How do I stall my home foreclosure (BofA) and continue occupancy as long as possible? (in Chicago)?

I have hired a foreclosure lawyer- but he seems conservative. I owe lots but the house is worth lots. Upside down? Maybe- Maybe not. I want to stay as long as possible. I need advice on all possible stall tactics.

By | 2013-08-27T07:18:59+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|4 Comments

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4 Comments

  1. Troy August 27, 2013 at 9:59 AM - Reply

    Maybe hiring another lawyer.

  2. Benson August 27, 2013 at 9:56 AM - Reply

    Well the most obvious way is to try to negotiate with BofA. If all else fails, try looking into filing bankruptcy, look at Chapters 7 and 13. Chapter 13 lets you negotiate a repayment plan and lets you keep the house. Recently made a site on the topic since I found it a pain to trawl through the search engines, check it out below. More specifically, I’d like to point you to the “Foreclosure” tab and then to the Directory where you can easily find out the laws in your state.

  3. loanmasterone August 27, 2013 at 9:10 AM - Reply

    Each lender have their own foreclosure procedure and would follow them. The tactics you would or want to employ might not work as some lenders would wait up to and in some cases more than a year before even starting the foreclosure procedure. Some start immediately after missing one month.

    What is your foreclosure lawyer doing for you? This might be the person you would want to ask this question of. There are legal maneuvers that might be used such as filing bankruptcy and stalling your foreclosure through the bankruptcy. If you are able to afford this foreclosure attorney why not just pay your mortgage.

    Ultimately you are gonna find out that the foreclosure attorney would be of little if any help when your lender start the foreclosure procedure. The lender will follow the legal procedures to complete the foreclosure. As long as the lender are within the guidelines of the foreclosure laws of your state, your attorney would not be able to prevent the completion of the of the foreclosure as he would not have a legal leg to argue in court.

    If you simply stay in the house it might be 6-12 months before you are asked to leave, by your lender. Then you may stay until the lender legally evict you from the property by having you physically removed from the property by the law enforcement agency that handle evictions in your state.

    You would have to find out the foreclosure procedure in your state.You might better find out the foreclosure procedure the lender would use from reading your loan docs you signed when you purchased your house.

    1. Non-judicial
    There is no court action, it normally take approximately 90 days to complete this foreclosure procedure.

    2. Judicial
    Your lender would have to seek permission from the local courts to complete the foreclosure procedure. Your lender and you would have to appear in court. Failure on your part to appear in court would hasten the foreclosure procedure. Normally going through the court system to complete the foreclosure is approximately 90-100 days depending on court appearances and the court docket.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  4. - August 27, 2013 at 8:18 AM - Reply

    Contact the Occupy Movement in Chicago. Get them to occupy your home. It worked for a few people so far.

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