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Here at the firm of Bizar & Doyle, LLC, our attorneys focus on protecting your biggest asset, your home. We promise to assess your situation and determine all options in order to bring a favorable conclusion for you.
Foreclosure is a bleak occurrence for the owner. The usual paths suggested can be just as frightening. Here is an overview of foreclosure in the State of Illinois:
A property goes into foreclosure, a case is filed by the Bank, and the homeowner begins a seven month redemption period. During this redemption period in Illinois, if the homeowner does not resolve the foreclosure, a judgment is entered and an auction date is set. The most common result at the auctions in Illinois is for the property to revert back to the Bank. Additionally, in Illinois you have ninety days from when the bank files the case to reinstate the mortgage, pay all arrears and outstanding fees and costs and remain with the Bank in good standing.
Among the remedies suggested to avoid foreclosure are the following:
- Sale of Property: Ideally, with enough time, the property should sell which will allow the bank to be paid. The home will revert to a new owner.
- Litigation for various violations of state and federal statutes. We litigate in State and federal courts and have filed suits against banks for fraud and asserted many defenses to fight foreclosure. If an attorney can find a violation in the paper work based on provisions of the Truth-in-Lending Act (TILA) or Real Estate Settlement Procedures Act (RESPA), for example, a lawsuit could be filed. This could slow the foreclosure, which, in effect, brings the homeowner back up to date. Unfortunately, while this method may be touted by some, there aren’t that many cases where it would be applicable.
- Reinstatement: Paying the amount that is past due amount including late fees and Attorney costs and other fees such as a drive by appraisal. After this amount is paid. The Mortgage is up to date immediately. Once you are in foreclosure your attorney fees and fees included above equals about three thousand dollars. A Reinstatement will offer you the quickest method for resolving your mortgage foreclosure. This sounds ideal but begs the question. Most homeowners are not able to pay the amount required.
- Repayment Plan: A repayment plan is a workable option that requires an analysis of the amount past due and other fees and spreads the past due amount over a period of months. For the attorneys of Bizar & Doyle LLC, constructing such a plan is one of our specialties. We know the rules and know how the game is played. We will not put you into a plan that will set you up for failure. Often, homeowners in fear of losing their homes have been pressured to make a bad decision with the company they worked with and were set up for failure. Your lender will also set you up for failure. This type of quick fix is not in your best interest. You will be set adrift without representation on your side.
- Bankruptcy: If the owner files, the procedure will stop the process of foreclosure. This buys some time during which the homeowner may be able to make an arrangement to pay the lender. While Bizar & Doyle LLC do specialize in bankruptcy, there are other options.
What can a person, frightened, pressured, alone, do protect themselves and their families? Here at Bizar & Doyle, LLC, with our expertise, we offer you hope for a solution. Fill out the Free Foreclosure Evaluation, and we will take charge. We will take the offensive in this matter and prepare a plan to allow you, the homeowner to be successful. We know because we have done it. We have the experience and the knowledge of the tactics used by the loan industry to separate the borrower from his/her investment. Don’t go it alone? Seek a remedy that will benefit you not the mortgagor.
Again, take a few minutes to complete the free foreclosure evaluation. Your information will be directly forwarded to an experienced foreclosure lawyer at Bizar & Doyle. You can also call 888-536-0213 to be directly connected to a foreclosure lawyer.