Foreclosure Chicago and what you can do about it.
Homeowners in Chicago who are facing foreclosure should certainly take some time to educate themselves on the foreclosure process in the state of Illinois. In fact, many people are surprised to discover that there are many options available to help them with a foreclosure Chicago however, it is essential that you understand the timeline you are facing as well as the pros and cons of your various options. If you want to avoid foreclosure in Chicago, it is important to keep in mind that the process can take approximately 12 to 15 months to complete. Therefore, homeowners in distress can use this time to their advantage and can often find a solution to help them avoid foreclosure. Of course, if you are struggling to make the mortgage payments, you might need to consider a short sale or a fast sale to help you settle the mortgage without facing the consequences of a foreclosure. After missing a payment or two, many homeowners avoid a lender’s attempts at communication and establish a resolution. This is certainly not advisable. Talk with your lender and let them know when you will be making a payment and explain your current financial circumstances. Once your mortgage payment is 60 to 120 days late, your lender will notify you of their intent to foreclose on the property. When your payment reaches the 120 to 175 day late period, you will be served a foreclosure summons giving you 30 days to respond. Ninety days after receiving the summons you will lose your right to reinstate the mortgage. Seven months after being served, your home can be sold at a sheriff’s foreclosure sale. If you work with a real estate redevelopment company, they can help you navigate through the foreclosure Chicago process. They will not only be able to help you understand the process and the importance of meeting the various deadlines, but they are often able to help you with the sale of your home. It is imperative that you understand that once you lose the right to redemption, selling your home and avoiding foreclosure is no longer an option.