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Our Steps To Resolve Foreclosure
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FIRST:
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Review the link at Illinoislawhelp.org for information on foreclosure. It is an excellent resource. |
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SECOND:
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Many different situations cause foreclosure. Yours may be a short-lived financial hurdle. Often it is medical expenses, divorce, job loss or downsizing, estate problems, or from a repeated struggle trying to make ends meet. It may be the time to make the tough decision on whether you should sell your home. Most people shudder at this thought. Our suggestion is look at your financial situation, make out a detailed budget, and see if selling makes sense. |
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THIRD:
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Call your lender and work with the loss mitigation department. Your lender does not want your home; they just want to be paid. Listen to their plan and see if it makes sense for you. Remember the plan needs to make sense, and be reasonable and realistic. Do not accept a plan that you feel will be difficult to complete. If you have decided to sell, tell your lender. They probably will work with you during the sale process. |
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FOURTH:
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Talk to family and friends to see if they can help. You may feel embarrassed asking for help, but they may be your best alternative. |
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FIFTH:
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Look into and research a Chapter 13 Bankruptcy, to see if it makes sense for you. Talk to several attorneys that are NOT high volume firms, you will be just another number. We are not fans of a Chapter 13, because most homeowners (over 75%) are not successful in completing their plan. Chapter 13 plans require extreme diligence on the part of the homeowner, are expensive, and can be very confusing. Chapter 13 plans often have a financial burden that is difficult for the homeowner to manage. You must realize while you are in a Chapter 13, your foreclosure case is only on HOLD. It is not canceled. If you miss a payment, the foreclosure case is reactivated and you are back in court. Your credit is severely damaged by filing a Chapter 13. Potential new creditors know you have filed a Chapter 13 once and that you could file again. Before you take this step, consider your other options and the downside carefully. |
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SIXTH:
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After you have reviewed the above steps, if you would like to discuss your options with us, please fill out the Workout Request Form. Then call our office at 847-856-8568 ext 4. We will discuss your needs and possible solutions. Remember when you call, there will be "NO FALSE PROMISES, NO SCAMS, NO HIGH PRESSURE and NO UP FRONT FEES." We look forward to hearing from you. |
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