Foreclosure Help from Our Schaumburg Foreclosure Lawyers
Homeowners often take pride in their homes; they are proud that they own a home, and they are proud of the homes they have. When job loss, illness or other unforeseen circumstances make it difficult to pay the mortgage, however, homeowners may begin to panic. Receiving a foreclosure notice from the mortgage company can be devastating – the homeowner thinks the home he or she worked so hard for will be gone, and he or she will worry over what will happen next. Foreclosure is a scary thing, but there are ways to stop foreclosure and save your home. The Schaumburg foreclosure attorneys at U.S. Law Attorneys, Ltd. have years of experience helping people just like you save their homes and stop foreclosure.
Foreclosure Help Options
Homeowners have many options available to save their homes when foreclosure is looming. Our Schaumburg foreclosure attorneys can help you with any of these options, including:
- President Obama’s Home Affordable Program. This program was part of President Obama’s plan to help the housing market, and it provides multiple options for homeowners, including refinancing options and loan modification options such as the Home Affordable Modification Program (HAMP). Many private loan modification companies have come out of the woodwork promising to offer homeowners the “benefits” of the mortgage bailouts, but these programs are often misleading. The truth about mortgage bailouts is not as these companies would lead you to believe, and the Home Affordable Program options are legal as well as helpful if done properly.
- The Home Affordable Alternatives Program. This program is an alternative to the Home Affordable Program for people who do not meet the criteria for HAMP or who have tried HAMP but who were unable to complete all its obligations.
- Short Sales. A short sale is a solution you can work out with your lender in which you sell your home for less than what you owe on it; the bank can then agree to write off the remaining balance. The Mortgage Debt Forgiveness Act of 2007 makes this option attractive to qualifying homeowners, because under that Act, if your loan qualifies, the IRS will not tax you on the amount the mortgage company writes off.
- Chapter 13 Bankruptcy. Chapter 13 bankruptcy offers more protection than loan modifications. It provides homeowners with the ability to stop the foreclosure sale entirely, make ongoing mortgage payments and catch up on past due mortgage payments and property taxes over a three- to- five-year period. Chapter 13 bankruptcy is a good option, because the bank cannot proceed with foreclosure while the automatic stay is in place, and if you propose a feasible plan, the bank must agree to the terms.
- Strategic Default. Some of your friends have decided that their homes are no longer a sound financial investment. Many people have discovered that they are better off financially by allowing foreclosure, filing Chapter 7 bankruptcy for their debt and rebuilding without all the weight of past bad decisions. So they choose to default, strategically. This can also be a great way to really start fresh. Imagine: you might build more savings in 2 years than in the last 10 years. You might. We can help you with the entire process.
Do not panic if you receive notice from your bank that your home is in foreclosure. Instead, contact our Schaumburg foreclosure lawyers right away and let us give you the foreclosure help you need. Even if you have not received a foreclosure notice, if you are behind on your house payment, call today – you do not want to miss an important deadline because the notice was lost in the mail, and the sooner you have a plan, the better off you will be. Our initial consultations are free – call today. You deserve to get your life back.