Foreclosure and Short Sales

Are you the victim of unfair foreclosure practices?

Mortgage lenders have not been dealing fairly with mortgage holders. Is your bank following the rules?

  • After missing two consecutive payments, borrowers must be notified in writing of their loss mitigation options.
  • The mortgage holder must consider all available foreclosure alternatives to help the borrower retain the home, and can no longer steer borrowers to options that are most financially favorable for the servicer.
  • A foreclosure proceeding may not start after a borrower has already submitted a loan modification or other alternative to foreclosure.
  • Servicers must consider and respond to a borrower’s application for a loan modification if it arrives at least 37 days before a scheduled foreclosure sale.
  • Borrowers must be provided access to personnel and be advised of missing information on their applications and the status of loss mitigation applications.

If you think your bank has failed in one of these areas, contact a knowledgeable foreclosure attorney to protect your rights.

Call Gilbert C. Schumm for viable alternatives to foreclosure

If you are in danger of losing your DuPage County or Cook County, IL home, contact the Law Office of Gilbert C. Schumm right away. His firm is noted for combining innovative strategies with a fierce determination to defend your right to keep your home.

Call (847) 559-9109 today for a free initial consultation.