Orland Park Foreclosure Lawyers

Find the right Foreclosure attorney in Orland Park, IL

Foreclosure Law in Illinois

In Orland Park, Illinois, foreclosure is a legal process through which an entity which has issued a mortgage takes possession and/or ownership of the property that secured the mortgage, because the individual who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

If an ordinary consumer faces foreclosure, it typically involves a home that was purchased with a mortgage from a bank. The bank will typically try to sell the house at a public option, with the hope of at least covering the remaining debt, to avoid taking a large loss.

In all states in the U.S., including Illinois, borrowers have the option of foreclosure by judicial sale. This permits a court to oversee the sale of the property by the bank. The purpose of this is to get the house to sell for the highest price possible. While this might seem like something that would only benefit the bank, it is also a great benefit to the borrower, since it increases the likelihood that the sale will encompass the full balance of the mortgage, preventing them from having to pay it.

In many states, mortgages fall into a category of loans identified as "non-recourse loans." This means that, if the house is sold by the lender, the entire debt is eliminated, even if the sale price was less than the remaining balance on the loan. While the loss of one's home can be personally devastating, treating a mortgage as a non-recourse loan at least means that the homeowner will be more or less free to move on with their life once the property is foreclosed and sold.

How to Possibly Avoid Foreclosure in Orland Park, Illinois

To prevent foreclosure, communicating with your lender is key. Let's face it - if you're in a case where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's challenging to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You must keep in mind that banks are in the business of lending funds, not flipping property: the bank doesn't really want your house. To that end, they'll occasionally go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.

It's possible that your lender is willing to negotiate a plan that results in temporarily-lower payments on your mortgage, particularly if this means that they will be able to get some payments, instead of none at all.

Some buyers in Illinois, when none of the above options have worked, resort to a "short sale." This includes selling a house which is about to be foreclosed, typically for less than its market value. If the house sells for less than what's left on the mortgage, the homeowner is relieved of the duty to pay the balance. If you have decided that you have no hope of making your mortgage payments, and foreclosure seems inevitable anyway, this might be the way to go.

Can a Orland Park, Illinois real estate attorney help?

If you feel that your home is close to being foreclosed in Orland Park, Illinois, and want to try to prevent this, the advice and assistance of an efficient real estate lawyer can mean the difference between keeping or losing your home.

Talk to a Real Estate Law Attorney now!

Life in Orland Park

Orland Park is located in Cook County, Illinois. It has a population of around 56,676 people. Interestingly, in 2006 Orland Park was awarded the title of being the "45th Best Place to Live in America" by Money Magazine. It is 25 miles southwest of Chicago.

Famous residents include John Cangelosi, Brad Fiorenza, Justin Hartley, Brian McBride, Bill Rancic, Pat Fitzgerald, Dan Hampton, Steve Martinson, and Shannon McDonnell.

Orland Park is also home to many attorneys who practice in various areas of law. Further, residents can seek look to the legal force of nearby Chicago for all their legal matters. Chicago is home to top-notch law firms that train ivy-league educated attorneys. With either option, the legal needs of Orland Park residents can easily be taken care of.

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