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.
Numerous individuals in Illinois are in bad enough financial shape that they may lose their homes this year. Some have already been contacted by their creditors demanding payment and threatening foreclosure, and others are only one missed payment away from this happening. For those individuals who want to avoid foreclosure and keep their homes, bankruptcy may be what is called for. It certainly seemed to help rapper Lil Kim.
Has your current economic situation had an impact on your ability to afford your home? Have you missed mortgage payments and now the bank is threatening foreclosure? If so, now would be a good time to consider a mortgage modification. Illinois residents whose home loans are controlled by Fannie Mae or Freddie Mac have a particularly good chance at receiving approval to refinance their mortgages.
Illinois residents who are struggling to keep up with their mortgage payments but are underwater in their mortgages may feel trapped in their homes. They do not want to lose their homes to foreclosure, but they may not see another way out. For some, a short sale may be the answer.
While more people in other states are seeing some financial relief and have been able to keep their homes rather than lose them due to insolvency, this is not the case in Illinois. Foreclosure rates here are still relatively high. Those individuals who may lose their homes to the foreclosure process may have options that will help them turn things around.
Many Illinois residents do their best to pay their bills in full and on time. Unfortunately, life happens, sometimes money is tight and something has to give. So, they stop making their mortgage payments for the time being. Those who default on their home loans may find themselves facing foreclosure. What can they do if this happens?
Are you one of the many Illinois residents struggling to keep up with mortgage payments? Is foreclosure possibly in your future? It may not have to be.
Most Illinois residents are likely aware of the new tax law Congress passed in December. Some individuals may like it, while others may not. Some may feel it does nothing to help them, while others may see a lot of positive benefits from it. One area where it may help some is with estate planning and estate taxes.
Many Illinois residents remember the big housing bubble of 2007 that resulted in a great many Americans losing their homes. In order to help people avoid the foreclosure process, lenders changed their habits and only gave loans to those individuals who could really afford them. Well, a decade later, lenders are changing their habits again. Could doing so lead to another foreclosure crisis?
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?