Here are some facts on Foreclosures to help you decide what is best in
your situation.
-- FACE the TRUTH
--
When you fall more than 3-4 months
behind on your mortgage, it can be almost impossible to catch up.
At this point an important decision is to be made: You can leave on your
terms or be forced out by eviction.
A foreclosure or bankruptcy can do
a lot of damage to your credit and this will haunt you for years to
come!
-- TIME FRAME --
The foreclosure
timeline in Illinois is about a year. People are moving out of
their homes after only a few months anticipating an eviction.
There is still time to work this out. In Illinois currently, the
foreclosure date could be 10 months or more from now. And even
after the additional 7 day grace period, there is still another 30 days
before you can be evicted! Selling your home could be a very
strong option.
-- CREDIT --
Foreclosure, or bankruptcy can have
devastating effects on your credit that can last 5-7, even as much as 10
years! There are ways to avoid this. Even if you have no
equity in your house, many times the banks will settle with you in order
to avoid foreclosure. If you have equity, you may be able to sell your
house, pay off the mortgage and put money in your pocket.
--
JUDGEMENT --
If you choice
to walk away from your home, your dept will still be there.
The bank will sell your home and probably get pennies on the
dollar. Then the bank will come after you for the
remaining of your dept. They will get a judgment
against you and they will be able to garnish you wages.
-- SALE
TIME --
Even if your house is
in great condition and it is priced below market value, in today's market, it
still takes time. Some sales may take as long as 6 months or more. It is
critical to act quickly to allow time for a sale.
The first step is to talk
to an attorney to learn your options. Please feel free to call and I will be
happy to forward his information to you.
If you are someone you know are struggling
to make payments, call me immediately. Listing your home and selling it quickly
to get out of the situation is the smart thing to do. Finding a smaller home
with a smaller mortgage can help you get on your feet again!
-- NO
COST HELP --
It is in
the best interest for Banks to find a settlement. It is very expensive and
time consuming for a bank to deal with a foreclosure. There are certified
no cost credit counselors that are funded from grants. These counselors
can work out a deal between you and your bank This might include
lengthening your loan and/or lowering your interest amount. Make sure that
you do not wait too long to contact this agency if facing a foreclosure.
It can take two months for this procedure. If you are looking for help,
you can go to this agency's website at nfcc.org.
