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Wheaton, IL Foreclosure Lawyers

Attorneys Defending Homeowners Against Foreclosure in Glen Ellyn, Naperville, and DuPage County

warrenville home foreclosure defense lawyer

When homeowners default on mortgage payments, the lender may begin foreclosure proceedings. Foreclosure, which refers to taking mortgaged property after the owner does not make mortgage payments on time, can lead to you losing your home. However, there are several options for those facing foreclosure. At Anderson and Associates, P.C., our bankruptcy lawyers will assist you with understanding your options and help you fight against foreclosure. Throughout the process, our attorneys will defend your rights and be with you every step of the way.

Types of Foreclosure

A mortgagor (the borrower in a mortgage) and the mortgagee (the lender in a mortgage) can eliminate the mortgagor's interest in the real estate property by pursuing foreclosure. There are several types of foreclosure the mortgagor and mortgagee can use to terminate interest in real estate:

  • Short sale in foreclosure. During a short sale, you can sell your home for an amount that is less than the amount that you owe in mortgage payments.
  • Consent foreclosure. In a consent foreclosure, the borrower transfers ownership of the property to the lender so that the mortgagee waives any deficiency rights he or she may have. Consent foreclosure is a quicker process than other types of foreclosure.
  • Judicial foreclosure. The interest in mortgaged real estate is terminated when the real estate is sold in a judicial sale.

Filing for Bankruptcy to Save Home from Foreclosure

Individuals who have defaulted on their mortgage payments can save their home from foreclosure by filing for Chapter 13 bankruptcy. After filing for bankruptcy, any foreclosure proceedings are stopped. The mortgagor can then begin making mortgage payments over a certain period of time. However, it is imperative to note that the mortgagor's home may still be foreclosed if the mortgagee completes the foreclosure sale before the mortgagor files for bankruptcy. In addition, the home may be foreclosed if the mortgagor fails to make mortgage payments regularly after filing for Chapter 13 bankruptcy.

Reputable Foreclosure Lawyers in Winfield IL

At Anderson and Associates, P.C., we understand what families go through when facing foreclosure. Our compassionate attorneys have over 30 years of experience helping individuals like yourself fight foreclosure proceedings. We will strive to help you keep your home by guiding you through the most viable options available and helping you decide what avenue is best for you and your family. To schedule a consultation, call us at 630-653-9400 or contact us via our website. We serve clients in Winfield, Naperville, Glen Ellyn, and DuPage County.

Chicago Bar Association DuPage Association of Woman Lawyers Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association
Schaumburg Office
Orland Park Office
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