Is a Foreclosure Loan the Right Option?
My friend recently went through the process of trying to fight the bank from foreclosing his house. They had mailed a letter of their intent to go after a foreclosure on the property, so he needed to move promptly. He wanted to find a chicago bankruptcy attorney, so he called me for help.
With my experience with them, I recommended he contact an Illinois law group. I believed he would be in good form if he received help from a law group. His home property value had dropped, so he was eligible for a short sale on his home. The trouble with that was the bank did not desire to engage a short sale. I did not get the specifics, but he was denied the short sale. His lawyers did not stumble, and they urged that he attempt a foreclosure loan. With the loan, he would be able to escape the upcoming foreclosure. The loan would help him to make payments on his due payments. To the bank, this is purely a business decision. Do they let my buddy foreclose, manage the long foreclosure process where they get no payments, then force him out of his home and attempt to sell the property for anything they can obtain?
With my buddy, they had someone who was willing to make the payments. He had just found himself in a poor financial situation, so he was not capable to make the payments. Because he needed to stay in the home for as long as he could, the bank considered making the loan to him a good business conclusion. With the assistance of his lawyers, my friend was able to reach an agreement with the bank. They agreed that he would accept a loan to cover the delinquent payments. Because of his zeal to remain in the house, the bank felt sufficient with this decision.
The lender was extremely assistive in this process. If there was no way my friend could make payments, the bank would have helped to deal the property before a foreclosure even happened. Fortunately for my friend, the bank sought to make money on this transaction, so they aided him in many ways to avoid a foreclosure. This could not have been feasible without hiring the experienced pros from the Illinois law group. Their experience and expertise in the real estate industry assisted my friend remain in his home and avoid foreclosure.
