Are you currently dealing with the challenge of foreclosure for your Chicagoland home? If you find yourself caught up in the Illinois foreclosure process and are eager to relieve the burden of your property, you might be wondering if it’s possible to sell your house before the foreclosure process concludes. The answer is yes, and while the process may seem a bit intricate, taking action sooner rather than later is typically in your best interest.
Can I Sell My House in Foreclosure in Chicagoland? – How it works
In recent years, many homeowners in Chicagoland have faced foreclosure, especially with shifts in the economy influencing how banks handle such situations. It’s crucial to understand that the bank holding your mortgage doesn’t want to see your home abandoned or auctioned off. In fact, the bank stands to gain the most by assisting you in avoiding foreclosure through the sale of your property.
Navigating the foreclosure process with banks can be a significant challenge. Throughout our extensive experience in working with banks to prevent foreclosures, we’ve acquired valuable insights and strategies to make the process smoother for you. Initiating the sale of your property sooner rather than later can be a key factor in securing the best outcome.
Working With Banks During The Foreclosure Process
- Try to over-communicate with the bank. Call with your updates and display to them how your taking action and what you’re doing to get your property sold and pay off the loan. Weekly or biweekly calls are best to keep them constantly informed without being annoying.
- Do not miss deadlines, especially ones you’ve agreed to. If anything is going to be late, call the bank with advance notice and clear reasoning. Also, if you’ve agreed to a deadline over a call, do everything possible to hit that date.
- Remember that bankers are people too (yes, really). You don’t want to be overly dramatic, but explaining your background situation and displaying your desire to remedy the problems to make it right can go a long way. The bank doesn’t want to foreclose. It costs them money and the house sells for less. They want a homeowner to work with them and pay back the loan as agreed.
- Keep detailed records of every conversation that you have with the bank. Logging dates, names, and discussion points goes a long way. Nothing counts unless it is in writing. The bank should have calls recorded as well, but it’s a process for them to have to pull up prior calls. Better that their case notes and yours match up.
- Explore all your options to avoid foreclosure, including short sale, loan modifications, and bankruptcy. Depending on the details of your situation, you may find out you’re able to slow down the foreclosure process with enough effort put forth. Each bank has its own policies to help homeowners try to avoid foreclosure. Ask about all your options and don’t assume you are stuck.
- Do not wait. Unfortunately, time is never on your side. Years ago in the 2008 financial crisis, the spike in past due mortgages had banks on their heels. The process could take 12-18 months before you really were facing losing your house. Those times are gone. Banks are better prepared, they have policies in place, and they’re able to handle the volumes now. The further behind you become on payments, the fewer options are available to you. If you act fast, within the 90 days when you’re falling behind and you know you’ll have to move and can’t dig out, this is the time to call a direct homebuyer and still be able to cash out equity before the bank takes it from you.
If you’re looking to sell your Chicagoland house in foreclosure fast, call JCH Properties now.
We specialize in helping homeowners in tough situations including foreclosure around Chicagoland and the whole state of Illinois get out of difficult situations, avoid foreclosure, and keep some equity. In some cases, we can negotiate directly with the bank to reduce the amount you owe and often help you walk away from your property with cash so long as you’ve had equity and owned the property for several years.
If you need to sell a property near Chicagoland, we can help you.
We buy properties like yours from people who need to sell fast.
Give us a call at the office at 815.267.6563 anytime or if you prefer, text with us at 815.302.0970