What is Foreclosure in Joliet, Illinois?

Find the right Foreclosure Bankruptcy attorney in Joliet, IL

Foreclosure is the process through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan. This happens when a debtor in Joliet, Illinois has repeatedly failed to make their payments. Foreclosure normally involves a forced sale of the house at auction. Banks normally want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

In all states in the United States, including Illinois, foreclosure by judicial sale is an option. This allows the sale to be conducted under the supervision of a court, to ensure that the bank makes a good faith effort to get a fair price, and that the proceeds above and beyond the balance of the mortgage (if there are any) go back to the debtor. In some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take ownership of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the debtor for the remaining balance once it sells the house. You should consult a lawyer in Joliet, Illinois to find out if this is the case here. This normally does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Illinois?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be straightforward with them. You should keep in mind that banks normally don't want to take your Joliet home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You might also consider a "short refinance" which allows a portion of the debt to be forgiven, while refinancing the rest, hopefully under better terms.

How Can A Joliet, Illinois Attorney Help?

If you are worried about foreclosure, a good Joliet, Illinois real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Joliet

Joliet, Illinois is the fastest growing city in the state. It is the seat of Will County and was incorporated as early as 1852. Joliet is nicknamed "The City of Champions" on account of the many national and state titles won by local school bands and sports teams. It is also nicknamed "The City of Steel" as well as the "City of Stone", reflecting its historical background in those industries.

Currently the city of Joliet, Illinois has attracted large numbers of new residents seeking to work and live in the area. Family entertainment in Joliet is abundant, consisting of several golf courses, bike trails, and old-style movie theaters. The city also has several landmarks that often appear in the setting of major motion picture films, such as the Rialto Square Theater.

Every year Joliet enjoys a large influx of visitors who come to the city to watch NASCAR automobile races and to participate in high-end motorsports events. These are hosted at places like the Chicagoland Speedway and the Autobahn Country Club.

Joliet, Illinois has quickly become an important hub for commerce and residential living. Lawyers in Joliet are available to assist in many different areas of law. Joliet, Illinois lawyers hone their professional skills through state and county bar associations.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY