Foreclosure Defense & Short Sale Attorneys in Naperville, Illinois
Many people do not realize that they can fight a foreclosure with the assistance of an experienced attorney. In fact, many Illinois families are dealing with foreclosure on their homes, as the state has one of the highest rates of foreclosure. In addition, Cook, Will, and DuPage Counties have some of the highest rates of foreclosure within the state of Illinois.
If you are potentially facing foreclosure, contact the Fitzgerald Law Firm, P.C. We will discuss strategies with you and how to either hold onto your home or move forward with fewer financial and credit-related repercussions related to your foreclosure.
Avoiding Foreclosure
One way of avoiding foreclosure is to work with the bank and surrender the deed to your home in exchange for forgiving the loan. This “deed in lieu of foreclosure” allows you to abandon the mortgage without severe credit-related repercussions.
Short Sales
With foreclosure defense, the most viable option often depends upon who owns the original mortgage to your home and how much you owe on any loans you took out to buy the home. Thus, for example, if you owe more on your loan than you would be able to make by selling your home, negotiating a “short sale” can be wise, whereby an experienced attorney helps you negotiate with the bank to agree to forgive the balance of the loan when you sell your home for less than you owe. However, legal assistance with short sales is very advisable, as banks can be hesitant to allow for a short sale. If you do end up with a short sale, for example, you will want to ensure that any and all obligations to pay the bank have been cleared.
Other strategies are available based upon where you are with your (original or second) mortgage and payments. In some circumstances, for example, defaulting on your payments is the best to ensure that you do not go into complete economic hardship in the future.
The Fitzgerald Law Firm, P.C.
At The Fitzgerald Law Firm, P.C., we are here to answer your questions about any real estate issues or disputes. It is crucial that, due to the complexity of these issues, even small mistakes are not made, as they can have lifelong consequences on your financial stability and credit. We will help educate you about your options and work with you every step of the way to ensure that you are satisfied. With over 16 years of experience practicing locally here in Illinois, we represent individuals and businesses of all sizes and types. Contact us online or by phone at (630) 946-6060 today for a free consultation.