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My buddy recently went through the process of trying to fight the bank from foreclosing his house. They had mailed a letter of their intent to pursue a foreclosure on the property, so he had to work rapidly. He wanted to find a chicago bankruptcy attorney, so he called me for assistance.
With my experience with them, I advised he contact an Illinois law group. I knew he would be in solid shape if he received aid from a legal group. His home property value had fallen, so he was eligible for a short sale on his home. The trouble with that was the bank did not desire to act on a short sale. I did not find the particulars, but he was refused the short sale. His lawyers did not falter, and they advised that he seek a foreclosure loan. With the loan, he would be able to evade the upcoming foreclosure. The loan would help him to make payments on his overdue payments. To the bank, this is strictly a business decision. Do they let my buddy foreclose, manage the long foreclosure process where they obtain no payments, then force him out of his home and seek to sell the property for anything they can get?
With my friend, they had someone who was prepared to make the payments. He had just discovered himself in a poor financial situation, so he was not able to make the payments. Because he desired to stay in the home for as long as possible, the bank regarded making the loan to him a solid business conclusion. With the service of his lawyers, my friend was able to come to a consensus with the bank. They agreed that he would get a loan to cover the delinquent payments. Because of his zeal to remain in the house, the bank felt comfortable with this decision.
The lender was super accommodating in this process. If there was no way my friend could establish payments, the bank would have helped to sell the property before a foreclosure even happened. Fortunately for my friend, the bank wanted to make money on this transaction, so they facilitated him in many ways to avoid a foreclosure. This could not have been possible without employing the seasoned pros from the Illinois law group. Their experience and expertise in the real estate industry facilitated my friend stay in his home and avoid foreclosure.