Foreclosure rates in the United States are very high, particularly in Illinois and other states. The best way to deal with this potential problem is to know the facts. Here is a quick explanation of the most important elements to know about when it comes to foreclosure law and defense.
Avoiding a Problem is the Best Defense
Foreclosure does not happen immediately. The process begins after ninety days, or three months, of non-payment. This is a significant problem. It is not true that avoiding the lender will help the situation. Contacting one’s financial institution before any of this happens is an important first step.
What to Do if Legal Help is Required
The truth is that foreclosure defense is not easy, but help is available if it is needed in an unavoidable situation. This work is based around legal technicalities, which means that it should not be faced without local legal help.
What a Foreclosure Does Not Mean
The most important thing to know is there is no easy out. If a foreclosure is in progress, money is still owed. There is no simple way out of payment of a mortgage. If you file bankruptcy, there are still expenses involved, including those accrued after the bankruptcy.
The good news it is not impossible to mount a foreclosure defense, but cases are won by proving some level of negligence on the part of the mortgage lender, which is not an easy task.
Possible Legal Defenses
It is possible to prove a lender does not have a legal right to the property in question or is otherwise wrong. Several laws exist which can prove useful in establishing a proper defense. Local and knowledgeable foreclosure defense lawyers can assist with this.
Financial Facts
The fact is that it is possible to continue to get higher interest loans as soon as a year after foreclosure. There are both risks and benefits to doing so. While it may not be something a client wishes for after the foreclosure experience, owning property again is not completely out of the question. It definitely does not take the seven years necessary for the foreclosure or bankruptcy to be off of a credit record to gain new loans or property.
In Closing
It is possible, though never simple, to gain assistance in a necessary foreclosure defense. Don’t let the common myths about foreclosure defense delay finding help for this predicament. Click here to find legal help with foreclosure defense.
