There are alternatives to forclosure!

By
Services for Real Estate Pros with Laura Moore Godek, PC

THERE ARE ALTERNATIVES TO FORCLOSURE!

If you are behind on your monthly payments, then you should consider the alternatives to foreclosure. Foreclosure results in adverse credit and other financial difficulties. It becomes more difficult to obtain credit or another mortgage if you have a foreclosure history.

Forclosure results when you are unable to pay your mortgage(s) according to the terms set by the mortgage company. Foreclosure is the legal process your mortgage company uses to take possession of your home. At the end of the legal process, you must move out of your home or be evicted. In Illinois, the house is sold at a sheriff's auction approximately three months after the Judgement of Foreclosure is entered. If the property sells for less than the amount owed on the mortgage, the mortgage company may decide to obtain a deficiency judgment against you for the difference. If that happens, you not only lose your home, but you also owe the mortgage company the balance of the deficiency judgment. Foreclosures and deficiency judgments seriously affect your ability to qualify for credit in the future.

 

 

Be sure to check out my next few blogs for more information!

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