Moving Forward After the Foreclosure Moratorium 2021

The Federal Foreclosure Moratorium Ends

The federal foreclosure moratorium expired on July 31, 2021, and it has not been extended. This means that individuals who have properties financed by USDA Single-Family Housing Direct and Guaranteed loans, and were previously facing foreclosure, may now lose housing protections.

The good news is that the Federal Housing Administration has extended the Single Family Eviction Moratorium until September 30, 2021. This won’t prevent foreclosure proceedings, but it may delay you from being displaced from your home for the time being. This will be especially helpful for people who need more time to look for housing.

If you’re facing foreclosure, don’t wait to talk to a qualified foreclosure attorney. An attorney can help you decide what course of action will be best for your specific situation.

Illinois Eviction Moratorium

Although the eviction moratorium in Illinois is set to expire at the end of August, there have been new measures put in place to protect people in certain areas until October 3, 2021.

The Center for Disease Control has issued an eviction moratorium for areas with a high rate of COVID-19 transmission. If you live in an area that has been designated as a high-transmission area, you may be eligible to stay in your home for the time being.

When is it Too Late to Stop Foreclosure?

If you’ve already received a notice of payment delinquency, you typically have 120 days to make a payment. After this period of time has passed, the lender will issue a statement about their intent to foreclose on the property.

While this may seem like a short amount of time, foreclosures can usually be stopped right up until the property has been sold at auction. You might feel like you’re out of options, but you shouldn’t assume that it’s too late to save your home.

If you’re facing foreclosure, it’s important to take action as soon as possible. A qualified attorney will help you decide whether you have grounds to contest the foreclosure, or whether another option, like bankruptcy, could help you keep your home. You may also decide to apply for forbearance or choose a new type of payment plan.

Koch & Associates – Foreclosure en Español

The attorneys at Koch & Associates are experts at foreclosure law and will do everything in their power to ease the burden you’re facing with foreclosure. Our attorneys speak fluent Spanish, so you can talk comfortably without a translator. If you’re facing foreclosure on your home, contact Koch & Associates today. We’re the best attorneys near Cicero and the surrounding areas.

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