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?
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.