It can happen to the best of us. Whether it’s because of family or marital issues, or a decrease in income, financial issues sprout up, you fall behind on your mortgage payments, and before you know it, you’re facing foreclosure and asking: “How can I sell my house fast Chicago and stop foreclosure?”
It only takes a few missed mortgage payments on your Chicago home to put the home you’ve worked so hard for in danger of repossession. It can often feel as though once you receive a foreclosure notice, it’s impossible to stop it.
But there are tested and proven ways you can stop foreclosure in Chicago and keep your home. Whether you apply for a loan modification or sell your home for cash to a “we buy houses” company or real estate investor, it’s possible to stop foreclosure at the last minute.
Here are three tips on how to avoid repossession at the last minute:
1. Loan Modification
The most crucial step homeowners can take when facing foreclosure is to make sure they maintain communication with their lenders.
In many situations, talking to your lender can lead to some compromise or mutual agreement such as a loan modification.
A loan modification can refer to several changes to your loan. It could be in the form of a loan extension, a decrease in interest payments, or a re-amortization of your remaining balance.
Applying for a loan modification is actually requesting changes in the terms and conditions of the note that legal and agreed upon.
If your modification request is approved, the foreclosure process will stop, and you’ll be able to keep your house and start fresh with a new payment plan.
The other way you can avoid foreclosure is to apply for forbearance. A forbearance is a form of repayment relief that involves the temporary postponement of mortgage payments.
Are you experiencing a short-term financial hardship? If so, applying for a mortgage forbearance may provide you with temporary payment relief when you’re dealing with disability, job loss, a recent disaster, death of a wage earner, divorce, illness, or other unique circumstances.
Note – While a loan modification or applying for a mortgage forbearance can help you stop foreclosure, these options are only suitable for homeowners dealing with short-term financial problems.
Homeowners experiencing severe hardships should consider alternative options such as selling to avoid foreclosure.
3. Sell Your Home As-Is
If you’re behind on your mortgage payments or on the verge of missing payments and are experiencing severe financial hardships, one thing you can do is sell your home as-is to a trusted cash house buyer like I Buy IL.
While you can sell your house through a real estate agent, selling with a realtor works best if you have time to wait, your home doesn’t need any significant upgrades or repairs, and houses are selling quickly in your location.
When selling to I Buy IL, you don’t need to make any repairs, and you can sell your Chicago home for cash (no fixing up the house or waiting for a retail buyer to qualify for a mortgage), and we usually close within seven days.
Selling a house for cash is an ideal solution for homeowners who need to move quickly to stop foreclosure.
Are you ready to “sell my house fast Chicago and stop foreclosure?” We can help. At I Buy IL, we can buy your Chicago home fast for cash and stop foreclosure in its tracks.
We have helped hundreds of homeowners just like you and can solve your foreclosure problem. Call us to get your no-obligation cash offer today.