What is Foreclosure in Waukegan, Illinois?

Find the right Foreclosure Bankruptcy attorney in Waukegan, 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 Waukegan, Illinois has repeatedly failed to make their payments. Foreclosure usually involves a forced sale of the house at auction. Banks usually 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 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 reasonable effort to get a decent price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Waukegan, Illinois to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Illinois?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be honest with, your creditor as much as possible. You should remember that banks in Waukegan don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are honest with them, lenders will usually try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't work anything out with your lender, or have become completely unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt might be forgiven. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.

How Can A Waukegan, Illinois Attorney Help?

If you are facing the possibility of foreclosure, a good Waukegan, Illinois real estate attorney can help. At the very least, they will be able to inform you of your legal options.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Waukegan

Waukegan is located Lake County, Illinois. Specifically, it is situated on the western shore of Lake Michigan.

Waukegan's top employers include the school district and health care system, Uline, Coleman Cable, Medline Industries, WMS Industries, and the Illinois Department of Human Services.

Tourists love to visit Bowen Park, Clockwise Theatre, Ganster Pool, Genesee Theatre, Roosevelt Park, Waukegan History Museum, Waukegan Municipal Beach, and The Fieldhouse.

Waukegan is also home to many attorneys that practice in various fields of law and are devoted to providing their clients with excellent legal services.

Some famous people who have called Waukegan home include Jack Benny, Mark Livingstone, Andy Devine and Don Wilson.

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