Chicago IL Reinstatement Attorney
Reinstatement is an important topic that a good Chicago real estate attorney may talk to you about. Many Chicago home owners are in default today and many of them assume that the only option is for their home to go into foreclosure. Many homes do go into foreclosure, but it is possible to get a mortgage reinstatement. There is a mortgage reinstatement process that you will have to go through if your get your home out of foreclosure.
When homeowners are behind on their mortgage payments they will typically start to receive warnings along with late fee penalties. If the home owner does not catch up on their payments the mortgage will go into default. A letter is sent from the bank that will tell the homeowner that their home is in default, and that the entire mortgage is due immediately. This will also mark the beginning of the foreclosure process. The back will file the necessary paperwork with the court, and if nothing is done by the home owner the court will rule in favor of the mortgage lender and the home will go into foreclosure.
There are more options in this scenario. If the home owner is able to catch up the bank will reinstate your mortgage. The process of a foreclosure may take up to a year of time depending on where they live so they will have time to work on getting their home into the reinstatement process. If the home owner is able to get their home into the reinstatement period the bank will cancel the foreclosure proceedings.
It can be difficult to get a home into reinstatement, but it is possible to do. It’s important as a homeowner to take care of any late fees. After completing this task you may be able to get your payment schedule back on track.
Many lenders will be willing to work with a homeowner during the default period. It’s important to work with them as much as possible to come to a resolution of the situation. It’s in their best interest to keep a homeowner paying as much as they can on their mortgage.
In some cases lenders are willing to modify a homeowners loan to help them with payments. If a homeowner can show that they have their financial situation under control the lender is likely to work with them.
The reinstatement process can be difficult, but our Chicago legal team is here to help. Please don’t hesitate to call the Law Office of Ranj Mohip LLC with any questions that you might have. We’re here to help you get back on your feet.