IL Foreclosure Attorneys Near You
Foreclosure in Chicago, IL can be an intimidating experience. Having an attorney assist you with the process and defend your rights throughout can have a major impact not only on how you feel, but also on how you are able to recover financially after it is over.
Experienced Chicago, IL foreclosure attorneys are able to review your financial situation, assess your options, agree upon a course of action, and negotiate with the bank to meet your goals. It might be possible to avoid judicial foreclosure, which means the court will not order the sale of our property at an auction and holds you responsible for the deficiency between the sale price and the balance of your existing mortgage. A foreclosure attorney can explain your options and help you choose which is best for you, which might include:
- Seeking a foreclosure alternative, such as a deed in lieu of foreclosure or consent foreclosure, can return the property to the bank, but provide a waiver for any outstanding debt.
- Modifying your existing mortgage loan so it is more manageable financially.
- Refinancing so you have a new loan with better terms that are more affordable both short- and long-term.
- Performing a strategic default which might include filing for bankruptcy or removing your obligation to the foreclosure in some manner that is financially advantageous.
- Removing your obligation for your home through a sale or short sale with the proceeds of the sale going toward the balance owed to the bank. In short sales, the bank usually agrees to waive the unpaid balance because the home is sold for less than it is worth and/or that is owed on the mortgage.
- A foreclosure attorney’s goal is to ensure that appropriate pleadings are filed and defenses asserted, that the bank turns over the documents it will use in prosecuting its claims, and that the bank is forced prove its right to foreclose, as well as any damages it seeks.
Every financial situation is unique and every homeowners needs support and guidance that is specific to their needs throughout the foreclosure process. If you are facing foreclosure in Chicago, IL, Peter Marx can help.
Peter has more than 20 years of experience representing clients in foreclosures and various other real estate transactions in Chicago and throughout the Chicagoland area. His practice focuses exclusively on real estate, so he understands how difficult and complex the process can be when a bank attempts to foreclose on a home. His goal is to help clients minimize the damage caused by their current situation and find a solution that suits their needs.
Peter and his team have significant experience with foreclosure and short sales, but can also help buyers and sellers with contract review and modification, multi-unit buildings, tax exempt exchanges, condo conversions and any other aspect of a residential real estate transaction.