What is Foreclosure in Belleville, Illinois?

Find the right Foreclosure Bankruptcy attorney in Belleville, IL

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (usually a house) that secured the loan. This is done when the Belleville, Illinois debtor has repeatedly failed to make their payments. When a house is foreclosed, it is usually sold at auction shortly thereafter. This is because banks usually want to get rid of the property as soon as possible, even if it means losing some money, and an auction is an simple way to do this.

In all states in the U.S., including Illinois, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a good effort to get a reasonable price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult an attorney in Belleville, Illinois to find out if this is the case here. This usually does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Illinois?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. It is important to remember that the bank does not really want your Belleville house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. You could also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Belleville, Illinois Attorney Help?

If you are faced with the possibility of foreclosure in Belleville, Illinois, an lawyer may be able to help. At the very least, he or she can advise you of your legal options.

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Life in Belleville

Bellevilla is located in St. Clair County, Illinois. The city is known as the eighth most populated city in Illinois, with an approximate population of 45,000. For fans of the sitcom The Simpsons, Belleville is south of Springfield, Illinois. It is known for having a diverse population and great attractions for tourists to enjoy.

Some popular sites include the Labor Industry Museum, the Our Lady of the Snows National Shrine, Sky-View Drive-In, and historic Downtown Belleville.

Belleville is home to well-qualified attorneys who are able to hadnle the legal needs of residents.

Some popular residents have included Dave Butz, Buddy Ebsen, Darius Miles, Al Smith, Lorenda Starfelt, Randy Wells, and Harry Statham.

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