Stopping Foreclosure

Wheaton Bankruptcy Lawyer

In today’s turbulent economic times, many people are unable to keep up monthly mortgage payments and fear losing their homes. If you miss two or three mortgage payments, the sheriff will not come knocking on your door. You have the option of making back payments and interest in a fair amount of time to keep your home, possibly through Chapter 13 or debt repayment bankruptcy. If you are completely underwater, you may choose to file a deed in lieu of foreclosure or file for Chapter 7 bankruptcy.

It is challenging for consumers to deal directly with mortgage lenders, large banks and corporations. There are filing deadlines and a large body of law dealing with foreclosure in Illinois. Thinking Outside The Box, Inc., can help.

We Diagnose, Then Prescribe

Our founding attorney, Jon Noel Dowat, worked in financial planning and accounting for 18 years before going into private practice as a tax and bankruptcy lawyer. Our mission is to help you find the solution that works best for you, as everybody’s goals and financial situations are different.

You will have the opportunity to meet with a qualified Warrenville foreclosure attorney who will listen to your story, explain how foreclosure law works, and provide practical advice. To schedule a free initial consultation, call 630-333-9589 or 888-777-4193 toll free.

How Foreclosure Works

People do not go into foreclosure if they miss a few mortgage payments. Your lender may send you a letter of default when you have missed three or four mortgage payments, stating their intention to file a suit for foreclosure in 30 days. If you have received a letter or believe you soon will, now is a good time to meet with us to create a foreclosure plan.

Under the law you have options, including:

  • Filing a deed in lieu of foreclosure
  • Filing for Chapter 7 bankruptcy
  • Filing a consent judgment for foreclosure
  • Making up missed payments and interest through a Chapter 13 payment plan

The foreclosure process is slow, giving you time to gather information and make smart decisions. After a lawsuit to foreclose is filed, you do not have to move out right away. Illinois law gives you 90 days for mortgage reinstatement and seven months for mortgage redemption. Even if you stop making mortgage payments completely, most clients have between nine months and one year before they have to call the movers.

There Is a Lot Riding on Your Decision

Can you afford the home you are now living in? Based on your answer, we can help formulate a creative solution that is in your best interest. You may decide to keep your home or give it back to the lender. Many people are surprised to learn that they may receive a deficiency judgment after foreclosure. That means that the mortgage company may sue them for the difference between the sale price of your former home and the amount you still owe on the mortgage.

If you are facing foreclosure or soon may be, we can help protect your rights and help you manage the process. To schedule a free initial consultation, call 630-333-9589 or 888-777-4193 toll free. Contact us as soon as you begin missing mortgage payments.