5320 West 159th St, Suite 501, Oak Forest, IL 60452
Experienced Foreclosure Defense Lawyers
Reorganization of Debt Can Save the Home
Residential and Commercial Mortgages
How Chapter 13 Bankruptcy Works to Save the Home
Individuals who have received notice of foreclosure, or homeowners who anticipate foreclosure, should speak with a knowledgeable bankruptcy lawyer immediately. This is critical because your attorney wants to work to minimize your costs, and once a foreclosure is filed, you will be responsible for the bank’s attorney’s fees as well as all the delinquent payments. Avoiding foreclosure altogether is the best approach. However, our law firm can assist clients until the house is sold at a sheriff’s sale or by the mortgage lender, even at the last minute before the sale.
Don't delay. In Illinois, once the Sheriff's Sale has been held you no longer will be able to save your home with a Chapter 13. In extraordinary circumstances after a sale has been completed we may be able to negotiate the repurchase of your home from the mortgage lender if you can raise cash to do so.
Chapter 13 also allows mortgage stripping or discharging second and third mortgage debts. Our attorneys are adept at this, giving clients an increased ability to make payments on their first mortgages and bring their accounts current. Unsecured creditors such as credit card companies, hospitals, and retail stores are often enjoined against contacting you or making any efforts to collect their debts while you are paying the mortgage arrears under a confirmed plan.
If you have fallen behind in your mortgage payments, contact the Oak Forest foreclosure defense attorneys at 708-381-5426 to learn more about our Illinois law firm and how we help clients stop foreclosure. As a full-service law firm, we are also able to help clients with legal matters that may not have a bankruptcy component.
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