Experienced Foreclosure Assistance Attorney
If your home lender has sent you a notice of foreclosure or has indicated that it intends to foreclose, filing bankruptcy may give you the chance to keep your home or to slow down foreclosure proceedings and give you an opportunity to negotiate with your lender to stay in your home. Even more, Chapter 13 bankruptcy provides you with the ability to get back on track on your payments by letting you pay late payments over time.
It is important to know, however, that bankruptcy may only stop the inevitable foreclosure from happening. Chapter 7 bankruptcy does not allow you to get caught up on a mortgage, so if you can’t bring your mortgage current, it’s very likely that your lender will ask the Illinois bankruptcy court to let its foreclosure proceed. Unless you have a defense to your default, the court will allow the foreclosure to move forward.
BANKRUPTCY CAN STOP FORECLOSURE IN ILLINOIS AND HELP RID YOU OF A SECOND (OR THIRD) MORTGAGE!
Not only will bankruptcy stop foreclosure in Illinois, Chapter 13 bankruptcy may also help you eliminate second or third mortgages if your first mortgage is equal to, or greater than, the value of your home. If that’s the case, the bankruptcy court may be able to strip away the second or third mortgage and reduce the overall debt you owe on your home.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.