The Answers You NEED To Fight Your Foreclosure
Frequently Asked Questions:
Q: What are my options?
A: You have four options.
Do nothing and wait for the Sheriff to remove you.
Loan Modification to restructure your mortgage.
Short sell your property.
File bankruptcy to force the bank to allow you to stay.
Q: I was served with papers, when do I have to leave?
A: The foreclosure process in Illinois can take upwards of a year. However, that time will go by fast and you should not ignore it. Up until the moment that property goes to Sheriff Sale or Auction, the property is still yours and you have options. At the hearing to confirm the terms of the Sheriff Sale, the Judge will appoint the date you must vacate.
Q: I have an Auction/Sheriff Sale/Judicial Sale upcoming, what does that mean?
A: You are near the end of the foreclosure process. The bank has to make the property available for bid by third party investors at an open Auction. You cannot bid. If no party bids, the property reverts back to the bank. Up until the property goes up for Auction, you can save your property. After the Auction is completed, your options are very limited.
Q: Why do people keep contacting me about a Short Sale? What is it?
A: A Short Sale is when you sell your property and the mortgage company agrees to take less money at closing. You walk away from the home, but you get to do so under your own terms. Short Sales are attractive because:
The homeowner controls when they leave the home.
Liens are paid off at closing, reducing additional debts.
Forgiveness of debt remaining with bank.
Less damage done to your credit report.
Cash incentives available to the homeowner.
Avoid foreclosure.
All legal fees and Realtor fees are paid at closing.
Q: I tried contacting the bank myself, why do they make it so difficult?
A: The days of the local banker having knowledge of your property and your loan are long gone. Banks utilize overseas call centers that will give you any answer to get you off the phone as fast as possible. Unfortunately, that can include giving wrong or out-of-date information. Our office has to maintain detailed, organized files with notes of every interaction so we are ready to correct the call center and ensure your file is being handled properly.
Q: What can’t I get a loan modification?
A: You should always try for a loan modification first. You do not need legal assistance and we discourage paying third parties to assist with a loan modification. If you submit your financial documents, the bank will give you an offer. However, depending upon how many payments you missed, the amount that needs to be added to your mortgage may make your new mortgage payment unfeasible. If the loan modification does not work, it may be time to consider a short sale.
Q: Why do people file Bankruptcy?
A: Bankruptcy can be an options for two reasons. A Chapter 13 bankruptcy forces the bank to allow you to make plan payments to bring your mortgage current and save your home. A Chapter 7 bankruptcy discharges all of your debt and you are no longer liable to any creditors. You should still consider a short sale if you file Chapter 7.
Q: At what point should I hire a lawyer?
A: It’s never too early to hire a lawyer. The process can move quickly when ignored and you may miss an opportunity. We consult with each client individually and come up with a plan that suits you.
Q: How do I ask for help?
A: You can reach Floss Law at 224-326-2903 or bob@flosslaw.com to request a consultation. We can offer a free, no contact, video consultation to review your case and offer you guidance.
Q: How much will this cost?
A: We do not charge any upfront fees. We discourage retainer fees and prefer to obtain payment at the successful closing or preserving of your home.
