Foreclosure Notice- What Next?

The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through bankruptcy, foreclosure, and tax struggles.

‘Foreclosure’ is a word which is dreaded by all home owners. It conjures up images of homelessness, shame and ruin. According to experienced foreclosure attorneys in Chicago, foreclosure notices are only served when you fall far enough behind in your mortgage payments that your lender intends to take your property and sell it off unless you make up the late payments. Here’s a look at the possible outcomes after you receive a foreclosure notice.

What does foreclosure notice say?

When a lender sends a foreclosure letter, the letter usually announces that foreclosure will begin in 10 days. 

Pay the mortgage, keep the house

Once you pay the note, the foreclosure becomes null and void. Occasionally, people can raise enough cash to pay off the note. But in most cases, people pay off the note by refinancing (via another bank loan or mortgage company loan), one way or another.

What if you don’t pay?

Your real estate attorney Chicago will tell you that if you don't pay off your debts, the lender will put the home up for auction to the highest bidder. If it doesn't sell, then your lender becomes the new owner.

Bankruptcy Filing

If you are facing foreclosure, bankruptcy might be able to help. In many cases, filing Chapter 7 bankruptcy can delay the foreclosure by a number of months. Some people may be able to save their home by filing for Chapter 13 bankruptcy. When you file either a Chapter 13 or Chapter 7 bankruptcy, the court automatically issues an order (called the order for relief) that includes a wonderful thing known as the "automatic stay." The automatic stay directs your creditors to legally postpone foreclosure.

Bankruptcy filing not just saves your house from foreclosure but also keeps the harassing creditors at bay. But, there are many technicalities involved while filing for bankruptcy. Therefore, it is very important to choose an experienced bankruptcy attorney in Chicago. Chang and Carlin LLP’s experienced Chicago bankruptcy lawyers and attorneys can help you get the immediate debt protection you need and help you get out of debt.

To book your appointment or for more information about Foreclosure in Chicago, contact Chang and Carlin at 1-866-790-8601 or Request a Free No Obligation Legal Evaluation Today.

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.