Foreclosure can be a terrible process that leaves your finances in shambles and your dream of home ownership ruined. Don’t let foreclosure happen to you – learn how to stop foreclosure on your North Shore home.
If you’re facing issues out of your control that are causing you to miss your mortgage payments, you may find yourself facing a foreclosure. Save your North Shore home by trying one of these ways to stop foreclosure:
1. Don’t ignore the situation. Refusing to deal with your problem will just make it worse. Oftentimes, you can work with your lender to find an alternate solution to stop foreclosure before it happens. In Chicago land area, you have 60 days to work with your lender before your home will face foreclosure.
2. Pay the back balance. If you missed your mortgage payments due to extenuating circumstances but now have the money to make up the difference, pay it immediately. You can stop foreclosure on your North Shore home at any point up to the actual sale by paying off the balance. In Chicago land area, you typically have 60 days after the foreclosure notice is filed, plus 3 – 4 months during the foreclosure proceedings to pay it off.
3. Sell the property. If you can sell the property to pay off the balance of the mortgage, you may be able to stop foreclosure. However, you’ll need to work quickly to find a buyer, and you’ll need to sell the home for enough to cover the costs of your mortgage. This can be an option for homes in up-and-coming areas in Chicago, but may not work for others.
4. Short sale. When you owe more than your home is worth, you can perform a short sale to stop foreclosure. Your lender must be willing to work with you on a short sale. You’ll turn over the money from the sale to your lender, who in turn forgives your debt. Lenders are typically willing to take less money for the property because short sales usually cost less overall than the foreclosure process.
When you’re looking at foreclosure on your North Shore home, remember that there are options for you. Make sure you work with your lender each step of the way to ensure the best outcome. Foreclosure can mean ruined lives and financial despair – so work to stop foreclosure on yourNorth Shore home today.