Quincy Foreclosure Lawyers

Find the right Foreclosure attorney in Quincy, IL

Foreclosure Law in Illinois

In Quincy, Illinois, foreclosure is a process through which a lender that issued a mortgage loan retakes possession of the property that was purchased with the mortgage in the event that the borrower has defaulted on his or her payments.

A foreclosure typically involves a forced sale of the house at auction, so the bank can recover at least some of the loss it has incurred as a result of the default. Banks typically want to rid themselves of the property as soon as possible, collect as much money as they can from the sale, and then move on.

Like every other state in the U.S., Illinois permits homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a process through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).

In some states, original mortgages are identified as "non-recourse" loans, making the above problem a non-issue. This basically means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Quincy, Illinois

First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be forthright with your lender, and stay in touch with them as much as possible.

Throughout all this, you should remember one thing: the bank doesn't really want your house. After all, banks aren't real estate speculators, they're primarily money lenders. They stand to make a great deal of money if you are able to make your mortgage payments until it's paid off. They're likely to make much less if they're forced to sell your house.

If your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, allowing for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.

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 Quincy, Illinois real estate attorney help?

If you are worried that your Quincy, Illinois house is going to be foreclosed, and want to try and stop this, a knowledgeable real estate lawyer can help.

Talk to a Real Estate Law Attorney now!

Life in Quincy

Quincy is nicknamed the "Gem City of Illinois. Perhaps this is so because it lies along the Mississippi River. It is a small city home to about 40,700 people. Interestingly, Quincy used to be the hub for the transportation of riverboats and rail service, connecting many destinations along the river.

Some major corporations located in Quincy include Niemann Foods, Gardner Denver, and Titan Wheel. Other thriving employers include the healthcare industry and school district. Many attorneys also call Quincy home, and practice in many areas of law.

Some popular attractions in Quincy include Temple B'nai Sholom, Quincy Museum, Moorish Castle, Quincy University, and the South Side German Historic District.

All in all, Quincy is a quaint place to live offering its residents small town charm!

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