Foreclosures Are Increasing But Loan Modification May Help You
During the current economic downturn Chicago has seen its foreclosure rates increase.
In 2010 foreclosure rates could increase as much as 15% over 2009.
With foreclosure becoming more common it is easy to assume that it is your best option.
However in many cases there could be an alternative solution that allows you to keep your home.
The severity of your situation will depend a lot on the original loan documents that you signed.
These lender agreement documents explain the details of your ownership.
Part of those details will be the number of missed payments allowed before your loan is in default.
Once you have defaulted your mortgage company will begin the process of foreclosing.
This means that they will put your property up for sale with the intention of using the money garnered from the sale to pay off the debt you owe to them.
If you are in danger of foreclosing on your home you will want to hire a foreclosure attorney to help you navigate all possible solutions before accepting foreclosure.
The government is currently trying to help homeowners with by providing solutions to save your home.
President Obama's stimulus package is an example of this.
Educating yourself of these opportunities can provide a solution to foreclosure.
Another option that your attorney may explore with you is modification of your loan.
Your attorney would reach out to your mortgage company and discuss the possibility of adjusting your rate or your loan so that the monthly payments become more reasonable.
This has the potential to be a great solution in the event that you have a dependable job that provides an income you can count on, you have good credit and you have a history on timely payments.
Your lender never wants to see you foreclose, as they will ultimately lose more money that way.
If they feel it's not too much of a risk they are likely to be flexible.
In the event that none of the solutions can work for you and foreclosure really is your only option you will want a skilled foreclosure attorney on your side.
They can educate you on your rights as well as the law.
In 2010 foreclosure rates could increase as much as 15% over 2009.
With foreclosure becoming more common it is easy to assume that it is your best option.
However in many cases there could be an alternative solution that allows you to keep your home.
The severity of your situation will depend a lot on the original loan documents that you signed.
These lender agreement documents explain the details of your ownership.
Part of those details will be the number of missed payments allowed before your loan is in default.
Once you have defaulted your mortgage company will begin the process of foreclosing.
This means that they will put your property up for sale with the intention of using the money garnered from the sale to pay off the debt you owe to them.
If you are in danger of foreclosing on your home you will want to hire a foreclosure attorney to help you navigate all possible solutions before accepting foreclosure.
The government is currently trying to help homeowners with by providing solutions to save your home.
President Obama's stimulus package is an example of this.
Educating yourself of these opportunities can provide a solution to foreclosure.
Another option that your attorney may explore with you is modification of your loan.
Your attorney would reach out to your mortgage company and discuss the possibility of adjusting your rate or your loan so that the monthly payments become more reasonable.
This has the potential to be a great solution in the event that you have a dependable job that provides an income you can count on, you have good credit and you have a history on timely payments.
Your lender never wants to see you foreclose, as they will ultimately lose more money that way.
If they feel it's not too much of a risk they are likely to be flexible.
In the event that none of the solutions can work for you and foreclosure really is your only option you will want a skilled foreclosure attorney on your side.
They can educate you on your rights as well as the law.
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