Can I stay in forclosed home

I’m going through a divorce and I live in Chicago. I thought wife was paying note. Money was takem out but never to pay loan. Im currently 9 months behind. I tried to sell home but caliber my loan company wants 12 grand to close to cover all fees. I tried to modify loan but was a terrible pain in the ass. Can a lawyer help me stay in home with the right monthly payments that I can afford?

Asked on September 11, 2017 under Real Estate Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

If the loan is in default, the lender has the right to foreclose *unless* you "cure" the default by paying the arrears or back-due balance in full, as well as paying off any fees or costs due to the default which the mortgage paperwork says you'd have to pay. The lender can choose to work out a different deal (i.e. they can let you pay over time, with a little bit each month), but that is voluntary on the part of the lender: that is, they can't be forced to agree to it.
A lawyer has no power to make the lender agree to a different or better payment scheme. You are better off using the money you'd otherwise have to spend on an attorney and applying it to the arrears. Don't give them anything yet without a written agreement; but contact the lender right away and propose the best offer you can (or maybe one that's very good, but not *quite* the best; leave yourself some room to go up), with as much money upfront as possible and as aggressive a payment schedule to get caught up as you can afford. If you can make an attractive offer to the lender, they may well accept it and let you stay in the home. If they do agree, get their agreement in writing, then start paying.


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