Foreclosure can be a painful experience, but there are ways to avoid it. Know your options and take steps to understand what you can do.
How to Avoid Foreclosure
Before you consider giving up your foreclosed property over to the bank, try to exhaust all possible remedies first. You still have options that can help you retain your property. Thera are multiple options to prevent foreclosure. Contact us to discuss our foreclosure services.
Don’t Lose Hope!
The worst thing that can ever happen to a home owner is to receive a foreclosure notice. This can send a lot of people into panic mode as they don’t know what to do to avoid something like this. Not to worry though, at Legacy Property Solutions we are here to give you the ins and outs of foreclosure and to give you the knowledge of your rights as a homeowner. We can work with you by helping you through this process.
The most important thing you need to keep in mind is that to never give up your property to foreclosure without giving everything you’ve got. You have to make sure that all options on the table have been utilized so as to help you in retaining your home. Here are a few tips on how you can avoid foreclosure:
Never Ignore the Problem
In a lot of cases, once you have received a foreclosure notice, it is a good idea to start by getting in touch with your bank or lender. This way you can talk to them about any way of retaining your property. Ignoring a foreclosure notice will only result in it getting more difficult for you to reinstate your loan.
By getting in touch with your lender as soon as possible, chances are they might let you off with an extension, but this will require a signature of commitment from your side. Make sure that you say your case properly as a lot of lenders are open to refinancing your property mortgage. This can even help you in a revision of your loan terms.
If you choose to ignore the notices then you will soon start receiving notices about legal action. This is something you don’t want as it can lead your case to be presented in the foreclosure court.
Know Your Rights
Never forget this, you have rights! Get in touch with the State Government Housing Office and find out about your state’s foreclosure laws. Every state has different laws and in this case you will be required to know the laws of Illinois. Foreclosure prevention information can also be looked at https://www.hud.gov/program_offices/housing .
Prioritize Your Finances
Apart from healthcare, the most important priority for you is to keep your home. This will require some tough decisions on your part and your family. You will have to calculate your spending and point out areas where you can save so you can make your mortgage payments. If you have anything that is a luxury item such as jewelry, a second or even a third car, it will be better if you are to sell these so you can reinstate your loan or make your mortgage payments.
It is better to work extra hours or have another side job for some time to earn extra money rather than losing your home. This also proves to the lender that you are committed to make the tough choices to prevent your home from foreclosure.
Don’t Get Scammed
When seeking professional help, make sure that you are getting in touch with a reputable company. This is where you will also need to be careful because there are a lot of scammers out there who can trick you into signing a document and you will end up losing your house.
Scammers mostly come with solutions that are too good to be true. For example, they will promise you that they can bring your foreclosure problems to a close right away if you would only sign certain papers. NEVER sign anything without properly reading it or having it checked by a trusted attorney or a real estate professional.
Get Help from a Professional
The best way to go, and we recommend this highly, is to seek professional help from those who know how the system works. At Legacy Property Solutions, we have been offering our services in the Chicagoland area for several years. We present you with various ways to prevent foreclosure and our experience ensures that we are able to help you out through the toughest of situations.
You don’t have to lose your home! If you are facing such a situation of foreclosure then get in touch with us ASAP! We offer a free consultation as it is the best way to let us know about your foreclosure problems.