Types of Foreclosure in Chicago IL
There are two main types of foreclosure in Chicago, real estate foreclosure and commercial foreclosure. Read this article to understand the difference between each topic.
Real Estate Foreclosure in Chicago
A foreclosure is a process that terminates the rights of the homeowner, covered by a mortgage, and the estate then becomes the property of the lending institution.
The numbers of foreclosures in America are growing daily. There are more than one hundred and twenty million homes in the United States and it is estimated that about 4% or about 4.8 million of them are facing foreclosure.
The process of foreclosure begins when a homeowner struggles to make their payments. This can be due to unemployment, medical challenges, death, divorce or even the terms of the loan. This then typically leads to the property being seized and sold.
When the homeowner has missed about 3-6 months of payments, the lender will order a trustee to record a Notice of Default (NOD) at the country recorders office. This puts the borrower on notice that they are facing foreclosure.
If the loan or default isn’t brought to current standings within three months, a date of the foreclosure sale is then established.
To learn more about foreclosure and the options available to you don’t hesitate to call the Law Office of Ranj Mohip, LLC. Our team is here to help you through this process in any way we can.
At the Law Office of Ranj Mohip LLC we are experienced at helping people that are facing commercial foreclosure in Chicago. Our experience in the areas of real estate law, bankruptcy, loan modification and foreclosure defense litigation provides us with all the tools needed to help you through this situation. Many clients don’t realize that their lender can foreclose on their property even if they are working on loan modifications. Our experienced team can give you a chance to hold off on foreclosure until you have time to look into alternative options.
There are a number of liabilities that commercial debt problems can bring. We want to make sure that you have the best possible final outcome. It’s important to make every effort to protect your business assets along with other assets such as real estate and your bank accounts.
Remember, we’re here to help you. At the Law Office of Ranj Mohip, LLC we know this can be a stressful experience and we’ll be there to support you. Please don’t hesitate to ask any questions that you might have.