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Botto Gilbert Lancaster, PC

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McHenry County Foreclosure Defense Attorneys

Wauconda foreclosure defense lawyer

Short Sales and Foreclosure Defense Lawyers Representing Clients in Crystal Lake, Wauconda Areas

At Botto Gilbert Lancaster, PC, we understand you can fall behind on your loan for many reasons. The circumstances are often beyond your control, particularly if you are suffering financially due to being laid off or a medical condition. We know you have done the best you can. Unfortunately, your hard work may not be enough and you may still receive a foreclosure notice. At this point, all hope is not lost. Our experienced real estate attorneys can help you find a way to keep your house or manage this situation in a way that does the least damage to your credit. Call us today at 815-338-3838 and schedule a time for us review to your situation and explain your options.

Foreclosure Defense

A foreclosure occurs when the mortgage lender takes possession of your home after you fall behind on your mortgage payments. The lender must sue you in court and prove you defaulted on your loan in order to gain a judgment against you and seize the deed to your house. This can be a traumatic experience, particularly if you do not obtain the legal advice you need. An experienced foreclosure defense lawyer can help you avoid a foreclosure or, if you are ready to let go of your house, improve your circumstances and protect your rights during the process.

When you receive a notice of a foreclosure action, the best thing to do is contact one of our experienced foreclosure defense attorneys immediately. A foreclosure is a lawsuit, and you must file your court appearance and answer the complaint to avoid default judgment against you. An attorney can handle these steps for you. We can also explain your options for defending against the foreclosure itself. However, staying in your home may not be a desired or reasonable goal. You may be far more concerned with getting out from under the house with dignity and your credit score intact. We are ready to focus on foreclosure alternatives like a short sale or deed-in-lieu of foreclosure.

A Short Sale

During a short sale, the lender on your home accepts less than the actual amount you owe to pay off the mortgage. This type of sale arises when you are unable to keep up with your home's mortgage payments in a depressed housing market. Ideally, you would sell your home for a good price and pay off your mortgage. However, due to current market conditions, you cannot obtain the sale price you need to pay the balance. In the end, the lender agrees on a lesser amount because it is likely to get more from the short sale than from your continuing to own the home. It also benefits the lender to avoid a costly foreclosure process.

A short sale can be emotional, but this difficult option is often a better choice than to go through foreclosure. To determine whether you are eligible for a short sale or another foreclosure alternative, speak with one of our experienced real estate attorneys today.

Call Our Foreclosure Defense Lawyers Today

If you are getting behind on your mortgage or foreclosure proceedings have begun, call us today. When a foreclosure is necessary, we will do our best to extend the time you have in your home and to find new accommodations. However, we will also work with your lender to see if a loan modification, refinancing, deed-in-lieu of foreclosure, short sale, or another option is more appropriate. Contact us today at 815-338-3838 to schedule a time to discuss your situation.

Illinois State Bar Association State Bar of Wisconsin Crystal Lake Chamber of Commerce Illinois Trial Lawyers Association McHenry County Bar Association
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