• Bankruptcy
• Family Law, Wills and Trusts
• Real Estate, Short Sales
• Civil Litigation
• Personal Injury
• Collections
• Foreclosures

Foreclosures

Among other real estate and litigation services that Pirogovsky Fremderman, Ltd. provides, is the intersection of those two disciplines: mortgage foreclosure. The attorneys of Pirogovsky Fremderman, Ltd. have represented both borrowers (homeowners) and lenders in defending and prosecuting mortgage foreclosures.

As the American economy has stalled and worsened, mortgage foreclosures have become more and more prevalent and commonplace. For the homeowner, facing a mortgage foreclosure obviously is emotional and daunting. Not only does the homeowner face losing his or her residence or investment property, but the Illinois Mortgage Foreclosure Law also allows the lender to seek and obtain a personal deficiency judgment against the homeowner for the difference in price between the amount owed on the mortgage (including increased interest rate due to default, various late fees and attorneys' fees) and the amount for which the property is sold at auction.

In some instances, depending on various factors, such as the way in which title to the property is held, who the borrower(s) are and the state of the pleadings filed by the lender, homeowners have a chance to challenge a part or all of the foreclosure suit. Pirogovsky Fremderman, Ltd. can also help negotiate a consent foreclosure or deed in lieu of foreclosure, under appropriate circumstances, which will eliminate the lender's ability to seek a personal deficiency judgment against the homeowner.

The attorneys of Pirogovsky Fremderman, Ltd. also have represented lenders, both institutional and private, in foreclosing on their mortgages. The Illinois Mortgage Foreclosure Law is detailed and complex. Failing to comply with all of the requirements thereof can lead to additional delay (at best) of an already lengthy legal process or an unsuccessful foreclosure case (at worst). Attorneys representing lenders, therefore, must be well-versed in the intricate substantive and procedural requirements of the Illinois Mortgage Foreclosure Law. The attorneys of Pirogovsky Fremderman, Ltd. will ensure that the prosecution of the mortgage foreclosure is done as efficiently and economically as the laws allow.