A foreclosure attorney in Chicago represents either the lender or the bank during the foreclosure process. Foreclosure is a legal term; it is a judgment which is granted to the bank so that it can repossess the house in the event of non-payment of the mortgage obligation.
Although the law that applies to foreclosure varies somewhat from one jurisdiction to another, the process generally begins when the homeowner misses mortgage payments. In most cases the bank will contact the home buyer as soon as the payment has been missed, they attempt to collect the payment right away but the actual foreclosure process does not start immediately, the bank will wait a few months before this happens.
A foreclosure attorney in Chicago will try to help delay the foreclosure process in an attempt to give the homeowner more time. There are a number of delay tactics that the attorney can use; the attorney can ask the bank for a copy of the original promissory note for example. In many cases the mortgage is sold to another lender who in turn may sell it again, after a while the trail can get cold and it is hard for the bank to find the note. There are other delay tactics that can also be employed in an effort to buy time.
Delay tactics are very helpful to the homeowner who is only having temporary financial difficulty and expects to be back on his or her feet in short order. The foreclosure attorney in Chicago can challenge each step in the process, they are also in a position to help their client negotiate a short sale which although will not keep the client in the house it will be considerably less detrimental to the credit score of the homeowner, far less than a foreclosure and less costly for the bank.
When the homeowner falls several months behind on the mortgage payment the bank will begin the formalities of foreclosure. The bank will file a notice of default with the court; in many cases the foreclosure attorney that represents the bank will be responsible for this action.
The court sends a formal notice to the homeowner; this notice stipulates exactly what must be done to become current on their loan to stop the foreclosure process. With this information in hand the borrower has the option to pay in full the arrears or the foreclosure attorney in Chicago can attempt to work out some arrangement, unfortunately by this time it is usually too late to refinance or develop a repayment plan that is acceptable.
There are ways to delay foreclosure so that you can either catch up on your payments or work out a new finance plan with the bank. A foreclosure attorney in Chicago can delay the process while you and the attorney develop a plan. You are invited to contact Chicago Debt Solutions by the Trepeck Law Group, LLC. You can follow them on Google+.