9901 South Western Ave., Suite 208, Chicago, IL 60643

phone312-973-3755

Beverly Chicago Foreclosure Defense Attorney

Beverly foreclosure defense law firm

Real Estate Lawyer Defending Owners in Foreclosures in Chicago Ridge and the South Side of Chicago

There are over 4,000 foreclosures filed in Chicago each year. This number varies depending on the economy and economic impact of situations such as COVID-19, unemployment rates, and a myriad of other factors. If you are one of the homeowners affected by a foreclosure due to unexpected life events, predatory lending practices, or any other factor affecting your ability to make mortgage payments, you may be facing stress, uncertainty, and a protracted legal battle resulting in the loss of your home.

You need an experienced real estate lawyer who can help you understand your options at each step of the foreclosure process and fight for you in court if necessary. At The Law Offices of Marques A. Eason, LLC, we focus on foreclosure defense for property owners on the South Side of Chicago and in the South Suburbs, and we will bring our 10 years of legal experience and our aggressive litigation strategy to your case.

Understanding the Foreclosure Process in Cook County

The entire process of an Illinois foreclosure can take a year or more, with several stages during which a foreclosure defense lawyer can be of assistance. If you are struggling to pay your mortgage or concerned that you may default, it is important that you understand what to expect if the lender initiates foreclosure proceedings. The general process is as follows:

  • The owner defaults on the mortgage: Even if you miss a mortgage payment, you have a grace period of 90 days before you are considered to be in default on your loan. However, if you are still unable to make your payments after this grace period, the foreclosure process may begin.
  • The lender sends a notice of default: The lender must notify you in writing that the mortgage is in default and that they intend to begin foreclosure proceedings. You usually then have 30 more days to make payments before any further action on the lender's part.
  • The lender files a foreclosure complaint: This initiates court proceedings, and you then have 30 days to file a response. The judge can then rule in summary for the lender or order a trial in which your attorney can present a defense.
  • The judge issues a judgment: If the ruling is in favor of the lender, you still have a period of at least three months from the judgment in which you can reclaim the property by making all required mortgage payments and covering any additional costs.
  • The property is auctioned and the owner is evicted: If this period ends and you are still unable to pay, the property will be sold to the highest bidder, at which point you have 30 days to vacate the property before being evicted.

Our Chicago Foreclosure Defense Attorney Can Help

Fortunately, missing a mortgage payment does not mean that you will inevitably lose your home. You have options throughout the process that can prevent a foreclosure or at least mitigate the negative effects, and we can help you pursue those options to the best of our ability.

If you are struggling to make payments, we can help before you even default on your mortgage by exploring options to make payments more manageable, such as refinancing or temporarily modifying the terms of your loan. We can also help you through a short sale, in which you sell your home for less than the remaining amount of your mortgage and work with the lender to receive full or partial forgiveness for the balance after the sale.

If the lender does proceed with the foreclosure, we can perform an audit on your mortgage to discover whether the lender committed any violations or engaged in predatory lending practices. Any evidence we find can aid in drafting a response to the foreclosure complaint and building a strong defense for you at trial.

In the event of a judgment against you, we can help you negotiate a consent foreclosure with the lender to avoid excessive deficiency payments beyond the value your home sells for, or in some cases advise you to consider filing for bankruptcy, which puts an automatic stay on the foreclosure process.

Contact A Beverly Foreclosure Defense Lawyer Today

If you need an ally in the foreclosure process or an attorney to review your mortgage agreement during the residential or commercial closing process, contact us at 312-973-3755. We serve clients in Beverly, Oak Lawn, Evergreen Park, Homewood, and throughout the South Suburbs of Chicago.

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