Numerous Illinois residents are struggling financially right now. For some, money problems are bigger than they are for others. Those who are in really bad shape may be facing foreclosure. Does that mean that they will, without a doubt, end up losing their homes?
Foreclosure is the process lenders use to take control of a property for which they are not being paid. This process can take months or it can take over a year. It just depends on how motivated the lender is and how fast they want to get their money.
Generally, before a bank can threaten foreclosure, a homeowner must be 120 days behind on making payments. A notice stating an intent to foreclose on the property must be sent to the homeowner; it cannot be a surprise eviction. Most banks would prefer to try and work with homeowners before pursuing foreclosure. Therefore, it may be possible to work out a new, affordable payment plan that would allow one to remain in his or her home. The key to stopping any foreclosure and saving one’s home is to take action sooner rather than later.
Losing one’s home is not a foregone conclusion when the threats of foreclosure start rolling in. There are ways to stop the process and help oneself get in a better financial position. Bankruptcy is one option Illinois residents can turn to that would stay the foreclosure process. This is something that can be filed for with the assistance of legal counsel. Other debt settlement or negotiation options may also prove effective.
Source: realtor.com, “What Is the Difference Between Housing Repossession and Foreclosure?“, Audrey Ference, Nov. 3, 2017