I am not an attorney and you should definitely think about getting one, or at least getting good counsel. But if you are pretty savvy and organized you can possibly do this on your own. Two things to do immediately:
1. Get on the phone with your bank ASAP. Your silence will lead them to believe you do not care. Open up a dialogue and see what options are available to you. A loan modification is quite a process but can be done. If you only owe a few months they may put it on the back end for you if you can prove ability to pay. Banks do not want to own real estate if they don't have to. If you can get to a branch that may also be a good start. Always helps to talk to real person. Can't hurt.
2. Absolutely keep the court date. It takes over a year for a foreclosure to go through. So get in front of the judge and tell him you are working it out. Time is on your side.
I wish you luck. If you are persistent you should prevail.
Ian Halpin / Broker
Jameson Sothebyâ€™s International Realty
425 W. North Ave. / Chicago, IL 60610
O: 312.335.3220 / F: 312.229.9190 / C: 773.531.4479
firstname.lastname@example.org | http://www.jamesonsir.com
The best first step is to call you lender and state your case. The fact that you paid in excess of your monthly payments in the past may be taken into consideration. You need to speak to them first and foremost.
Illinois is a judicial state when it comes to foreclosures. That means after the 3rd payment is missed the bank has to legally begin the foreclosure process. You may be able to modify, again call the lender.
Please feel free to call me direct to discuss further, too many variable for this forum.
Hope this helps and good luck!
try to arrange with your bank, it may take time, and a lot of calls.....
And yes for the process of foreclosure and a court date having been started and set, get an attorney
to represent you and let him/her know what it is that you want to do.... refinance, stay in your home,
and once refinanced with a new and hopefully somewhat lower monthly payment pay regularly every
Good Luck to you
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As Ian stated contact you bank immediately! Just from what I have seen happening over the past five years if you are ever late talk to the bank immediately. The computers are looking at the fact that you have paid an additional $600 a month in the past. It simply sends a notice to person saying MSC is late time to do something.
MSC you are will have to be diligent and persistent. You will spend a lot of time on the phone being transferred. Make sure you get the name of every person you talk to, write down the date and time. I would even get a notebook just for this.
Contact an attorney ASAP. You have already been served with the foreclosure papers so the foreclosure is in process. Whatever you do, don not ignore the courts request for an appearance and personally would not trust the bureaucracy of the bank to figure out which attorney they hired to foreclose on your property, just me.
Yes it is going to cost you to hire an attorney. But the attorney can postpone the foreclosure long enough for you to work with the bank. I have seen Rusty Payton at 773-682-5210 hold off foreclosure while homeowners re-organized. He is very fair, just be honest with him.
There is new legislature on foreclosure proceeding to hit the books this summer that offer homeowners more protections. Unfortunately, they are not going to apply to you as the proceedings have already started. Remember be honest and upfront with any attorney you choose and judges do not want to put people out of their homes if they are trying to work with the lender.
I truly wish you the best of luck!
More importantly talk to your lender and tell them the truth - that you want to stay in the house and want to become current with your payments.
Can they refi you to a lower rate?
Can they modify loan?
What you say to the mortgage company is "I want to keep my house. i had some financial problems and they are mostly behind me."
They do not want your house, and they have many incentives to modify the loan or accommodate your falling behind.
Just be sure you when you commit to something with them, you do it.
I am happy to provide you with information for experienced short sale and foreclosure attorneys. they, and your housing counselor will give you the steps.
Call, text or email me, 773-732-9123 or email@example.com
You absolutely do not want to let the court date go by without an appearance.
Note: I'm not an attorney and this is not legal advise, consult an attorney for legal advise.