Outcome:No Need For Bankruptcy To Save Home
Description:The Clients fell behind in payments. They contacted their Lender and worked out an agreement. The Clients, feeling confident that all worked out, allowed the bank to auto debit the monthly payments from their bank accounts. Later on the Clients discovered that their payments were not being applied to the principal and interest, but to a suspense account, and that their house was sold at a foreclosure sale. We were able to work out an agreement with the Lender that allowed our Clients to be free from any further liability and our Clients through a very unique provision of the Illinois Mortgage Foreclosure Act have retained their property. Our Clients retained their home and extinguished all their debts related to the property without Bankruptcy. It has been a very rewarding experience working with such great Clients.