Foreclosures and Alternatives
In the United States, one out of every 200 homes will at some time be foreclosed upon. The foreclosure rate in Illinois surpasses the national average, and in fact Illinois is one of the top ten states for foreclosures. Homeowners facing foreclosure are under tremendous personal and emotional pressure. For the average person, a home represents years of work and a lifetime of hopes and dreams. Con artists seek out those threatened by foreclosure with a variety of schemes and too-good-to-be-true borrowing plans. Don’t be a victim. If you’re already in financial trouble, don’t take any more chances with your home, your finances, and your future. In the Chicago area, if you’re facing a foreclosure, consult immediately with an established and experienced Chicago foreclosure lawyer.
Two federal programs are available that may provide help to homeowners facing foreclosure; a good Chicago foreclosure lawyer can help you determine if either option is right for you. The Home Affordable Foreclosure Alternatives (HAFA) program helps families transition to affordable housing when they can no longer afford their current mortgage. The program provides two options; the short sale option lets you sell your home for a reduced amount, provided the lender agrees. The Deed-in-Lieu option simply transfers your home’s title directly to your lender. In some circumstances, HAFA provides up to $3,000 toward relocation expenses.
The Home Affordable Modification Program (HAMP) helps homeowners who cannot make their monthly mortgage payments. If the homeowner does not receive unemployment compensation but nevertheless struggles with mortgage payments, HAMP may provide relief by lowering your monthly payment if the lender agrees.
Both federal programs help homeowners to avoid bankruptcy, but in some circumstances, bankruptcy may in fact be a homeowner’s best option. If you are struggling with an impending home foreclosure anywhere in the Chicago area, don’t wait another minute. Consult with an experienced Chicago foreclosure lawyer today.
