The last domino is falling and I’m about to lose my Chicago property. I am really behind on my bank loan payments, what can I do to save it?

I Own A House In Chicago, Illinois And Owe On My Home Loan, But I Want To Get Rid Of It!

 stop foreclosure in 60626

Just Sold My House in Chicago, Illinois.

Behind on home loan? Contrary to popular belief… you can avoid foreclosure in Chicago, Illinois even with a lot of missed home payments.

Missed several home loan payments on my property in Chicago. ” Honestly… it feels like the jackals are circling.”

Not just making the most recent payment, then you have to worry about playing catch-up on the house loan payments you’ve missed and the fees… It can be overwhelming.

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

1. Chapter 11

Everyone is concerned about bankruptcy- it could be a very difficult process. If you’re being crushed by a load of debt, bankruptcy can be a good way to negotiate with lots of creditors at once. It is a complicated process. It will put all your lenders on notice and help you to negotiate a settlement. Your bank loan could be one of those. With that being said… it will leave an everlasting 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

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

3. Making Home Affordable (MHA

If your mortgage 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. Suspended. Reduced. If you are unemployed this is definitely possible.

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

4. Negotiate

Call your lender. You’ll learn that nearly all of them have some sort of assistance for situations just like this. 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 are going to steer you towards refinancing. If you can afford it, and all you are looking for is a brief reprieve from house 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 bank loan savings are.

Brutal. That’s the best word to describe the typical experience most people have when negotiating with their bank. Usually, it takes lots of calls and the patience to watch paint dry to get through the bureaucracy. Don’t sabotage yourself by being rude or obnoxious. Try not to come across as frantic, but try to get as much help from anyone in a position to help as possible. do not 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 there’s no way “on heaven or earth” you could be persuaded to leave your home, then take solace in the fact that most banks can be flexible. If you only missed a number of payments, and want to keep your property, then sometimes the mortgage company will just add the missed bank loan payments back onto your loan.. Your entire mortgage loan balance is almost nothing to them. Not even a grain of sand in the Sahara. Point out that you need a little patience, and that at the end they’ll end up getting a lot more money in the end. Taking a substantial loss is not on the agenda for the lenders. They don’t want to put your house into foreclosure because they know that if they put in the effort to come to terms with you they will earn a massive profit in the end.

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

5. Contact a local Chicago, Illinois investor

Glymph Properties will buy your Illinois property if you’re behind on your payments and need to sell your Chicago, Illinois property. In certain circumstances, we may even be able to help you stay in your home.

Glymph Properties work with house owners in Chicago, Illinois to find solutions to prevent foreclosure.

Do not worry too much. Give us a call. We’ll let you know if we can help or not.


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

Give Glymph Properties a call anytime 888-509-6267 Ext 4 or fill out the form here today-!

We’re glad to help you find answers to your toughest questions regarding Chicago real estate, so please feel free to contact us at 888-509-6267 Ext 4 and chat with us anytime.

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

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