Facing Home Foreclosure? Here’s What You Should Know

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Within the last decade, millions of homeowners have faced foreclosure. While it’s true that foreclosure rates have decreased, there are people who are grappling with the fact that they may lose their homes.

If you’ve fallen behind on your mortgage payments, it can be scary. Not only are you receiving threatening calls from your mortgage company, it’s likely that you’re late paying others bills. Here’s what you should know.

The home foreclosure process takes time.
In Chicago, it can take up to two years before the foreclosure process ends. While this might seem deterring, this is good news because it gives you time to take action.

The first thing to remember is not to get stuck in panic mode. Fear of losing your home can prevent you from taking steps to save your home. It’s okay to be afraid, but move forward despite the fear.

Sell your home.
Home buying companies specialize in buying homes to help people avoid foreclosure in Chicago. When you partner with a company like this, you’ll have crews at your disposal that can remodel and clean your home before you move. The best part about selling your home is it won’t ruin your credit rating.

Know your options.
In many instances, mortgage companies will make every effort to help you keep your home. Contact your mortgage company to determine your options. You may qualify for home mortgage assistance or a short sale. As difficult as it may be to face your situation, stay in contact with your home mortgage company.

Home foreclosure is challenging. There are solutions out there to help you avoid foreclosure in Chicago. A home buyer will be able to provide you with more information about the buying process and may be able to buy your home and pay the closing costs.

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