The 5 Top Approaches to Avoid Foreclosure in Chicago!

Behind On My Bank Loan, But I Really Want To Sell My Home. Can You Recommend Any Local Chicago, Illinois Businesses That Can Help Me!

 cash for my house Chicago

Missed several bank loan payments?

Prevent foreclosure on your Chicago house by reading this succinct write-up.

Worst nightmare. We hear stories all the time about the sense of coming tragedy that settles around people when they miss a number of home loan payments in a foreclosure happy city like Chicago that is known to have a tremendously high foreclosure rate.

Seriously… not only do you have to cover this month’s bill, but now you have to find a way to play catch-up and it ain’t like life’s bills just stop coming. If anything… when you are behind it just feels like even more bills come out of the woodwork.

There are a few choices that can help you to avoid foreclosure in Chicago and maybe even keep your house, even if you’re behind in mortgage payments. Lots of houses in Chicago, Illinois have been lost to foreclosure, but there are many ways to avoid it.

1. Throwing in the Towel

Most people see bankruptcy as the absolute last option. However, negotiating with all of your lenders at once will relieve a ton of stress. It will not make your mortgage vanish entirely, but it will put you on a path to eventually walk away. You will not come out unscathed, but you will survive. Different creditors will treat your situation in different ways. You would 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

This can be a good card to play, but it may come with some unseen penalties. If you reaffirm your commitment to make your mortgage loan payments, you have to make your payments. If your Chicago property is auctioned, an affirmation could cause extra responsibilities.

3. MHA Program

If your home 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.

With MHA, your mortgage loan payments and/or interest rates might be lowered even the principal balance (if your property is worth less than you owe). You might be able to get your home loan payments suspended or reduced if you are unemployed.

Be prepared to deal with a lot of paperwork because as I’m sure you are aware MHA is a government program. It’s 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 this very issue. 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.

The most common approach the lenders will take is to have you refinance, but just as an FYI, by the time you are a few payments behind you probably won’t qualify for an interest rate reduction.

Brutal. That’s the best word to describe the typical experience most people have when negotiating with their mortgage lender. You have to have enough patience to watch concrete dry to get through all the bureaucracy. Regardless of how frustrated you become never be rude. Try not to come across as desperate, but try to get as much help from anyone in a position to help as possible. don’t give up. Explain your situation. Offer any supporting documents you have. Most importantly, let the bank know that you are fighting for your property because you plan on living there long term.

If this is, in fact, a short-term situation and don’t want to give up your property, most lenders would be willing to work with you. Sometimes they would be open to adding a number of months of mortgage payments back onto the balance of your loan. In time your loan providers will more than 2x their initial cash outlay, so just talk to them and they will want to make it work with you. Banks aren’t in the habit of taking a loss, so they are incredibly hesitant to foreclose on your home… they’d take a massive loss. They really do not want to do it.

It sounds obvious, but for some reason, bankers apparently forget it when saying no to someone in crisis.

5. Put Home Ownership On Hold & Sell to Chicago Investor

Glymph Properties will help if you are behind on your payments, and need to sell your Chicago, Illinois property. Depending on your situation, if you’d like we may even be able to help you stay in your Chicago, Illinois home.

Glymph Properties work with homeowners in Chicago, Illinois to find solutions to foreclosure problems.

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


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

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or have a look at our website today-!

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