Avoiding Foreclosure in Schaumburg, Illinois
Sometimes life can throw us curveballs that we have no way of being completely prepared for. Unemployment, untimely medical expenses, and divorce are just a few life experiences that can turn your home upside down. For whatever the reason, if you find yourself threatened with the possibility of foreclosure, take a deep breath. The experts of the Law Offices of Gilbert C. Schumm have been representing the people of their community in Schaumburg, Illinois and the greater Chicago area for over 35 years and they can help explain your options. There are options available to you that you may not have known about. Two of those options are commonly called short sales and a deed in lieu of foreclosure. These two options are somewhat similar and often confused.
What is a Deed in Lieu of Foreclosure?
A deed in lieu of foreclosure is not a terribly complicated transaction and is typically the last line of defense against foreclosure. If you lack the ability to short sell your home, a deed in lieu of foreclosure is usually the next step. Basically, the mortgage borrower offers the title of their home to the lender as payment for the mortgage. In return, the borrower avoids a foreclosure, which could wreak havoc on their lives financially via their credit. There are a few rules and exceptions to offering your property’s title to avoid foreclosure, though. For example, you can’t typically do this if other parties have a lien on your property and things can get complicated when you have more than one mortgage. However, it is still a great idea to explore your options by seeking expert help.
Call Us Today
If you live in Schaumburg, Illinois or the greater Chicago area, consider seeking the help of the Law Offices of Gilbert C. Schumm. By picking up the phone, you have nothing to lose because we do not charge for an initial consultation. Call us at 847-559-9109 or contact us online for a free consultation.