Elmosa Law

Foreclosure Defense

Commercial & Residential

Commercial Real Estate Foreclosure

If a business owner hits hard times and is unable to pay the mortgage on a commercial property, the lender has the right to foreclose on the loan. The attorneys at Elmosa Law Office and Associates., help business owners in Greater Chicago and neighboring Illinois cities and counties resolve commercial real estate foreclosure actions.

We are experienced bankruptcy attorneys who work to save businesses and protect real estate assets whenever possible. Time is of the essence in commercial foreclosure actions, which tend to move more rapidly than residential foreclosures.

If you feel you will be able to rebound financially and wish to retain your commercial real estate, we will meet with your lender’s legal counsel and work to develop a loan modification. forbearance or other solution that provides you time to catch up on payments. If that is not possible, we will explore options such as a short sale or consent foreclosure that returns the property to the lender and clears you of any remaining debts.

Understanding Your Options

Chapter 11 bankruptcy allows a business to retain its assets, including real estate, while it restructures debt. In Chapter 11, there are no limits to the amount of debt that can be restructured, and the debtor typically can continue to operate the business.

Chapter 11 is the best solution for some businesses, but not all. We will review the unique facts of your situation and develop a strategy that best serves your objectives. Rebounding from financial challenges is complex and stressful. We emphasize frequent and candid communication with our clients to keep them informed at every stage and reduce the stress involved in rebuilding a strong financial foundation.

The most important step may be the first one. Don’t delay in addressing the issue. Call or use our online contact form to schedule a free consultation with our bankruptcy lawyers. We will answer your questions and review your options.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

We Work To Keep You In Your Home

If you learn one lesson from our website, let it be this: Every homeowner who faces foreclosure should consult with an experienced foreclosure attorney – and sooner is better than later.

Mortgage lenders are not infallible. You may have a valid foreclosure defense that will allow you to remain in your home. Enlisting the services of an experienced foreclosure defense attorney as early in the process as possible is critical.

The Elmosa Law Office and Associates,  in Chicago, view bankruptcy and foreclosure as measures of last resort. We are prepared to stop foreclosure actions and help you remain in your home.

A number of Illinois law firms entered the foreclosure space after the economic collapse of 2008, but attorney Elmosa Law Office has 20 years of experience working on foreclosure cases.

Modifications, Mediation And Other Options

Borrowers who face foreclosure and who wish to remain in their home must be proactive. We will work with you to explore every option available, including a loan modification developed directly with your lender. Loan modifications are paperwork-intensive and loaded with important details that require careful review. We protect our clients’ interest at every stage of the modification process.

If you are denied a loan modification, we can represent you in foreclosure mediation. In mediation, the borrower and the lender meet with a neutral third party and attempt to work out an alternative solution. Potential outcomes from mediation include:

  • A loan modification
  • A forbearance agreement that provides the borrower more time to catch up on missed payments
  • A short sale, deed in lieu of a foreclosure or other option that allows for a dignified exit from your home

Stop Foreclosure And Opt For A Dignified Exit From Your Home

It’s not always possible for homeowners who have missed several consecutive mortgage payments to reach agreement with a lender that will allow them to modify a loan and remain in their house. Forfeiting your property may be inevitable, but there are a number of ways to do so.

Before taking any steps toward forfeiting your property, the experienced legal team at Elmosa Law Office., will review the figures the lender used to consider a modification or other alternative solution. If there are discrepancies, we will request another review.

Understanding Your Options

If you do not qualify for a loan modification, we will review the alternatives to a standard bankruptcy foreclosure. These include:

  • Short sale – In a short sale, the proceeds from selling the property are not enough to pay the total amount of liens against the property, but a lender typically agrees to forgive the balance of the loan.
  • Deed in lieu of foreclosure – The borrower avoids a foreclosure lawsuit by transferring title to the property to the lender in exchange for release of personal liability for the balance of the mortgage loan. If there are other liens on the property, a borrower may be hesitant to agree to a deed in lieu of foreclosure. We help property owners settle secondary liens in order to clear the way for a deed in lieu of foreclosure. A lender may offer a cash settlement in exchange for a timely exit from the home — a program that is often referred to as “cash for keys.”
  • Consent foreclosure – Instead of avoiding foreclosure, a property owner agrees to consent to a judgment of foreclosure in exchange for the lender’s agreement to waive the right to pursue any deficiency.

Each of these is a different means of reaching a similar outcome. There are nuances that may make one more preferable depending upon your unique circumstances. Or you may wish to proceed with the foreclosure process, which often provides you more time to get back on your feet, explore loss mitigation, or make other living arrangements. Our knowledgeable lawyers will be with you at every step to explain the dignified exit options and likely outcomes.


Close Menu