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Foreclosures
As an experienced Chicago real estate attorney, I know purchasing or selling a home is a major and stressful
event in an individuals or couples life. Having your house or
condominium unit foreclosed on is doubly stressful. It is also a fact of life that some people will find themselves
overextended. It is important if you can't make a mortgage payment to act promptly. Communication with your lender may
be the key to saving your home. If you can't make a full payment contact your lender immediately. A foreclosure can
can sometimes be avoided by prompt action.
If you can not come to a workable arrangement with your lender by yourself, seek qualified assistance such as a lawyer or a housing counsellor approved by the Department of Housing and Urban Development. Note: whether you hire me or any other professional to help you there is only so much that can be done. Be wary of excessive promises and claims. Often times a solution can be found that will save your home. There are a couple of things a professional can do for you. 1. Negotiate a Mortgage Modifications - This is an attempt to secure new terms for your existing mortgage (i.e. lower interest rate, extension of time to pay past due balances, etc.) which may be able to lower your monthly payments, avoid foreclosure, and most importantly, allow you to stay in your home. 2. Negotiate a Short Sale - This is an agreement with your lender wherein the lender will accept less money than what they are owed in exchange for your bank releasing your mortgage against your property. This may allow you to sell your home and pay your bank less than the full amount of your mortgage without being personally liable for any short fall. Considering the purchase of a foreclosure or foreclosed property. I can help you there too. Contact me to discuss your individual case. Selling or buyng a home is an important event as well. As such, you will need an experienced attorney to make sure any tax liens have been satisfied, that the title to the property is free and clear of any encumbrances and all of the documents have been properly drafted and signed. For a consultation about your real estate issues, please contact Edward Balcsik at 773 275-0754. Edward Balcsik is an attorney whose practice includes real esate law, particularly the purchase and sale of residential real estate. Please note: The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and that the certificate, award or recognition is not a requirement to practice law in Illinois. |
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