Foreclosure Defense Attorney — Chicago & Chicagoland

If you have fallen behind on your mortgage payments or you are already in foreclosure, it may not be too late for our firm to help you. At the Law Offices of Matthew C. Baysinger, you can receive a free consultation where we will review your situation and discuss every option available to you.

What is Foreclosure?

A foreclosure is the legal process through which a bank or lender changes ownership of your property from you to them. When mortgage payments fall behind, the lender can initiate proceedings to take possession of the home and sell it to recover the remaining loan balance. Different legal defenses may be available to stop or dramatically slow down this process, and an experienced attorney can help you understand which strategies apply to your situation.

Your Options

There are many paths forward if you are struggling to pay your mortgage. Depending on your financial circumstances, goals, and the status of your case, your options may include:

• Loan Restructure / Modification — Negotiate new loan terms with your lender to arrive at a monthly payment you can afford.
• Chapter 13 Bankruptcy Protection — File for Chapter 13 to trigger an automatic stay that halts foreclosure proceedings and allows you to catch up on missed payments through a court-approved repayment plan.
• Short Sale — Sell the property for less than the outstanding mortgage balance, with lender approval, so you can move forward without the full debt burden.
• Deed in Lieu of Foreclosure — Voluntarily transfer ownership of the property to the lender in exchange for release from your mortgage obligation.
• Relief from Deficiency Balance — In situations where the property has no equity and cannot be sold at full value, explore legal avenues to be relieved of any remaining balance owed to the lender.

How Bankruptcy Stops Foreclosure

One of the tools that may be available to homeowners facing foreclosure is a Chapter 13 bankruptcy filing. When a Chapter 13 petition is filed, the court issues an automatic stay that generally stops collection activity, including foreclosure proceedings.

Through a Chapter 13 repayment plan, you may be able to catch up on mortgage arrears over a period of 36 to 60 months while continuing to make your regular mortgage payments going forward. This can provide breathing room to work toward keeping your home and getting back on track financially.

In urgent situations, a Chapter 13 filing may halt a foreclosure sale even shortly before it takes place. If you are facing an imminent sale date, contact our office right away to discuss your options. Every situation is different, and outcomes depend on the specific facts of your case.