Experienced Foreclosure Defense Lawyers in Lisle, IL Here to Help

If you are renting a house from a landlord and that house enters foreclosure, most states stipulate that the renter must be provided with a 30-day notice to vacate the premises. If you are the homeowner defaulting on a mortgage, the point at which you will be asked to leave or “evict” the premises is harder to determine. It will depend on the actions the bank or loan company takes in regard to removing the tenants from the property. Some default tenants may be asked to leave within 30 days, while others may be allowed to stay during the foreclosure process and are expected to leave the premises once the foreclosure is complete.

The process of foreclosures has never been a speedy one. It is impossible to estimate an expected time period since it depends on the loan servicer and other factors. A general timeline of foreclosure is roughly a year from the first missed payment to the final auction or removal of the property. This process can be slower and faster depending on legal representation and other matters.

Aside from making payments to catch up on the amount overdue, you may be able to save your home in a few ways. The first option is to attempt a loan modification, which may help lower the payments to something more manageable. This can be a complex process and may be more successful with an attorney there to help. The second, less favorable option is to file for bankruptcy. In most cases, filing for bankruptcy will impact your other debts (remove them) so that you can focus all remaining funds on your mortgage to avoid foreclosure. Before taking this step, it is best to speak with a lawyer on the matter.

The decision to file for bankruptcy should be considered carefully before taking any legal action. If the debt has become overwhelming and the financial situation (how much you are able to pay) is stagnant, filing for bankruptcy may give you a clean slate. However, there may be downsides to filing for bankruptcy, which is why it is best to discuss your individual situation with an attorney.

Chapter 7 bankruptcy typically removes all debts and allows for assets to be liquidated in order to cover debts. Chapter 13 bankruptcy allows for debt restructuring and a repayment plan wherein the remaining debts are forgiven at the end of the agreement. It is important to keep in mind that every financial situation is unique, which is why you should discuss your bankruptcy options with a lawyer to determine whether Chapter 7 or Chapter 13 is right for you.