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Cook County real estate attorney loan modification

There are many different types of issues that can cause you to struggle financially. For example, the loss of a job, an unexpected illness, or a disability could affect your ability to pay your ongoing expenses, or overwhelming debt could become impossible to manage. As a homeowner, these types of issues can be especially worrisome, since falling behind on your mortgage payments could lead your lender to pursue the foreclosure of your home. Fortunately, you will typically have options for defending against foreclosure, and an experienced real estate attorney can help you determine whether you can receive a loan modification that will allow you to become current on your payments and maintain ownership of your home.

Loan Modification Options

Depending on your circumstances, the details of your mortgage, and your ability to make ongoing payments, you may be able to negotiate with your lender to modify your loan in one or more of the following ways:

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Evergreen Park real estate attorney foreclosure defense

Over the past six months, Illinois renters and homeowners have been struggling to make ends meet. The COVID-19 pandemic has left many employees experiencing pay cuts, getting furloughed, or being laid off altogether. A halt in the working world has trickled down to unpaid rent and mortgages due to a lack of income. Governor J.B. Pritzker recognized this financial crisis in late April, enacting an eviction and foreclosure moratorium throughout the state of Illinois—although residents were still required to pay the rent or mortgage, evictions and foreclosures could not be enforced during this time. The moratorium was set to expire on Aug. 22, but Governor Pritzker extended the state’s moratorium on evictions for another 30 days, so it will now expire on Sept. 22. In addition, the state has turned to other means to protect Illinois citizens from mass homelessness.

Housing Grants

Approximately 14,000 Chicagoans who lost their jobs or whose pay was reduced because of the pandemic asked the city for help paying their rent or mortgages, according to officials. A new state program launched on August 10, allowing Illinois residents to apply for financial assistance if they are struggling to make rent or mortgage payments due to coronavirus-related financial difficulties. Applications came from all areas of the city, but South Side residents made up the highest number of applicants.

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