There is never a good time to experience the possibility of losing your home. The ideal of facing foreclosure is one that brings extreme pressure and demise to the quality of existing in daily living. For the average person, there is no way to think of anything else when they know it’s likely that they could be living the last few weeks or days in a home they’ve worked so hard to establish. Although this is a very difficult and trying time, the worse mistake one could make is to do absolutely nothing. The longer you ponder and dread the day, the quicker the moment will arrive. Instead, act quickly and do whatever is within your legal rights to save the home. Time is of the essence and the first minutes should be spent obtaining the consultation and counsel of a foreclosure attorney.
The Process
The knowledge of this unbearable process is a necessary tool to help many determine when the time is right to bring in an attorney. If facing foreclosure with no clue of what to do next, the time is perfect to consult an attorney. The typical process includes the lender contacting the owner to find out why payments are in default. This is typically followed up with a letter or notice of delinquency/default and a demand of payment execution to bring the mortgage current. The lender then moves to have their attorney file a complaint for foreclosure in court and you should receive a notice within 30 days of the filing. This presents an opportunity for you to reply and in the meantime, the attorney files for default judgment. This is only the core of the process and in less than two months, your home could be sold.
Communication Efforts
It’s imperative that communication is maintained with the lender in an attempt to let them know your intentions to settle the matter. The lender isn’t at all anxious to foreclose on the home as it benefits them more to have you fulfil your obligation. The foreclosure process is one that is expensive for the lender and they would prefer to avoid it if possible. This is why it’s best to involve a foreclosure attorney to help guide you through the proper steps of securing your home and putting this dreadful situation behind you. The communication with an attorney is an essential part of the foreclosure process.
A Foreclosure Attorney Chicago can help to prevent the loss of a home with the necessary legal approach. Chicago Debt Solutions is extremely knowledgeable of the foreclosure laws that surround the mortgage world. You can also visit them on Facebook for more information.