What Can You Do When Facing Foreclosure?

How an Attorney Can Help When You Face Foreclosure

If you are concerned you might lose your home, you may wonder what can you do when facing foreclosure? You have the right to fight foreclosure. However, foreclosure law involves plenty of complications. Therefore, you will need the services of a qualified local foreclosure attorney to give yourself the best chance of keeping your home. A foreclosure defense lawyer can advise you on your rights under state and federal law and help to enforce them. In addition, a foreclosure attorney can provide you with other options such as filing for bankruptcy, getting a loan modification, or other loss mitigation options.

Top Foreclosure Defense Strategies

What can you do when facing foreclosure? You can get an attorney to fight for you to keep your home. If you plan to fight, you will need to build a successful foreclosure defense strategy. As a result, you should consult with a foreclosure defense attorney. The foreclosure process does not allow you a lot of time to delay. Here are some of the most successful foreclosure defense strategies to consider.

Prove a Breach of Proper Foreclosure Procedures

A loan servicer must strictly follow Illinois legal procedures during the foreclosure process. A foreclosure defense attorney can consult with you and uncover mistakes in the foreclosure process. If the mistake was serious enough, a foreclosure defense attorney can push for your case to get dismissed, helping you to keep your home.

Debate the Ownership of the Loan

If your loan was bundled and securitized, the foreclosing party may not be able to prove ownership of the loan. You should consult with a foreclosure defense attorney to see if your case involves a bundled and securitized loan. If it does, a lawyer can help you build a defense that the foreclosing party does not own your loan.

Show that Mistakes Were Made

Loan services frequently make serious mistakes when managing homeowner accounts. Therefore, your case might involve a common mistake made by a loan servicer. Typical errors include misapplying funds, charging unreasonable or unallowable fees, or failing to credit payments to the account. A foreclosure defense lawyer can go through the loan service payment history. Then, they can advise you whether mistakes were made by a loan servicer that can help you prevent foreclosure.

Claim Protection for Military Personnel

The Servicemembers Civil Relief Act suspends or postpones civil obligations to enable military personnel to keep their full attention on their duty and to not provide undue burden on their families. The act covers the following:

Outstanding credit card debt
Mortgage payments
Pending trials
Taxes
Termination of lease
Foreclosure and eviction from housing
Life insurance protection

A foreclosure defense attorney can help you prove that the loan servicer cannot foreclose on the property until you sign a waiver, or a court order is issued. This applies to military personnel who obtained the loan before or after going on active duty.

Assistance with a Loan Modification

Loan servicers are not allowed to stall your attempts to obtain a loan modification to prevent a foreclosure. Consult with a foreclosure defense lawyer if you suspect your loan servicer is not treating you fairly regarding a loan modification. This practice is called dual tracking and federal law restricts loan servicers from this kind of behavior. In the past, many homeowners were surprised to learn they had lost their homes because the loan servicer delayed a loan modification long enough to complete the foreclosure process.

Negotiate with Your Lender

What can you do when facing foreclosure? In some cases, you can save your home by proving the ability to pay back missed payments and stay current on future payments. A foreclosure attorney can help you negotiate with your lender to stop the foreclosure. Here are the most common ways to repay the loan:

Pay the Past Due Amount – Your attorney can call your lender and determine the amount that you owe the lender. If you can pay the full amount, your lawyer can immediately notify the lender. Then, the attorney can negotiate a timetable to pay off the owed amount and the next mortgage payment to stop the foreclosure process.
Request a Payment Plan – Consult with an attorney if you cannot pay the full amount. You can notify your lawyer how much in addition to your current mortgage payments that you can pay to catch up on missed payments. Then, your lawyer can negotiate with the lender to work out a payment plan to avoid foreclosure.
Ask for a Loan Modification – Unexpected life circumstances can dramatically alter your ability to pay. If your financial situation changes quickly, a loan modification can give you an option to avoid foreclosure. Many lenders consider hardships to qualify for loan modifications like the following events:
- Contested divorce proceedings
- An accident that caused disability or a significant injury
- Unexpected job loss
- Salary reductions at your current job
- Being a victim of financial fraud
- Child custody, child support, or alimony payment issues
- A sudden death in the family

About Brave Law Attorneys

What can you do when facing foreclosure? You can seek out assistance from the experienced and respected attorneys at Brave Law. Lawyers from the Brave Law Office specialize in family law, criminal law, real estate law, divorce, DUI, and child custody cases. In addition, our attorneys prepare wills and trusts, and provide estate planning services. Our team can assist you if you are facing foreclosure due to life-changing circumstances including divorce, a death in the family, job loss, or a debilitating accident. Brave Law has three local offices, one each in Peoria IL, Lewistown IL, and Eureka IL. We consult on cases with clients from the following local communities:

You can request a free case review by calling 309-685-7900 or through our online contact form.

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