Most Lenders Prefer to Avoid Foreclosure

 Posted on April 14, 2023 in Arlington Heights Foreclosure Attorney

All too often, homeowners are under the impression that there is no way to respond to a foreclosure notice effectively. They assume that if their lender has announced its intention to foreclose upon a property, nothing more can be done. In truth, the foreclosure process involves a complex series of steps. At virtually any point during the foreclosure process, a specific kind of response from a homeowner has the potential to yield positive results.

This is one of the reasons why it is so important to seek legal guidance if a homeowner’s investment is in jeopardy due to non-payment of mortgage obligations. There are so many checks and balances built into the system that there is almost always a way to remedy a foreclosure risk, regardless of how many steps forward a lender has taken in pursuit of repossessing someone’s home. Some of these opportunities exist because of safeguards within the legal system. Others exist simply because most lenders like to avoid foreclosure whenever they can.

Why Reaching a Solution Is Ideal for Everyone

Obviously, avoiding foreclosure is an ideal outcome for homeowners who wish to remain where they live and to protect the investment they have made by building up equity in a particular property. Thankfully, avoiding foreclosure is usually the outcome preferred by lenders as well.

The foreclosure process takes time and resources that lenders prefer to direct elsewhere. There is also a certain degree of risk inherent in the foreclosure process, as the sale of a homeowner’s residence may not result in a return of the full value of the loan for a number of reasons. Therefore, lenders are often far more amenable to seeking a mutually-agreeable solution to a foreclosure risk than many homeowners have been led to believe.

Schedule a Free Case Evaluation with a Lake County, IL Foreclosure Defense Lawyer to Learn More

If you are at risk of having your home foreclosed upon or you have been notified that your lender is taking action against you, it is important to connect with the client-focused North Chicago, IL foreclosure defense lawyers at Newland & Newland, LLP as soon as you can. We are proud to offer risk-free legal consultations at no cost, so you have nothing to lose by exploring your foreclosure defense options.

Once you are in a position to make informed choices about your foreclosure-related circumstances, our firm can provide you with all of the guidance and support you may need as you move forward. You can schedule your free case evaluation by submitting a contact form on our firm’s website or by calling us at 847-549-0000. We look forward to speaking with you.

Source:

https://www.investopedia.com/financial-edge/0510/the-6-phases-of-a-foreclosure.aspx