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Foreclosures in Illinois are a nine-month judicial process but after 90 days the lender will turn the delinquent loan over to foreclosure attorneys and then the fees really start to increase. The bottom line is to not ignore letters from the lender.

New Mexico Home Foreclosure Laws

There are ways to work through a bad situation if you act quickly. An approved foreclosure intervention counselor can also negotiate with a lender, servicer or private mortgage insurance provider to restructure the mortgage if it can be established the homeowner has the financial ability to keep the home going forward. Ways to avoid Foreclosure.

Ways to avoid Foreclosure If you happen to be a homeowner vulnerable to foreclosure you need to know you can utilize programs and services that may help. Other resources include: The Illinois Foreclosure Prevention Network connects families facing foreclosure with resources to help keep their homes.

Avoid Foreclosure - 4 Tips and Little Known Facts

Go through your expenses with a fine-tooth comb. Consider your monthly spending and come up with a realistic assessment of your financial situation.

Federal Subsidy Recapture

If you need help assessing your finances, Friedman suggests contacting a housing counselor. Make sure your counselor has been vetted by the U. Department of Housing and Urban Development --a list of approved counselors can be found on its Web site. The sooner you contact your lender or the company that collects your monthly payment, the better. The first thing it will do is assess whether there are extenuating issues that explain your financial difficulties.

If your problems are temporary--maybe you've recently incurred big medical bills or been laid off--your lender is more likely to work with you on a short-term solution. It may give you a deadline to make up missed payments in one lump sum, or might offer to freeze your monthly statements until you can resume payments as usual.

The most likely short-term scenario is that your lender will offer to work out a repayment plan--one that includes your regular monthly payments plus a fraction of what you've missed, until you're all caught up. Depending on your circumstances, your lender may even be willing to modify the terms of your loan entirely.


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The bank can extend the amortization period--the time you have to repay your loan--lower your interest rate or change it from an adjustable rate to fixed. Whatever plan you and your lender agree to, make sure it's sustainable.

Talk to a Foreclosure attorney.

Too often, homeowners make loan modifications that actually exacerbate the problem. In these cases, the lenders weren't working to reduce their borrowers' burden, but to recapitalize on it.


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  • The result? More than half of borrowers re-defaulted within nine months of receiving their modifications. If you can't find a way that you'll be able to afford your mortgage, it could be time to face a tough fact: Selling your home may be the best solution. If this is the case, your lender will set a deadline for you to find a buyer and pay off your mortgage balance. If you can't sell the property for the amount you owe, it might be willing to accept a smaller sum.