Stop Foreclosure And Opt For A Dignified Exit From Your Home

It's not always possible for homeowners who have missed several consecutive mortgage payments to reach agreement with a lender that will allow them to modify a loan and remain in their house. Forfeiting your property may be inevitable, but there are a number of ways to do so.

Before taking any steps toward forfeiting your property, the experienced legal team at Kaplan and Associates, Ltd., will review the figures the lender used to consider a modification or other alternative solution. If there are discrepancies, we will request another review.

Understanding Your Options

If you do not qualify for a loan modification, we will review the alternatives to a standard bankruptcy foreclosure. These include:

  • Short sale – In a short sale, the proceeds from selling the property are not enough to pay the total amount of liens against the property, but a lender typically agrees to forgive the balance of the loan.
  • Deed in lieu of foreclosure – The borrower avoids a foreclosure lawsuit by transferring title to the property to the lender in exchange for release of personal liability for the balance of the mortgage loan. If there are other liens on the property, a borrower may be hesitant to agree to a deed in lieu of foreclosure. We help property owners settle secondary liens in order to clear the way for a deed in lieu of foreclosure. A lender may offer a cash settlement in exchange for a timely exit from the home — a program that is often referred to as "cash for keys."
  • Consent foreclosure – Instead of avoiding foreclosure, a property owner agrees to consent to a judgment of foreclosure in exchange for the lender's agreement to waive the right to pursue any deficiency.

Each of these is a different means of reaching a similar outcome. There are nuances that may make one more preferable depending upon your unique circumstances. Or you may wish to proceed with the foreclosure process, which often provides you more time to get back on your feet, explore loss mitigation, or make other living arrangements. Our knowledgeable lawyers will be with you at every step to explain the dignified exit options and likely outcomes.

Consult With Our Team Before Taking Any Steps

If you face foreclosure in Chicago or across northern Illinois, there may be solutions that allow you to keep your property. Consult with our attorneys before you agree to any strategy that calls for returning ownership to your lender. We will review the facts of your situation during a free consultation and recommend the most effective course of action. Call 312-379-9929 or use our online contact form to schedule a meeting.

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