Foreclosure and Bankruptcy - Legal Strategies For Illinois Homeowners


If you know that you won't be able to make the monthly payments on your mortgage, the end of the road seems in sight, and the overriding emotion at all times is panic. Where do you go to get foreclosure relief? What can you do to save your home? How will you get out of this mess? All legitimate questions, that Illinois homeowners deserve to have answered.

Lenders are not known for their largesse and sympathy to homeowners looking for foreclosure relief. With dwindling paychecks, your first thought is always for the survival of your family, but banks don't seem to listen to pleas of hardship and struggle. Some banks not only foreclose on your home but include interest on the original debt, to try and get the money out of you. It's time to say "No!" and stand up and fight for you home and to get the foreclosure relief that you deserve.

There are currently five homeowner foreclosure relief programs in America: project Lifeline; Hope Now, the Hope for Homeowners Act, the Home Affordable Foreclosure Alternative Plan and the Home Affordable Modification Program. It takes time though to apply for the programs; you may not be eligible for some of them, and what you do not have when facing foreclosure is the benefit of time. If you know that you are dipping your toe into the maelstrom whirlpool of foreclosure then you need to get help fast.

It might sound like a desperate situation, but declaring bankruptcy could be the thing you need to buy you time, and save your home. While it is true that a Chapter 7 bankruptcy may not keep you in your home forever, it can buy you up to three months grace which you can use to get the foreclosure relief that you need. A Chapter 13 bankruptcy gives you even more leeway and you will be able to re structure your loan and debt to suit your reduced income circumstances.

The entire point of foreclosure relief is that it is there to help you save your most precious asset; the roof over your family's head and your security for the future. Consulting an experienced bankruptcy lawyer in Chicago is one of the lifelines that you can use to beat the system, make a difference and fight for your rights in these trying times. Foreclosure law is complicated, and using an experienced bankruptcy attorney who specializes in home foreclosure may be the ticket to financial freedom.

Even if you're just looking for information, and home foreclosure specialist attorney is the best place to start. Attorneys are mandated by law to provide you with truthful information and the best advice. The more information that you have about foreclosure relief and the options available for you from your bankruptcy lawyer; the better prepared you'll be to face the future.