JUSTICE ENTREPRENEURS PROJECT

Foreclosure Defense

Understanding the end goal as lenders seek to sell properties at auction.

Navigating Foreclosure Challenges: Understanding Judicial Foreclosures in Illinois

Foreclosure is when a lender seeks the forceful extinguishment of the ownership, possession, and lien rights of owners and other parties in a mortgaged property, so that the lender can sell the property at auction.  These cases normally are filed when the borrower fails to keep up on mortgage payments. In Illinois, all foreclosures go through the courts, so they are known as judicial foreclosures.

JEP Lawyers’ Comprehensive Services in Foreclosure Defense

Navigating foreclosure involves various strategies and agreements to address financial challenges. Foreclosure defense comes into play when a borrower responds to foreclosure proceedings by filing defenses and counterclaims. In contrast, modifications entail negotiations between the lender and borrower to reach an agreement that resolves the outstanding mortgage payments. Another option is the Deed in Lieu, where the borrower voluntarily hands over the property to the lender, leading to the dismissal of the foreclosure lawsuit. Consent foreclosure involves an agreement between the bank and the borrower, resulting in a court order that grants the lender absolute title to the property while releasing the borrower from any liability associated with the underlying debt. These approaches provide alternatives for borrowers facing foreclosure, offering a spectrum of solutions to address financial difficulties and find a resolution that suits both parties involved.

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