Foreclosure

Foreclosure

Do you wish to file for foreclosure or are you trying to save your home from foreclosure? Law office of Goldie Ludwig can deliver the legal services you need in relation to your particular goals. We can assist you with the following kinds of foreclosure matters:

  • Strategic default
  • Deed in lieu of foreclosure
  • Consent foreclosure

Your financial situation is unique, which is why we take an individualized approach to every case we handle. In some cases, walking away from your home loan is the best option. This is called a “strategic default,” and our firm can help you determine if it is right for you.

Consent foreclosure is another common solution to overwhelming debt. Sometimes called “deed in lieu of foreclosure,” consent foreclosure happens when the court issues an order returning the deed back to the lender. This method does not involve any sale of the property, simply a transfer.

Understanding Strategic Default in Illinois

When a property goes underwater, many owners decide to simply stop making payments in order to force lenders into initiating the foreclosure process and walk away what they view as a bad investment. Known as strategic default, this is very different from foreclosure, which occurs when a homeowner cannot pay mortgage payments. The disadvantages of a strategic default consist of the following:

  • Having to pay outstanding loan balances because of a deficiency judgement
  • A negative impact on your credit score
  • Limited employment and housing opportunities due to a foreclosure appearing on your credit report

What is Deed in Lieu of Foreclosure?

If your lender agrees, deed in lieu of foreclosure allows you to avoid foreclosure by turning over the deed instead. By giving up ownership, you and the lender can both benefit from saving the time and money that would have been spent in foreclosure litigation. At Law Office of Goldie Ludwig, we can help you determine if deed in lieu of foreclosure would be effective in your situation. Additional benefits of deed in lieu of foreclosure include the following:

  • It protects you from having to pay money from a deficiency judgement
  • It spares your credit report from featuring a foreclosure
  • It cancels your loan, freeing you from existing home debt

Guiding You Through Consent Foreclosure

Opting for consent foreclosure can allow you to walk away from your home and start over fresh. For individuals who are apprehensive about filing for bankruptcy, consent foreclosure can serve as an effective means of debt relief. Consent foreclosure will give the lender a clear deed to the involved property. The benefits of consent foreclosure include:

  • It requires less paperwork than deed in lieu of foreclosure
  • It prevents the lender from obtaining a deficiency judgement for an outstanding balance