When a property owner fails to make his mortgage payments, the lender will generally proceed initially with late notices. If a couple of months go by without payment, the lender will typically forward the matter to an attorney to file for foreclosure. There could be any number of reasons a homeowner falls behind, including debt problems, medical bills and health issues, and loss of a job. At the Law Offices of Thomas W. Drexler, we are experienced attorneys working to defend our clients who are facing foreclosure and bankruptcy in Chicago.
When Should I Get Help From An Attorney?
The short answer is “as soon as possible.” The later a foreclosure is in the process the fewer options are available. The law and the court system are complicated, but there are provisions to safeguard the rights of homeowners. An attorney can help you make the most of your situation.
Once the lender conducts a foreclosure sale, most opportunities to save the property have been lost, and resolution becomes much more difficult.
How We Can Help
At the Law Offices of Thomas W. Drexler, our goal is to help you find a way to keep your property. If you are unable to catch up on your payments, one way to save your home is to file for Chapter 13 bankruptcy. Chapter 13 bankruptcy is a payment plan, often referred to as a “wage earner” plan. It allows you the option not only of catching up your delinquent payments over time, but also reducing or largely eliminating some debt under certain circumstances.
Why Chapter 13 Bankruptcy?
Foreclosure is a common reason why individuals file for Chapter 13 bankruptcy. Filing for Chapter 13 bankruptcy, if done properly, will immediately stop a foreclosure case (and most importantly a foreclosure sale) as well as any other court case, collection activity, or repossession. After the case is filed, to remain out of foreclosure, you must make your regular monthly mortgage payments as well as a Chapter 13 payment in order to retain your home.
Filing for Chapter 13 will also give you some time to pursue a mortgage modification that can reduce your monthly mortgage payment. If necessary, it may also give you some time to attempt to find a new job or additional source of income in order to be able to make your payments.
If you’re currently going through a foreclosure and you need professional help, contact our lawyers today.