Facing foreclosure can be one of the most challenging times of your life. Depending on your situation with your bank if you do not take action you may loose your home This article is going to go into detail of the foreclosures effects in Chicago Illinois and what you need to know.
Potential Outcome of Foreclosures in Chicago Illinois
- Bank takes ownership – The end result of a foreclosure in IL if no action is taken is of course the loss of the home to the bank. You could loose both your home and any equity you may have had
- Lower Credit Score– No doubt about it your credit will take a hit if you have a foreclosure on your report. In addition this will make it extremely difficult to obtain a loan for another home in the near future.
- Stress – Being that this is probably one of the more stressful times in your life you body can begin to feel the effects of the stress. Eating less or overeating, sleeplessness, irritability. It is important to take care of your health throughout this process.
What To Do When Facing Foreclosure in Chicago
For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the process.
- Call your bank and work with them: Some banks will make an effort to help come up with a plan for you to stay in your home if possible. Ask what programs are available for people in your specific situation. Sometimes banks will let you modify your loan to make payments more reasonable. Banks are not in the business of owning homes and they do not want properties on their books.
- Talk with a local real estate expert, like A Team Real Estate Solutions, LLC: We know the local Chicago real estate market well and are very knowledgeable in the foreclosure process here in IL. Give us a call at (708)608-0420 and we can guide you toward the resources that can possibly help you. We can discuss a plan to list your property on the MLS if you qualify. For more information on how to sell your home to a real estate investor check out this article.
- Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Chicago houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house. Just call us at (708)608-0420 or send us your details through this website.
Facing foreclosure is difficult but this guide should get you started on a solution. Its also usually a good idea to contact a lawyer who specializes in stopping foreclosures. If we here at A Team Real Estate Solutions, LLC can be of any assistance to you in regards to selling your home please contact us at (708)608-0420 Best.