Read if you need to avoid foreclosure in Chicago, Illinois

Behind On My house loan, But I Really Want To Sell My House. Can You Recommend Any Local Chicago Investors That Can Help Me!

 cash for houses Chicago , Illinois

Missed several house loan payments?

Late on your mortgage…Check out this blog for a couple of helpful hints on what you can do to prevent and avoid foreclosure.

Sinking. Despairing. Overloaded. Done. Depressing. That’s how anybody would feel if you need to miss a few home payments in a city like Chicago.

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

If you are in Chicago and behind on a few payments, there are a few things you can do to avoid foreclosure. So many Chicago, Illinois homes have been lost via foreclosure, but there are ways to avoid it.

1. Chapter 11

No one really wants to file for bankruptcy. Debts piling up. You feel like you are being crushed. Bankruptcy will allow you to lift that burden all at once versus having to negotiate with each lender individually. It’s a ton of work, and it won’t help you avoid your bank loan. Your mortgage creditor may handle the process completely different than someone else’s creditor. So there’s no way we could provide anyone with the exact process. You’d benefit from serious professional help, the best you can afford.

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

Doing so can buy you more time, but may come with more fines. If you reaffirm your commitment to make your mortgage payments, you have to make your payments. If your Chicago property is auctioned off, an affirmation could cause extra responsibilities.

3. MHA Program

If your bank loan qualifies, you might be able to participate in MHA. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders can choose to participate in MHA or not.

The principal balance on your mortgage and even your interest rates may be lowered if you are eligible for the MHA program. You might be able to get your mortgage loan 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. It is free money, but you’ll have to jump through some hoops to get it.

4. Negotiate

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 home loan payment.

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’re looking for is a temporary break from bank loan payments then this could work. But… just be aware that ordinarily by the time that you are 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. Endurance. Tenacity. Resolve. You have to have them all in order to get through all the red tape. No matter what happens, don’t be rude. Try not to come across as entitled, 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 home long term and explain the situation and provide supporting documentation.

Let me let you in on a little secret. Mortgage lenders are not in the real estate business they are in the mortgage origination business. They do not want to become landlords. They want you to keep your house, so you can continue paying them. Sometimes they would be open to adding a handful of months of home loan payments back onto the balance of your loan. In time your loan providers will more than double their initial outlay, so just ask and they’ll want to make it work with you. Choosing to take an incredible loss is not on the agenda for the lenders. They don’t want to foreclose on you because they know that if they put in the effort to come to terms with you they’ll make a substantial profit in the end.

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

5. Sell to a local Chicago investor

If you’re behind in your mortgage payments and want to sell fast, Glymph Properties can help. Depending on your situation, if you would like we may even be able to help you stay in your Chicago, Illinois property.

Glymph Properties work with Illinois property owners to find solutions to property foreclosure problems.

Don’t fret. Give us a call. We’ll let you know if we can help or not.


If you must get rid of a property near Chicago, we can help you. We buy homes in Chicago like yours quickly.

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or fill out the form here so we can buy your Chicago, Illinois property for cash-!

Our company is delighted to help you get answers to your most difficult questions regarding Chicago, Illinois real-estate, so please feel free to contact us at 888-509-6267 Ext 4 and chat with us at any time.

Fill out this form or give Glymph Properties a call anytime at 888-509-6267 Ext 4 for a Fast, Fair Cash Offer -See how it works

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Looking for help to find more high ROI investment properties or land… stop by our investor website or give us a call anytime at 888-509-6267 Ext 3 Chicago

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Are you looking for a rent to own Property… go to our rent-to-own website or give Glymph Properties a ring anytime at 888-509-6267 Ext 5

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