If you let your home go to foreclosure, you might as well be burning money.
While the housing market is changing, many people in Chicago] are still struggling to make their mortgage payments.
If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you’re more than likely scared that your mortgage provider is going to foreclose. Maybe you’ve already gotten a notice.
Ok, that’s easy for me to say. But I did have this same worry once, and I really get it. And I have learned that there are a number of things that you can do to avoid foreclosure in Chicago.
It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and secure a more financially sound future.
Let’s dive in and share a couple quick tips on possibly how to avoid foreclosure in Chicago with your home.
The Keys of How To Avoid Foreclosure in Chicago Don’t Abandon Ship
Many people simply give up and walk away from their home. There are even areas of Chicago have begun to resemble ghost towns, as the economy has impacted residents significantly… especially those with jobs in hospitality or frontline workers who couldn’t do their work from home.
This is a stressful situation, hands down, but it’s extremely important to keep a level head. A foreclosure is like a nuclear bomb on your credit score, and it will likely prevent you from purchasing a home for years to come. If you sell your home, and you leave a portion of the loan unpaid, the lender could pursue legal action against your for the unpaid portion.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that homeowners in Chicago are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered what’s called forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home keeps you up at night. You aren’t alone. Homeowners all over Chicago are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure. Connect with us today and let’s discuss your situation. There’s no obligation and we don’t do hard sales pushes. We are problem solvers. We’ll evaluate your situation… and at no cost, present you your options so you can move forward and get this foreclosure behind you.