Homeownership is something that most people hope to attain. When it happens, keeping one’s home can be a struggle. Life happens, money troubles occur and foreclosure becomes a reality. There are alternatives to foreclosure available to Illinois residents, though, if they take action fast.
According to a recently published article, 66.2% of Illinois residents own their homes. Of those, 63.1% still have mortgages. The median home value here is shy of $200,000. Mortgage debt tends to average $179,683.
The mean household income per household is $62,992, which is the 16th highest in the country. One would think a home would be affordable with this level of income and it may be when one first makes such a purchase. Unfortunately, an affordable house may not be so affordable if one loses his or her job, if someone in the family experiences a medical emergency or if other debts are taken on.
Mortgage companies may be understanding when Illinois residents experience financial struggles, to a point. Some may be willing to work out agreements to help homeowners during their time of need, while others will act fast to claim the homes and sell them to get most of the money owed them. Those who find themselves facing foreclosure have a couple of options: accept it or seek assistance. For those who choose to seek help, a bankruptcy filing can stay foreclosure and allow homeowners the chance to work out an affordable repayment plan which would enable them to keep their property and meet their debt obligations. Anyone who would like more information about how this works or would like to know if there are any other options that would benefit their situations can turn to an experienced bankruptcy attorney for case-specific guidance.