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Cook County foreclosure defense attorneyDue to financial issues that have affected many people during the COVID-19 pandemic, the federal government has implemented a moratorium on foreclosures, which is meant to ensure that families can continue living in their homes during this public health emergency. While the moratorium has been extended multiple times, it is currently set to expire on June 30, 2021. This means that those who have been unable to make mortgage payments may face the loss of their homes. Some lenders have stated that they will resume foreclosures as soon as the moratorium ends, while others may wait to proceed with foreclosures until the end of 2021. Homeowners who are facing foreclosure will want to understand their options and determine whether they can work with their lender to create new payment options or whether they will need to find new living arrangements. 

Options for Homeowners Facing Foreclosure

To prevent foreclosure, those who have been unable to make mortgage payments will need to determine how they can become current on past-due payments, and they will also need to make sure they will be able to make ongoing mortgage payments. Homeowners may be able to work with lenders to address these issues, and available options may include:

  • Forbearance - Those who have been unable to make mortgage payments may qualify for relief in which they will not be required to make payments for a certain period of time, or the amount of payments may be temporarily reduced. While missed payments will need to be made up, homeowners will generally not be required to pay a lump sum at the end of the forbearance period. Instead, missed payments may be added on to the end of the loan, or the amount of payments may be increased temporarily. Homeowners who received a forbearance before June 30, 2020 may request up to two extensions of three months each, but the maximum period for forbearance is 18 months.

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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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