Legal Question in Real Estate Law in Illinois

Facing Foreclosure

My husband has been ill for sometime. I am the only person bringing in $$$ and it is very tight. There is a lot to this however I won't go into detail. We were served foreclosure papers a couple of weeks ago. We would like to keep our home as there are improvements to make and it would not be wise to sell right now. HOW can we get out of this foreclosure? We have tried before to work with the lender but they are unfair in their practices (a MAJOR fortune 500 co.) and have been sued many times. We have a week in a half to file an answer w/ the courts.


Asked on 2/06/07, 1:05 am

3 Answers from Attorneys
Hale Yadede Law Office of Hale Yadede

Re: Facing Foreclosure

Do you have any prospect to pay the monies owed the lender? What are their unfair practices?

Read more
Answered on 2/06/07, 4:46 am

Re: Facing Foreclosure

The least complicated way to resolve this is to pay off the overdue payments, penalties and fees. The lender will usually accomodate as they are not in the business of owning homes.

You may be able to buy some time by hiring an attorney who can ask for more time to file an Answer or other pleading.

You have not provided enough facts regarding improper practices to enable any comment.

Good luck.

Read more
Answered on 2/06/07, 11:09 am
George Zuganelis Zuganelis & Zuganelis, Attorneys at Law, P.C.

Re: Facing Foreclosure

Perhaps you should file Chapter 13 Bankruptcy. This will allow you to keep your home and pay off the arrears over 3 years. Please call for a free consultation.

Read more
Answered on 2/06/07, 12:27 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois