Chances are, your Illinois home is one of your most valuable assets, and you may find yourself feeling uneasy and stressed out if anything threatens your ability to hang on to it. At Essig Law Office, we understand that you may be experiencing sleepless nights if you fear foreclosure is in your future, and we have assisted many people facing similar circumstances in figuring out alternative solutions that meet their needs.
Per Realtor.com, struggling to keep up with your mortgage payments can put you in a difficult place, but you may be able to take advantage of certain foreclosure alternatives that may ultimately leave you in a better financial position. Additionally, while struggling to pay your mortgage may make you want to run and hide, tackling the problem head-on may increase your chances of finding a favorable solution.
So, what might you want to do when you fear foreclosure is in your future? First, do not hesitate to contact your lender. Letting your lender know you are aware of the problem and trying to fix it can benefit you in the long run. Once you do so, your lender may suggest that you sell the home or, depending on its value, list it as a short sale. To list it as a short sale, though, you will typically need to demonstrate that you have experienced some sort of financial hardship, such as a job loss or the death of your spouse.
Another possible option, depending on the circumstances you face, involves trying to obtain a deed in lieu of foreclosure agreement. Such an agreement typically involves you and your lender agreeing that you will surrender the property and that the lender, in turn, will release you from any liability relating to the mortgage. You can find out more about real estate and real estate law on our webpage.