Plainfield, Naperville Illinois Real Estate - If you’re facing Foreclosure

1. 1. Do not pay doctor bills or credit card debt ahead of the mortgage. Keep mortgage payments current as possible.
2. 2. Negotiate with your lender to restructure your mortgage. If the loan is guaranteed by a federal or state agency, the lender may be required to grant assistance, or provide other options, to avoid foreclosure.
3. 3. Sell the house before it goes into foreclosure. If your mortgage is higher than the home’s market value, you may be able to persuade the lender to allow you to sell it for less and forgive the rest of the debt. (this is called a short sale)

If you’re about to lose your home, filing for bankruptcy can stop the foreclosure process and allow you more time to try to work out a plan to keep the home. Get legal advise from an attorney specializing in bankruptcy. For more information on foreclosures feel free to give me a call.

About the author:

Cheryl Bowers is a Naperville, Plainfield Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Naperville IL., Plainfield IL., or any place in the country. Cheryl has created a team of professionals throughout the Plainfield, Naperville IL. area and the country to ensure that you enjoy a smooth transition to your new area. Please visit www.CherylBowers.com for your real estate needs. Please give me a call if you have questions about the Naperville, Plainfield IL. Area real estate market.

Cheryl Bowers, REALTOR® 630-712-1921

(Copyright © 2008 By Cheryl Bowers, All Rights Reserved.)