Defending Homeowners in Foreclosure
Within months of failure to pay on a mortgage debt, a homeowner can expect to get served with a Summons and Complaint for Mortgage Foreclosure at their home via a Sheriff or a Process Server.
The very act of being served with legal papers by a sheriff or a process server can be scary. SG LAW understands the emotional toll this can take on an individual and his or her family members. Therefore, SG LAW takes great care and compassion in explaining the process in detail to clients so they remain informed and prepared to face the next step.
Illinois is a foreclosure state. Therefore, a considerable amount of time will pass between the time a homeowner is served with the Complaint and the time the homeowner is evicted from the home as a result of a foreclosure sale.
Contact SG LAW immediately upon service of the Summons and Complaint or even prior to that in order to understand your legal rights. Not doing anything can result in adverse consequences, including but not limited to the loss of your home, a personal deficiency judgment being assessed against you, and the inability to assert rights to attempt to keep your home.
Loss Mitigation Options in Foreclosure
In addition to representing homeowners in pending foreclosure cases, SG LAW also assists clients with loss mitigation options that may help lessen or avoid the impact of a fully completed foreclosure case. The following are some examples of such loss mitigation options
Negotiating a sale of the home for a price less than the outstanding debt amount in exchange for a forgiveness or discounted settlement of the outstanding debt owed to the Bank. If you are in the middle of a foreclosure case or about to be sued by the Bank, there are important deadlines that may be involved in a short sale transaction. Contact SG LAW for further legal advice regarding same.
Turning over the home to the Bank in exchange for a forgiveness of the deficiency amount that may be due to the Bank. This transaction may not be possible if there are junior lienholders.
An Illinois statutory provision that allows the Bank to take the property back in satisfaction of the debt with no assessment of a deficiency judgment against the homeowner even if there are junior lienholders.
Within the confines of any one of the aforementioned loss mitigation options, SG LAW may be able to negotiate a payment to the homeowner from the Bank to assist with relocation expenses.