Offering Alternatives to Foreclosure

Though it may be overwhelming to think about losing your home, it is necessary to deal with the possibility of home foreclosure if you are dealing with financial difficulties. Filing for bankruptcy is one way through with you may be able to keep your home. While you may not always be able to keep your home, there may be other alternatives to foreclosure that have less of an impact on your life going forward.

At the Law Office of Ronald D. Cummings, we have been providing bankruptcy and foreclosure assistance to clients throughout Will County, Illinois, since 1987. Our firm is committed to helping clients understand their rights and options. Contact us today to schedule an appointment to discuss your specific case and concerns with an attorney at our office.

Loan Modification

If you are struggling to pay your mortgage and believe that foreclosure may be a possibility in the future, you may be able to work with your lender to secure a loan modification. After it is established that you have qualified, under certain criteria, for the modification, you may be able to renegotiate the terms of your loan, including the interest rate, and continue paying on your loan. However, lenders often do this for borrowers only when it is in the best interests of the lender.

Short Sale

Sometimes also referred to as a sheriff’s sale, a short sale is carried out in order to prevent foreclosure. This type of transaction may be completed when a mortgage lender or bank agrees to discount a loan balance due to a mortgagor’s economic hardship. Banks often allow this when it will result in a smaller financial loss than a foreclosure.

Deed in Lieu of Foreclosure

A deed in lieu of foreclosure states that a borrower conveys all interest in his or her property to the lender to satisfy a loan that is in default, avoiding foreclosure. This type of transaction is beneficial to the borrower since the deed releases the borrower from all or most of the debt associated with the loan. The terms of the deed are often better than would have resulted from the foreclosure.

Free Bankruptcy Consultations ~ (815) 729-9212

If you are facing foreclosure, call us TODAY for a free consultation with an experienced bankruptcy lawyer at our firm.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.