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?
Home. For many people in Illinois, their homes are places of refuge. They are places to escape all the bad that is going on in their lives. Unfortunately, numerous individuals in the state are facing the threat of foreclosure; so now, even their homes are not places where they can go to seek some level of relief.
Selling your home here in Illinois can be a long and arduous process. Residential real estate transactions come with many moving parts, and you may need help in order to avoid a costly mistake. It makes sense to carefully consider your options before making any decisions as you embark on this endeavor.
The ability to obtain a second mortgage on one's home can be both a blessing and a curse. It can offer a person money when needed, but it can also put a big strain on one's financial situation. Illinois residents who fail to make their payments on their second mortgages could end up losing their homes to foreclosure, even if they are making their original mortgage payments.
There are many ideals individuals may have regarding homeownership. What ideals are prevalent among homeowners can shift over time. This can be seen in what has been happening lately with one traditional homeowner ideal: the idea of living in one’s current home for the remainder of one’s lifetime.
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.
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.
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.
What is foreclosure? It is a legal process by which a lender can take back (i.e., repossess) an Illinoisan's home. If successful, at the end of the process, the resident will have to move out.
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.