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Foreclosure-No Cost Help

Here are some facts on Foreclosures to help you decide what is best in your situation.

-- FACE the TRUTH --

When you fall more than 3-4 months behind on your mortgage, it can be almost impossible to catch up. At this point an important decision is to be made: You can leave on your terms or be forced out by eviction.

A foreclosure or bankruptcy can do a lot of damage to your credit and this will haunt you for years to come!


The foreclosure timeline in Illinois is about a year. People are moving out of their homes after only a few months anticipating an eviction. There is still time to work this out. In Illinois currently, the foreclosure date could be 10 months or more from now. And even after the additional 7 day grace period, there is still another 30 days before you can be evicted! Selling your home could be a very strong option.

-- CREDIT --

Foreclosure, or bankruptcy can have devastating effects on your credit that can last 5-7, even as much as 10 years! There are ways to avoid this. Even if you have no equity in your house, many times the banks will settle with you in order to avoid foreclosure. If you have equity, you may be able to sell your house, pay off the mortgage and put money in your pocket.


If you choice to walk away from your home, your dept will still be there. The bank will sell your home and probably get pennies on the dollar. Then the bank will come after you for the remaining of your dept. They will get a judgment against you and they will be able to garnish your wages.


Even if your house is in great condition and it is priced below market value, in today's market, it still takes time. Some sales may take as long as 6 months or more. It is critical to act quickly to allow time for a sale.

The first step is to talk to an attorney to learn your options. Please feel free to call me and I will be happy to forward an attorney's information to you.

If you are someone you know are struggling to make payments, call me immediately. Listing your home and selling it quickly to get out of the situation is the smart thing to do. Finding a smaller home with a smaller mortgage can help you get on your feet again!


It is in the best interest for Banks to find a settlement. It is very expensive and time consuming for a bank to deal with a foreclosure. There are certified no cost credit counselors that are funded from grants. These counselors can work out a deal between you and your bank This might include lengthening your loan and/or lowering your interest amount. Make sure that you do not wait too long to contact this agency if facing a foreclosure. It can take two months for this procedure. If you are looking for help, you can go to this agency's website at nfcc.org.