My buddy recently went through the action of attempting to fight the bank from foreclosing his home. They had sent a letter of their intent to go after a foreclosure on the property, so he needed to work quickly. He needed to find a chicago bankruptcy attorney, so he called me for aid.
With my experience with them, I urged he contact an Illinois law group. I believed he would be in good form if he got help from a legal group. His home property rate had fallen, so he was suitable for a short sale on his home. The problem with that was the bank did not desire to pursue a short sale. I did not find the specifics, but he was refused the short sale. His lawyers did not stumble, and they recommended that he attempt a foreclosure loan. With the loan, he would be able to get by the upcoming foreclosure. The loan would help him to make payments on his overdue payments. To the bank, this is purely a business decision. Do they let my friend foreclose, handle the long foreclosure process where they receive no payments, then force him out of his home and seek to sell the property for whatever they can get?
With my buddy, they had someone who was ready to make the payments. He had just found himself in a hard financial situation, so he was not able to make the payments. Because he wished to stay in the home for as long as possible, the bank interpreted making the loan to him a safe business conclusion. With the help of his lawyers, my friend was able to come to a consensus with the bank. They agreed that he would receive a loan to cover the delinquent payments. Because of his zeal to stay in the house, the bank felt comfortable with this conclusion.
The lender was super assistive in this process. If there was no way my friend could produce payments, the bank would have helped to sell the property before a foreclosure even occured. Fortunately for my friend, the bank desired to make money on this transaction, so they helped him in many ways to avoid a foreclosure. This could not have been manageable without employing the experienced masters from the Illinois law group. Their experience and expertise in the real estate market facilitated my friend stay in his home and avoid foreclosure.
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