| Keep your Chicago Home!! Avoid Foreclosure and know your options |
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Ad Information |
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| Classified Id |
DTGSEBFT |
| Asking Price |
$ 1.00 USD per item or Make offer |
| Quantity |
1 item (new condition) |
| Tax |
Taxes are not applicable |
| Shipping & Handling |
| Seller will ship to the United States Only | |
| Shipping cost is not applicable |
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| Payment Terms |
| Payment in advance only |
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| Seller accepts: |
 Cash |
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| Renewed Date | 11-Sep-2009 05:30:28 PM EST |
| Expiration Date |
10-Nov-2009 05:30:28 PM EST |
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Classified Details |
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Many People make this smae mistake when they get behind in payments. The First thing they do is go through a denial process, then they talk to family, who as a matter of a fact have no experience with real estate. Then at the last minute just before the property is supposed to be auctioned off they do what? They begin to talk to agents and try listing the property and they still end up going to foreclosure.
This makes no sense! Because there are so many options available for you, just name a few:
1) Shortsale: this is when you make the bank an offer for below the mortgage balance, for example, you owe the bank $218,000, but the market has went down and you get behind in payments because of a cut in hours, so you make the bank an offer of $180,000 because this is what an investor will pay for the property in todays market. The bank accepts and you close with your investor. Thereby avoiding foreclosure and getting a fresh start. Now this has it's disadvantages because you will have to find a new place to move. But that is better than foreclosure, and life does go on.
2) Deed in leiu: This is when you simply turn over the property to the bank, and walk away. This may be a viable option for someone who has some equity in their property usually 10-20%.
3) Loan modification: This is when you re-negotiate better terms on your mortgage. For example in 2004 you took out a loan for $375,000, and now the property is worth only $300,000, you are now paying an interest rate of 10%, instead of the 2.5 percent you were paying from 2004-2007. So instead of just walking away because you cant afford the loan you negotiate with your bank and get them to lower you interest rate back down to lets say 3%. This will enable you to keep the home and ride out the market.
There is always a way of doing things, it is your job to take action and try something and not wait until it is too late.
Feel free to contact us at 773-457-3857 with any questions about the foreclosure process or selling a property.
THANKS |
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