in touch with a real estate attorney in Chicago is a good idea if you have already missed a mortgage payment. While Illinois laws do not throw a person out of their home for missing a few payments, this can kick-start the legal process of foreclosure. If you get on top of the situation quickly, you may still have a chance at retaining your property.

If insolvency is the reason behind your missing mortgage payments, then filing for bankruptcy through a bankruptcy attorney in Chicago is also good idea. A qualified attorney may be able to get the lenders to agree to a delayed or reduced payment. They might advise you to file for bankruptcy under Chapter 13 Bankruptcy, wherein you could get from 3 to 5 years to pay up the mortgage amount. Moreover, any smart lender will know that a temporary compromise with a client is more profitable than the hassles and expenses involved in a foreclosure, and will be likely to take your lawyer’s suggestions if they are feasible enough.

So don’t fret over missing a mortgage payment or two. Take action and get in touch with the offices of Chang and Carlin, LLP, and follow their advice to get your life back on track! Contact us today for a FREE Legal Consultation.