Deficiency Judgment
Our Chicago Consumer Protection Attorneys are Here
When a home is lost through foreclosure, sometimes the home’s sale price is less than the mortgage amount owed, creating a deficiency. In cases such as these, the lender may file for a deficiency judgment in order to collect the remaining amount owed.
In the state of Illinois, foreclosures go through the state court system and lenders can file a lawsuit in order to obtain a deficiency judgment from the borrower. If you are dealing with a deficiency judgment matter, Atlas Consumer Law wishes to lend you a helping hand.
Wish to learn about your rights and options straight away? Call us at 331-321-4748 to schedule an initial consultation.
Frequently Asked Questions About Deficiency Judgment
Because issues regarding deficiency judgment can be difficult to understand, our team of Chicago consumer protection lawyers have answered a few frequently asked questions:
- Will I still owe money after foreclosure? Many individuals ask this question when they are deciding whether they will contest the foreclosure, make a plan to avoid the foreclosure, or walk away from the property. To measure, you must determine the difference between the amount the lender ends up with in total and the amount of your loan.
- Can the foreclosing lender get a deficiency judgment after utilizing robotically signed documents? If a lender has utilized a robotic signature to foreclose on your home, you may have a defense to the deficiency judgment. Our lawyers can explain more during your consultation.
- How will a lender collect a deficiency judgment? Once the lender has obtained a judgment against you, the lender can move on to collect on that deficiency judgment. If the mortgage creditor acted as the second lien holder, the lender will more than likely pursue collection efforts.
Chicago Consumer Attorneys with Aggressive Litigation Skills
Our consumer law firm does not back down when pursuing positive case results for our clients. We will carefully go over all the details of your case in order to determine the strongest course of action available to you. We will do everything possible to protect you from wage garnishment and other tactics used by lenders to collect money.
- Why should you retain our firm’s legal services? We offer the following:
- Hard-hitting legal services from a lawyer with a 10.0 Superb Avvo Rating – a perfect score
- Extended protection through our Protect The Discharge program to protect you from creditor harassment after debt discharge
- Solid litigation skills in the event your case needs to be taken to court
Seek the help of Atlas Consumer Law!
Are you being harassed by creditors? We urge you to call us for more information about our Protect The Discharge program, which can help halt creditor harassment and negative credit reporting practices after your debts have been discharged. Our Chicago consumer law lawyers will not only remain at your side until your matter is settled, but we will continue to ensure that your consumer rights remain protected in the future.
Contact our firm today or give us a call at 331-321-4748 for more information about deficiency judgment matters in Illinois.
