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Dedicated to Debt Relief • Chicago Foreclosure Attorneys
Due to the collapse of the sub-prime mortgage industry, our entire nation is in the grip of one of the worst foreclosure crises ever. The Chicago area is no exception. If you have been served with a property foreclosure notice, or if you fear your property may be near foreclosure, you can stop it. Speak with an attorney as soon as possible.
At Ledford & Wu, we focus exclusively on handling debt relief and bankruptcy issues in Chicago, Illinois. Our attorneys offer experienced, personalized, cost-effective services for clients who are serious about debt relief. For a free consultation with an experienced lawyer, call us at 888-542-1900 or contact us online.
For a more in-depth look at property foreclosure, you can find detailed foreclosure information here.
If You Have Received a Foreclosure Summons …
Mortgage lenders issue foreclosure summonses only after a borrower has fallen behind on payments. Their intent is to take ownership of the house and sell it at auction to recover a portion of their loan. If you have received a summons, you likely have six to seven months to stop your home from being sold at a foreclosure sale. You should meet with a lawyer to discuss your options as soon as possible.
Stop Foreclosure on a Dime: Chapter 13 Bankruptcy
With a Chapter 13 bankruptcy, you can stop the foreclosure process dead in its tracks. However, if you want to keep your home, you will have to catch up on all of your back payments through a Chapter 13 reorganization plan.
Provided you have a steady source of income, Chapter 13 will allow you to create a manageable monthly payment that combines your current mortgage payments, your back payments (arrears), and any other debts. You will have 36 to 60 months to catch up on your mortgage debt through this payment plan.
The longer you wait to file for Chapter 13, the more arrears you will have to pay back. This will lead to a higher monthly payment, and you will have a smaller chance of gaining court approval for your bankruptcy repayment plan.
Speak with a Lawyer to Discuss Your Options
An experienced attorney can help you find out if you will be eligible to use Chapter 13 bankruptcy to stop property foreclosure. You can schedule a free initial consultation with a lawyer at Ledford & Wu by calling 888-542-1900 or by contacting our offices online.
