MORTGAGE FORECLOSURE DEFENSE
The dedicated Chicago attorneys and support staff of The Law Offices of Joseph Younes, P.C. work tirelessly for clients to quickly reach a resolution for mortgage foreclosure. The process can be quite long, stressful and confusing, and proper representation through this difficult time is extremely important.
What Is Mortgage Foreclosure Defense?
As a result of a mortgage foreclosure, homeowners risks the loss of their home (including any equity), a personal judgment for the debt, and because a foreclosure judgment appears on credit reports, the loss of future credit.
The State of Illinois is a judicial foreclosure state and the foreclosure process is governed by the Illinois Mortgage Foreclosure Law (IMFL). The entire foreclosure process in Illinois takes, on average, about nine months, from the time of the filing of the complaint to the eviction by the Sheriff.
Foreclosure defense in court can be successful in defeating the foreclosure action but if not, may extend the foreclosure process by 24 months, and in some cases, even longer. If the property is not residential or is abandoned, the process can be substantially shortened. Mortgage foreclosure is a complicated process, and the Chicago Law Offices Of Joseph Younes, P.C. will work as your advocate throughout the entire ordeal. Below is an outline of a typical foreclosure case.
- Homeowner allows mortgage to default
- Filing of Foreclosure
- Service of Summons
- Foreclosure Judgment and Order of Sale
- Reinstatement Period Expires (90 days after personal service)
- Redemption Period Expires (7 months after personal service or 3 months after judgment, whichever is later)
- Foreclosure Sale
- Foreclosure Sale Confirmed
- Right to Possession Expires (30 days after foreclosure sale confirmed)
- Eviction by Sheriff of Named Parties
- Recording of Foreclosure Deed
As the threat of foreclosure looms, homeowners will begin to receive solicitations by mail offering quick fixes and advice. This mail should be discarded, as quite often they are connected to scams that involve offers to refinance—at an exorbitant interest rate or with hidden fees—and offers to buy the property, pay off the mortgage and resell the property to the homeowner. The results are often guaranteed to cause default.
Please contact us today for a NO CHARGE CASE EVALUATION as a first step in resolving your mortgage foreclosure defense case.
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