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Foreclosure & Alternatives Archives

Tips to avoid foreclosure of your home

On the emotional side, a home is the place where you and your family live. On the practical side, a home is a financial stronghold, an asset that will likely appreciate in value as the years go on. If you have been struggling to make mortgage payments, there are some tips to avoid foreclosure, according to the federal government's Making Home Affordable program.

Homeowners seeing fewer foreclosures nationwide

The housing crisis that swept the nation a decade ago may be rebounding, at least as far as foreclosures are concerned. It used to be the case that foreclosed upon homes -- sitting vacant with their lawns unmowed and windows and doors boarded up - were an all too common sight in DuPage County, and across the nation. These foreclosed upon properties were not only detrimental to the homeowners, but they even brought down the value of their neighbors' property as well.

Foreclosure is not a foregone conclusion in Illinois

Homeownership. It has been called the key part of 'The American Dream.' Having a piece of land, even if a small one, and a house to call one's own, is something many Illinois residents have envisioned since they were children. Since very few people these days can afford to purchase a home outright, this usually means that aspiring homeowners must borrow money to achieve their dreams. This is often in the form of a mortgage, which is a type of loan secured by the property which is being purchased. Unfortunately, this means that if something happens and a homeowner cannot pay his or her mortgage payments, the home can be taken by the lender to satisfy the loan.

Could HAMP still protect Illinois homeowners from foreclosure?

In the wake of the 2008 financial crisis, many people blamed the housing bubble. This was apparently a combination of over-construction of houses as well as systemic use of bad lending practices in the banking and mortgage industries. Whatever the reasons, many Americans, including Illinois residents found themselves facing losing their homes to foreclosure. Because of this, in 2009 the federal government introduced the Making Home Affordable Program. This initiative consisted of two parts, one of which was the Home Affordable Modification Program. HAMP expired at the end of 2016, but Fannie Mae and Freddie Mac, two government-sponsored corporations that deal in secondary mortgage markets, have announced replacements.

There are alternatives to home or business foreclosure

Being an adult and managing your finances can be challenging. Many Lisle residents are barely making ends meet with their current incomes and expenditures. When unexpected expenses pop-up, many people with difficulty paying their bills will turn to credit cards or other forms of personal loans to pay for these unexpected costs. Sometimes these forms of credit can get out of control and some people run into the possibility of home or business foreclosure.

How does Illinois' homestead statute protect against foreclosure?

In Illinois, homeownership is a milestone, a step signaling success and the achievement of the American dream. Because of that symbolic value, the prospect of foreclosures and its alternatives can be especially frightening. But fortunately, Illinoisans stuck in a scary financial situation can sometimes stop foreclosures.

Condo foreclosure a unique legal challenge

The Chicago area may not have the snowbird attraction of cities in the Sunbelt. Places like Arizona, Texas or Florida draw folks away during the winter months. Condominiums, rather than detached single-family homes, tend to be the abode of choice for those flocking south.

Revived Illinois program could help some in foreclosure

The Great Recession is over. That does not mean that everything is just fine in Illinois. Many find themselves in financial difficulty that threatens to see them put out of their homes. Leveraging legal strategies to prevent foreclosure, or at least gain some time to examine all options, is something that is available. First, you have to know what's possible and consulting experienced legal counsel is how that's done.

Foreclosure action isn't personal, but it can still hurt

Foreclosure on a home isn't the goal most people in Illinois have in mind when they sign for their mortgage. If you happened to enter into that contract with a spouse from whom you are now divorced, the possibility of something like that happening may be more distant from your mind.

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