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What to Know About Foreclosure & How We Can Help

Simply put, foreclosure occurs when a bank owns a home that used to belong to a homeowner. Many home buyers are tempted by purchasing foreclosed homes, as they are a good deal in the real estate market. They believe that they can take a run-down home and turn it into their dream home, white-picket fence and all. However, homeowners usually get rid of the property voluntarily. At the Crosby Law Firm, we not only have experienced bankruptcy lawyers in Rockford, IL, but we are also well-equipped to navigate your home’s foreclosure process.

Reasons Sellers Go into Foreclosure

Of course, no two scenarios are the same. Generally speaking, however, there are a handful of common reasons that sellers stop making payments towards keeping their home. Keep in mind that foreclosure is not usually voluntary and results from scenarios such as being laid-off. Medical conditions sometimes play a part in foreclosures if the homeowner is unable to continue working. Excessive debt, increasing bill obligations, divorces, job transfers to another state, and expensive maintenance issues are also common in foreclosure cases.

The Stages of Foreclosure

Missed payments are typically the first step in foreclosures. Homeowners must be at least 90 days behind on paying their mortgage in order for the lender to officially start the foreclosure process. If you’re in the first stage, it’s a good chance to rework your finances and put your home on the market as soon as you can. The second stage of foreclosure is pre-foreclosure, and this occurs when you receive an official Notice of Default in the mail. This stage is still technically a grace period to address your default. Auction is the third stage, followed by post-foreclosure if a third party hasn’t purchased your property during the auction.

How Can the Crosby Law Firm Help?

The first thing our bankruptcy lawyers in Rockford, Il will do is file a notice of appearance (NOA) with the court and your bank. This ensures that we can officially represent you. From there, we will take over the communication process with your bank. If you are seeking a loan modification because you want to permanently keep your home, we know the defense strategies necessary to build your case. Plus, it is very difficult to get approved for loan modification on your own. Our extensive experience can help provide a feasible plan-of-action for your case, and we will answer all of your questions every step of the way.

Call us now to get the legal advice you need.(815) 397-2006

Client Testimonials

Very thorough and professional. Staff is detail oriented, kind and compassionate. Handled my case quickly, saving me thousands of dollars. 10/10 would definitely hire again.

Denny Sanders


Client Testimonials

The Crosby Law Firm, specifically Danielle Burza- Smith helped me with my landlord and estate planning issues. Danielle explained everything really well! Would definitely recommend!

Staci Donald


Client Testimonials

Really good firm !!! Everyone there has made me feel welcome and when talking to attorney I feel like I’m talking to a friend. Staff is polite and very accommodating not to mention they always answer all of my questions and have never made me feel degraded because I don’t understand legal lingo like another firm did to me. Highly recommended !!!

Nicole Almond


Client Testimonials

I didn’t have to wait long to be seen. The staff was very friendly. I’m confident that they can handle my problem.

Don Kristofek


Contact us Today! Call us at (815) 397-2006 or