It may be in your best interest to meet with a Chicago foreclosure attorney if your home is under threat of foreclosure. You may be able to explore options that can help you avoid losing your home. Foreclosure is when a homeowner fails to pay their mortgage payments and the home is repossessed as a result. There are many reasons that foreclosure can be triggered, such as the loss of a job and medical bills. It is important to contact an attorney as soon as you can if you are facing foreclosure. You have legal rights that you should be informed about, and with an attorney at your side, you can ensure that they are protected.

Causes of Foreclosure

People who end up going through the foreclosure process often experience unexpected financial challenges. They may incur a large amount of debt due to things like medical emergencies, getting laid off from a job, and other types of financial troubles. Missing more than one mortgage payment can trigger the foreclosure process. If you have a mortgage, it is your responsibility to ensure that you can manage the payments. Laws regulating foreclosure vary from state to state, so an attorney can give you a more specific explanation of what the laws are.

Steps of Foreclosure

Foreclosure occurs over several months and there are many steps involved. As a Chicago foreclosure attorney can tell you, it is a long process so it can take some time for it to become finalized. Homeowners can expect five phases during the foreclosure process:

Payment default: The payment default occurs when a mortgage payment is missed three times. Each lender has their own policy regarding the ways in which the default is triggered.
Notice of foreclosure: After four payments are missed, a notice of foreclosure is sent to the borrower. This is 90 days past due, and borrowers will have a chance to make up the missed payments.
Notice of Trustee’s sale: The borrower is notified that a trustee’s sale will occur and a public auction will be held. The lender will prepare and file legal documents prior to the sale.
Property sale: An opening bid will be determined by the lender and the sale will proceed until a buyer is confirmed.
Eviction: The borrower will be legally ordered to immediately vacate the property and find new living arrangements.

How to Avoid Foreclosure

It is critical that you develop a strong understanding of your legal rights if you find yourself facing the foreclosure process. Regardless of whether your actions or habits contributed to your financial problems, you need to explore ways you can receive urgent help. Typically lenders will allow borrowers multiple opportunities to pay their past-due payments so that they can avoid eviction. There are several ways to prevent foreclosure, such as maintaining a healthy credit score, refinancing, and getting in touch with an experienced Chicago foreclosure attorney right away.

Legal Services Are Available

If you are at risk of losing your home, do not wait to contact an attorney for legal assistance. Schedule a consultation with a qualified Chicago foreclosure attorney like one from Therman Law Offices, LTD now.