Don’t Fear Foreclosure – You Still Have Options
If you’re in pre-foreclosure, there’s still time to address the situation. Even if you’re behind on payments, there are multiple solutions that you can entertain if you act diligently.
Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time. If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.
What is Pre-Foreclosure?
Pre-foreclosure is the period after missing mortgage payments but before the bank takes your home. You can still entertain multiple options during this time to avoid foreclosure and protect your credit.
One of the most popular options is selling your home. During pre-foreclosure; selling lets you stop the process, pay off your debt, and start fresh. Many Chicagoland homeowners have successfully done this with our help.
How Can We Help During Pre-Foreclosure?
We offer free advice and resources to help you make an informed decision—no pressure, no obligation, and no hidden catches.
Options Include:
- Reinstate your Loan (pay the past-due balance and late fees)
- Pay what you owe (sell home subject-to-financing).
- Refinance (interest rates expected to be much higher).
- Sell with an Agent (higher costs, commissions, and uncertainty with timing).
- Sell Quickly for Cash (with no repairs needed).
- Bankruptcy (consult with your attorney if this is right for you).
Reasons to Sell During Pre-Foreclosure:
- Escape Debt: Walk away debt-free with potentially cash in your pocket.
- Protect Your Credit: Avoid foreclosure’s impact on your score.
- Avoid Eviction: Sell on your time without being unexpectedly kicked out of your home
