In short, the answer is yes! However, it's important that you work with a foreclosure lawyer who has navigated the complex structure of the law and who has demonstrated previous success in these areas (Also note that bankruptcy may NOT be the best option for you).
Attorney David Sweis and his team have this experience and understand the law. In residential foreclosure, his firm's strategies have helped hundreds of homeowners remain in their homes in order to work out a resolution with the lender(s) or obtain the necessary time to save money and escape from the underwater home with no liability.
For commercial foreclosure defense strategies, his team has worked with many land owners to maintain possession of their property and manage their clients without interruption from the lender during the foreclosure process. Additionally, in some cases, their strategies have allowed them to negotiate a resolution with their lender and minimize their back end liability.
The Illinois Mortgage Foreclosure Law governs the procedure and manner in which real estate is foreclosed upon by creditors. This statute dictates the rights for the borrower at all stages in the foreclosure process.
Additionally, there are other laws which protect borrowers from Predatory Lending practices, from illegal sales tactics to improper disclosures. Some of these laws include: Truth in Lending Act (TILA); Real Estate Settlement Procedure Act (RESPA); Home-Owner Equity Protection Act (HOEPA); Illinois Fairness in Lending Act; and the Illinois Consumer Fraud and Deceptive Business Practices Act.
We will screen your loan to determine whether there may have been a violation of these statutes and other laws affecting your mortgage. Foreclosure Defense is our passion and expertise!
In the end, once you have reached a settlement that you are satisfied with, regardless of who you work with, be wary of foreclosure lawyers who want to set up seemingly harmless monthly payments with you. Our experience tells us that these types of resolutions generally have no boundaries and may continue for an almost endless amount of time.
Sweis Law Firm does not participate in nor promote this type of practice, which has become the basis for many malpractice law suits. Instead, we offer “One-Fee Full-Service”. Our services include all of the same options, BUT, you will know exactly what the fees are up front and when you will be paid up in full.
Case Study # 1 – Reduction of Adjustable Mortgage Rate from over 7% down to 2% AND modified Principal and Interest Payment reduced by over 47%.
Case Study # 2 – Client avoids over $300,000 in potential liability without the need for bankruptcy.
Case Study # 3 – Loan modification reduces principal by over $215,000 and all missed payments, accrued interest and late fees for over 2 years were waived.
Don't navigate the complex foreclosure law structure by yourself or with an inexperienced foreclosure defense attorney!
Contact Us Today for a FREE 30-Minute Consultation and get out of the foreclosure maze!