Behind On Bank Loan Payments… How Can I Keep My Chicago, Illinois House Fast?

I Live In Chicago, Illinois And Seriously Need Help: I Missed The Last Few Bank Loan Payments On My Property!

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Missed several home loan payments? Prevent foreclosure on your Chicago property by reading this quick post.

Worst nightmare. We hear the ridiculous stories all the time about the sense of forthcoming tragedy that settles around people when they miss a couple of mortgage payments in a city like Chicago that is known to have an incredibly high foreclosure rate.

Bringing your Past-Due mortgage balance current can feel impossible, especially when you do not even know if you are going to be able to make this months mortgage loan payment.

Missed a few property home loan payments on your Chicago property but want to avoid foreclosure…. there are a few things you can do to prevent it. Lots of homes in Chicago, Illinois have been lost to foreclosure, but there are various ways to avoid it.

1. Flying the white flag

This is ordinarily the tool of last resort. If you’re being crushed by a load of debt, bankruptcy can be an excellent way to negotiate with lots of lenders at once. It’s a considerable amount of work, and it won’t help you avoid your house loan. Your mortgage lender may handle the process completely different than someone else’s creditor. So there’s no way we could provide anyone with the exact steps. You would benefit from serious professional help, the best you can afford.

2. Reaffirm

Doing so can buy you more time, but may come with more fines. Basically, reaffirming the loan is an additional commitment to pay. In some states where it is allowed, an affirmation can create additional liabilities if your property is auctioned.

3. Making Home Affordable (MHA)

You might be able to participate in the MHA program if your mortgage loan qualifies. If you have a loan backed by Freddie Mac or Fannie Mae then you have to be considered for the MHA. However, if you have another lender then it is up to their discretion whether or not they participate in the MHA program..

If your home is underwater, and you are accepted into the MHA program then your principal balance can be lowered as well as your interest rate. You might be able to get your payments suspended or reduced if you are unemployed.

Like with anything having to deal with the government MHA is a government program so there’s a ton of paperwork. This “free” money isn’t completely free… you’ll have to pay for it with your time and energy.

4. Hammer out a deal

Lots of lenders routinely offer some level of assistance. It’s possible. Get your interest rate lowered. Temporarily reduce or stop your mortgage loan payments. It’s in the realm of possibilities if you work hard and negotiate with your lender.

If there is even the slightest chance that lenders can make money from your situation they may steer you towards refinancing. If you can afford it, and all you are looking for is a temporary break from mortgage loan payments then this could work. But… just be aware that ordinarily by the time that you’re several payments behind you won’t qualify for a lower interest rate which is where the long term home loan savings are.

Negotiating with the bank is like running a marathon, after a marathon, after an iron man. You have to have enough patience to watch concrete dry to get through all the bureaucracy. Don’t sabotage yourself by being rude or obnoxious. Try not to come across as needy, but try to get as much help from anyone in a position to help as possible. Reassure the bank that you want to live in your property long term and explain your situation and provide supporting documentation.

If you really want to stay in your home and make amends with the bank, just make them aware of the situation. Your lender is exceptionally flexible as long as you’re willing to play ball with them. If you only missed a handful of payments, and want to keep your home, then sometimes the mortgage provider will just add the missed mortgage payments back onto your loan. Over time your loan providers will more than double their investment, so just ask and they will want to work it out with you. If they have to sell your home at a foreclosure auction, they will take an enormous loss.

If a lender can say no to someone like you who needs their help, then obviously they have forgotten how their business turns a profit and just need a little help remembering.

5. Sell to an investor

If you are behind in your home loan payments and really need to sell fast, Glymph Properties will buy it. Depending on your circumstances, if you would like we may even be able to help you stay in your Chicago, Illinois home.

We work with Illinois homeowners to find solutions to foreclosure problems.

Give Glymph Properties a call and we will see what we can do for you!


If you must sell a home near Chicago, we can help you. We buy homes in Illinois like yours fast.

Give us a call anytime 888-509-6267 Ext 4 or stop by our site today-!

Our company is very happy to help you find answers to your hardest questions about selling a house extremely fast in Chicago, Illinois, so please feel free to call us at 888-509-6267 Ext 4 and chat with us 24/7/365.

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Looking for help to find other extremely high ROI investment properties… head over to our investor website or give us a ring anytime at 888-509-6267 Ext 3 Chicago

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