Best Foreclosure lawyers in La Grange, IL

1 Foreclosure Lawyers in La Grange, IL

experienced lawyers

David P Lloyd

615B S. La Grange Road, La Grange, IL

Foreclosure

4.9/5

4.9

19 Reviews

18 Jan, 2021 by Anonymous

I rarely write online reviews for a number of reasons, but I feel compelled to share my experience. With the current state of the economy, more and more people might find themselves in financial hardtimes. This being said, there is hope for you if you use the legal system to resolve your issues. There is a negative stigma surrounding the bankruptcy process, but most don’t understand that its your constitutional right not to end up in “debtors prison”. This is why the bankruptcy code exists, to prevent a type of indentured servitude to creditors for the rest of your life. If you find yourself feeling trapped with no options out, then pursing this path could be your quickest way to a fresh start. Anyone that is reading this is more than likely backed into a financial corner in some capacity. My situation was very complicated and involved a multi-million dollar business that I had signed personal guarantees on a large business loan. As an entrepreneur, you never think that your business can fail, but sometimes outside circumstances put you in a position that is inescapable. In early 2019, I found myself in this situation, and honestly didn’t have a way forward without numerous lawsuits and hefty debt repayments for my business debt. After looking at nearly all options, I was referred to Mr. Lloyd who was very straight forward, and recommended that I file both a business and personal Chapter 7. After mulling over the options, I was left with little choice but to file, and I can say that the process can be brutal at times, but everything that Mr. Lloyd told me eventually came to fruition. Its truly a deeply emotional thing when you have to close a business that you’ve had for over a decade, but the advice that Mr. Lloyd gave me was exactly what was needed for me to gain a fresh start and a new footing debt free. Working closely with Mr. Lloyd, and Tammy (who is like the glue that holds the office together), I received a discharge of my personal debt, was able to keep all of my belongings (including my house), and wipe the slate clean of all lingering business liabilities. The only unfortunate aspect was that I had a client (that came from a family of attorneys) that decided to pursue an adversary proceeding against my personal Chapter 7. Being that they were attorneys, it was obvious that the cost of going to trial wasn't an issue since they wouldn’t have to pay legal fees. Upon learning that the adversary proceeding was moving forward, I again retained Mr. Lloyd to represent me for the trial. After an exhaustive process with the opposing party (which bordered on being frivolous on their end) we prevailed on all counts with respect to the adversary proceeding. When Mr. Lloyd called to tell me that we prevailed, I was almost in disbelief, and couldn’t be more thankful that I worked with David through the whole process. Make no mistake, I think that going bankrupt should be a once in a lifetime last resort, but if you need to go this route, then Mr. Lloyd is the Attorney that can get you through the process as smoothly as possible. For me, this was almost a two year process, but I now have zero debt, and can move forward with the rest of my life free of the burden of the business debt. I highly recommend Mr. Lloyd, and just know that you aren't trapped, and if you have a relatively simple case, this is usually a straightforward process. There is light at the end of the tunnel!

10 Oct, 2020 by Anonymous

I owned a manufacturing firm and ultimately had to shut it down and go through Chapter 7 with it. I then had to go through personal Chapter 7. David helped me through both. This was a very difficult thing for me to go through. David never made me feel wrong. More so he was supportive through the process. The whole thing was rather daunting but he spent the time explaining what I needed and now it is all behind me.

05 Feb, 2020 by Mike

Mr. Lloyd is by far the best attorney I have seen work in the last 30 years. If he says something you can count on it being the right thing. If he says he is going to do something he will get it done. Mr. Lloyd also takes away any hesitation to share with your situation. He listens then gives you the best advice. I was astounded the bankruptcy went exactly as he said it would and things happened when we were told they would. His staff is there to support you and help with any thing you need to fill out. They also show great patience. My only concern is he specializes in bankruptcy and I want to retain him for any other need I might have. If you are looking for an attorney you can stop, you have found him in David Lloyd.

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What a Foreclosure Lawyer Can Do for You

A foreclosure lawyer specializes in helping homeowners navigate the legal complexities of foreclosure, working to protect their rights and potentially save their homes. Foreclosure lawyers assist homeowners facing foreclosure by negotiating with lenders, filing legal defenses, and representing them in court. They also help with loan modifications, short sales, and other alternatives to foreclosure. Whether you’re behind on mortgage payments or already in foreclosure proceedings, a lawyer can help you explore your legal options and work toward a solution.

If you’re at risk of losing your home, a foreclosure lawyer can provide guidance on how to stop or delay the foreclosure process and protect your financial future.

When Should I Hire a Foreclosure Lawyer?

You should consider hiring a foreclosure lawyer in several situations where you are facing financial difficulties with your mortgage. Common reasons to hire a lawyer include:

Facing foreclosure proceedings: If your lender has initiated foreclosure proceedings, a lawyer can help you file a legal defense and explore options for stopping or delaying the process.
Loan modification: If you want to modify the terms of your mortgage to make payments more manageable, a lawyer can help you negotiate with your lender and ensure that the modification complies with legal standards.
Challenging the foreclosure: If you believe your lender has violated foreclosure laws or the terms of your mortgage agreement, a lawyer can help you challenge the foreclosure in court.
Stopping a foreclosure sale: If your home is about to be sold at a foreclosure auction, a lawyer may be able to file for a temporary restraining order or injunction to halt the sale.
Short sale or deed in lieu of foreclosure: If you cannot afford to keep your home but want to avoid foreclosure, a lawyer can assist with arranging a short sale or a deed in lieu of foreclosure, where you voluntarily transfer ownership of the home to the lender to avoid foreclosure.
Filing for bankruptcy: If you’re unable to manage your mortgage debt and other financial obligations, a lawyer can advise whether filing for bankruptcy might stop foreclosure and help you restructure your debts.

Hiring a lawyer as soon as possible - especially when foreclosure is imminent - can provide you with more legal options to save your home or limit financial damages.

What Does a Foreclosure Lawyer Do?

A foreclosure lawyer provides a variety of legal services to homeowners facing foreclosure, working to protect their rights and help them avoid losing their homes. Their responsibilities often include:

Negotiating with lenders: A lawyer can negotiate with your lender to modify your mortgage or create a repayment plan, helping you avoid foreclosure by securing more favorable terms.
Filing a legal defense: If your lender is improperly foreclosing or has made errors in the foreclosure process, a lawyer can file a legal defense, challenging the foreclosure in court. Defenses may include violations of foreclosure laws, predatory lending practices, or failure to follow the terms of the mortgage.
Representing you in court: A lawyer can represent you in foreclosure proceedings, whether you are defending against the foreclosure, seeking more time to negotiate with the lender, or filing for bankruptcy.
Stopping or delaying foreclosure sales: If your home is scheduled for a foreclosure auction, a lawyer can help file a motion to stop or delay the sale, giving you time to explore other options.
Advising on bankruptcy: A foreclosure lawyer can assess whether filing for Chapter 7 or Chapter 13 bankruptcy would be beneficial, as bankruptcy can temporarily stop foreclosure and give you time to reorganize your finances.
Arranging short sales or deeds in lieu of foreclosure: A lawyer can help facilitate a short sale (selling the property for less than the mortgage balance) or a deed in lieu of foreclosure (transferring the property to the lender), which may allow you to avoid the foreclosure process.

How Are Foreclosure Lawyers Paid?

Foreclosure lawyers typically charge for their services based on the complexity of the case and the legal work involved. Common payment structures include:

Hourly rate: Many foreclosure lawyers charge by the hour, with rates typically ranging from $150 to $500 or more, depending on the lawyer’s experience and location.
Flat fee: For specific legal services, such as negotiating a loan modification or filing a bankruptcy petition, some lawyers offer a flat fee. Flat fees can range from $1,500 to $5,000, depending on the scope of the work.
Retainer: In more complex foreclosure cases, especially those involving ongoing negotiations with lenders or court appearances, a lawyer may require a retainer. This is an upfront payment that is billed against as the lawyer works on your case.
Contingency fee (rare): In some rare cases, particularly when suing a lender for wrongful foreclosure, a lawyer may work on a contingency fee basis. This means they only get paid if they win the case or settle on your behalf.

It’s important to discuss fees and payment arrangements with your lawyer upfront, especially if you are facing financial difficulties.

How Much Does a Foreclosure Lawyer Cost?

The cost of hiring a foreclosure lawyer depends on the complexity of the case, the lawyer’s experience, and the amount of time required to resolve the issue. General cost estimates include:

Hourly rates: Foreclosure lawyers typically charge between $150 and $500 per hour. For example, a simple case with 10 hours of legal work at $300 per hour would cost $3,000.
Flat fees: For straightforward services such as filing for bankruptcy or negotiating a loan modification, flat fees typically range from $1,500 to $5,000, depending on the complexity of the work.
Retainers: In more complex or ongoing foreclosure cases, a lawyer may require a retainer ranging from $2,500 to $10,000, depending on the length of the case and the lawyer’s experience.

In addition to legal fees, you may also need to cover additional costs, such as court filing fees or expenses related to property appraisals.

How to Check the Credibility of a Foreclosure Lawyer

To ensure you are hiring a reputable foreclosure lawyer, take the following steps to verify their credentials and experience:

Check their bar status: Verify with your state bar association that the lawyer is licensed to practice law and has no disciplinary actions against them.
Look for foreclosure experience: Review the lawyer’s website or professional profile to ensure they specialize in foreclosure law and have successfully handled cases similar to yours.
Read client reviews and testimonials: Look for reviews on platforms like Avvo, Martindale-Hubbell, or Google to see what previous clients have said about their experience with the lawyer.
Ask for references: A reputable lawyer should be able to provide references from past clients who have worked with them on foreclosure matters.
Check for certifications or memberships: Look for lawyers who are members of organizations like the National Association of Consumer Advocates (NACA) or who have specialized certifications in real estate or foreclosure law.

What Should I Prepare for My First Consultation?

To get the most out of your first consultation with a foreclosure lawyer, it’s important to come prepared with relevant documents and information. Here’s what you should bring:

Mortgage documents: Bring a copy of your mortgage agreement, payment history, and any correspondence you’ve received from your lender, including foreclosure notices or demand letters.
Financial information: Provide information about your income, expenses, and debts, as this will help the lawyer assess your financial situation and determine the best legal strategy for your case.
Previous communications with your lender: If you’ve already tried to negotiate with your lender, bring any emails, letters, or records of phone calls that document these communications.
Court documents (if applicable): If foreclosure proceedings have already begun, bring any court documents related to the case.
Questions about your legal options: Prepare a list of questions about the foreclosure process, your options for avoiding foreclosure, and how the lawyer plans to help you.

By preparing thoroughly for your consultation, you can help the lawyer assess your situation more effectively and provide the best possible legal advice for protecting your home from foreclosure.