Second Mortgagees

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Chicago debt collection attorneys

Chicago Lawyers for Second Mortgagees

Chicago mortgage foreclosure attorney

Attorneys for Foreclosure Actions in DuPage County, Cook County, and Northern Illinois

Mortgage lenders and servicers who hold a second or third position on a real estate loan are at a disadvantage during the mortgage foreclosure process. The first mortgagee must be paid in full before the other mortgage note holders and lien holders are paid; and many times, the proceeds from the foreclosure sale are not enough to fully compensate all interested parties. To ensure optimal results from their debt collection efforts, it is important for second mortgagees to work with experienced legal counsel.

For over 35 years, Walinski & Associates, P.C. has successfully represented all types of mortgage holders in foreclosure and related debt recovery actions. Our attorneys understand the challenges second mortgagees face trying to collect on their loans, and we put our extensive experience to work to explore all available legal options toward a favorable resolution. Our lawyers work directly on each case, and we work closely with our clients to provide the skilled and personalized representation they deserve. We are in frequent contact with our clients, and we provide ongoing updates, so they are always kept informed on how each case is progressing.

We work with all types of second mortgagees in the Chicago area, including but not limited to:

  • Banks
  • Credit Unions
  • Finance Companies
  • Mortgage Lenders
  • Mortgage Note Holders
  • Mortgage Note Buyers
  • Mortgage Debt Buyers
  • HELOC Purchasers
  • Second Mortgage Purchasers/Investors
  • Lien Holders

Innovative Recovery Solutions for Second Mortgagees

Though second mortgage holders are in a lower position on a property loan than first mortgagees, this does not mean they should not be paid in full. We investigate a wide range of options in each case to determine the most effective and efficient path toward a positive outcome.

For example, if the proceeds from a foreclosure sale are not enough to pay the amount owed, we can often obtain a deficiency judgment, which opens the door to several judgment enforcement mechanisms; such as bank account levies, wage garnishments, and liens against other real estate property owned by the debtor. If the debtor files for bankruptcy, we can file a lift stay motion to continue a foreclosure proceeding, or an objection to confirmation if the debtor understates the amount owed and/or sufficient monthly repayment amount.

Contact a Skilled Mortgage Foreclosure Attorney Today

In many cases, we can negotiate a favorable settlement with the debtor without the need for litigation. If litigation is necessary, however, we stand ready and able to aggressively pursue your best interests at all levels of the Illinois state and federal judicial system. If you are a second mortgagee in need of an efficient debt recovery solution, contact our office today at 312-704-0771 for a personalized consultation.

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