Every foreclosure case is different, but in Illinois, lenders must file a judicial foreclosure action to take your home. This process forces the mortgage lender to file a formal lawsuit, which is many homeowners choose to hire an Illinois foreclosure attorney to help them save their home. To give yourself the best chance to keep your home out of the hands of aggressive lenders, consider taking the following foreclosure-prevention steps:
Go on the offensive.Â If you are on the verge of facing a foreclosure, or if your lender has already taken you to court, call your mortgage servicer and ask about foreclosure alternatives. A new federal law passed by the Consumer Financial Protection Bureau requires mortgage servicers to give homeowners a comprehensive list of options to save their homes.Â
Consult a housing professional. Since the Illinois foreclosure process takes place in the county court system, even the simplest of cases can fall into a complex web of state laws. As a result, many Illinois residents contact a foreclosure defense attorney to give themselves the best odds of success in court.Â
Pursue a home loan modification. In many cases, mortgage lenders are willing to modify home loans so that you can keep your house and they can continue to receive a cash flow. These offers, however, don't appear out of thin air. You usually have to ask. And if you want to keep your home, a home loan modification may be your most viable solution.Â
Avoid scams. In recent years, as the foreclosure rate skyrocketed, scam artists began to target homeowners with a heightened level of tenacity. Beware of anyone who offers to "completely" save your home in exchange for a lot of cash, or anyone who isn't licensed as an attorney or housing counselor. Â Ignore offers of help from other entities.Â
Know your legal rights. There are a wide body of state and federal laws that protect homeowners, but if you don't know them, they might as well not exist. To learn more about your rights as a homeowner, contact the Consumer Financial Protection Bureau or an Illinois foreclosure lawyer for further information. Â
A jury has once again found Bank of America guilty with respect to its fraudulent mortgage lending practice. Â This time it could cost BOA billions...