Foreclosure Defense

Protect Yourself and Your Home

While some attorneys will tell you that the only way to save your home is through a Chapter 13 bankruptcy, this may not always be the case. If you are behind on your mortgage payments, it is possible to get them caught up in a Chapter 13 plan. However, you must be able to afford the “catch-up” payments in addition to your regular monthly mortgage payment. For many homeowners, this is not a workable alternative, nor even advisable on an underwater or break-even property. If your goal is to return your property to the bank with no further liability, then surrendering your property in a Chapter 13 bankruptcy is one option. However, a Chapter
13 surrender does not place the property's title in the bank's name. You are still liable for ongoing expenses such as homeowner's association assessments as long as the property remains in your name.

Fortunately, there are other options. Defending against a foreclosure lawsuit can provide you with a very valuable commodity: time. As the foreclosure crisis deepens, the lifespan of a foreclosure case increases. As of December 2011, the average foreclosure took 674 days to complete. If you defend against the lawsuit, this time-frame can extend beyond that mark. That additional time is beneficial.

First, you have more time to work out a loss mitigation strategy with your mortgage lender. Obtaining a loan modification can be a lot of work, especially when the lender loses documents or requests information that you have already provided. The main advantage to additional time is that you may see your financial situation change for the better. This can improve your chances of obtaining a loan modification.

The following are examples of solutions Benison Law may attempt to negotiate on your behalf:

• Loss Mitigation
  
• Mortgage Modification
  
• Temporary (“Trial”) Loan Modifications
  
• Permanent Loan Modifications
• Making Home Affordable Programs
  
• Home Affordable Modification Program (HAMP)
  
• Second Lien Modification Program (2MP)
  
• Home Affordable Foreclosure Alternatives Program (HAFA)
  
• Home Affordable Refinance Program (HARP)
  
• FHA Short Refinance
  
• Home Affordable Unemployment Program (UP)
  
• Deed in Lieu of Foreclosure
  
• Consent Foreclosure
  
• Short Sale
  
• Chapter 7 or Chapter 13 Bankruptcy referral

Benison Law can help Illinois homeowners who are attempting to modify their mortgage loans, even if a foreclosure lawsuit has already been filed. Illinois law allows a homeowner to request a settlement conference with their mortgage company during a foreclosure case to see if an agreement can be reached that will resolve the mortgage foreclosure lawsuit. 

Benison Law could give you the opportunity to save your home and your financial future. With the knowledge to bring a wide array of solutions for preserving your home and other property, helping people save their homes from foreclosure is one of the most fulfilling and important jobs I do.

You may be facing foreclosure for any number of reasons. Maybe you have lost your job and you are having trouble paying the mortgage. Maybe you suffered an illness that insurance wasn’t available for — or maybe you tried to negotiate on your own and the lender refused. Regardless of the reason why, Benison Law can find the best way to help you stay in your home, or return your home to the bank while keeping you in the best possible position. 

Part of my job is actively defending you in court and making certain that I do everything I can to make sure you can remain in your family home. Another part is educating you on some of the myths we come across with regard to foreclosure — it’s not just something that only happens to financially irresponsible people and you do have options irrespective of your financial situation. I'll also guide you through what to expect during the foreclosure process and what we do every step of the way, from negotiating with lenders to filing for bankruptcy if need be, to protecting your home and your family.

My goal is to make sure you can move on with your life and enjoy your future.

Call Benison Law at 847-899-8788 for a free consultation.