Pay attention if you hope to prevent foreclosure in Chicago

Behind On My home loan, But I Really Want To Sell My Home. Are There Any Local Chicago Investors That Can Help Me!

 Sell my home fast 60626


Besides making the most recent payment, then you have to worry about playing catch-up on the bank loan payments you’ve missed and the fees… It can be discouraging.

Missed a few home mortgage loan payments on your Chicago property but want to avoid foreclosure…. there are a few things you can do to prevent it. So many Chicago homes have been lost via foreclosure, but there are numerous ways to avoid it.

1. Signaling with the white flag

This is usually the tool of last resort. Bills piling up. You feel like you’re being crushed. Bankruptcy will allow you to lift that burden all at once versus having to negotiate with each lender individually. It can be a complicated process. It will put all your creditors on notice and help you to negotiate a settlement. Your mortgage could be one of those. With that being said… it will leave a permanent mark on your credit history. Every creditor has its own process that it follows for bankruptcies. Get the best professional help you can afford if you are filing bankruptcy.

2. Talk to your lenders – let them know you will definitely continue paying your loan as soon as possible

This can be a good card to play, but it may come with some unseen penalties. Basically, reaffirming the loan is an additional commitment to pay. If your Chicago property is auctioned off, an affirmation could cause extra responsibilities.

3. MHA Program

You might be able to participate in the MHA program if your bank 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’s up to their discretion whether or not they participate in the MHA program.

The principal balance on your mortgage and even your interest rates may be lowered if you are eligible for the MHA program. If you are unemployed, you might be able to get your mortgage payments temporarily suspended or reduced.

Like with anything having to deal with the government MHA is a government program so there’s a ton of paperwork. It is free money, but you will have to jump through some hoops to get it.

4. Hammer out a deal

Call your lender. You’ll learn that nearly all of them have some sort of assistance for situations just like this. You have to work hard at it, but you might be able to get your interest rate reduced or a temporary reduction in your mortgage payment.

If there is even the slightest chance that lenders can make money from your situation they are going to steer you towards refinancing. If you can afford it, and all you’re looking for is a temporary break from house 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.

You have to work diligently to negotiate with a bank. Patience. Tenacity. Resolve. You have to have them all in order to get through all the red tape. Do not sink your own ship by being rude. Ask for help from everyone you speak with, but don’t sound entitled. Explain the situation, offer supporting documents, and reassure the bank that you want to live in your home for the long term.

If you seriously want to stay in your Chicago house and make amends with the bank, just inform them of the situation. Your loan company is exceedingly understanding as long as you’re willing to play ball with them. Making themselves whole. Essentially if you have only missed one or two payments, sometimes your loan provider will just add your missed payments back onto your balance. It is all about the dollars and cents with your mortgage provider. Ask them for their help so that you can send them what you owe. They won’t need to be reminded that they’ll end up doubling the money they lent you.. If they need to sell your house at an auction, they will end up taking a huge loss.

If a banker can say no to someone like you who needs their help, then realistically they’ve forgotten how their business turns a profit and just need a little help remembering.

5. Throw in the towel & Sell to an investor that works in Chicago 

Glymph Properties can help if you’re behind on your payments and need to sell your Chicago house. In particular situations, we may even be able to help you stay in your house.

We work with homeowners in Chicago to find solutions to prevent foreclosure.

Do not be concerned. Give us a call. We will let you know if we can help or not.


If you have to get rid of a home near Chicago, Illinois, we should be able to help you. We buy Illinois homes like yours extremely fast.

Give us a call anytime 888-509-6267 Ext 4 or fill out the form here now-!

We’re delighted to help you discover answers to your hardest questions regarding selling a house very fast in Chicago, so please contact us at 888-509-6267 Ext 4 and chat with us 24/7/365.

Fill out this form or give Glymph Properties a call anytime at 888-509-6267 Ext 4 for a Fast, Reasonable Cash Offer

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Do you need to find more extremely high ROI investment properties… check-out our investor website or give us a ring anytime at 888-509-6267 Ext 3

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