Stopping the Foreclosure in Illinois — What Works
Respected attorneys help you with the process
If you're struggling under the weight of your debts, the last thing you need is the looming threat of a foreclosure. At DebtStoppers, our attorneys have helped hundreds of clients keep their homes by avoiding foreclosure.
Choice #1: Negotiate a loan modification with your lender (Good Luck!)
Loan modification and its rarity have become the hottest housing topic since home values began their freefall in 2007. Economists quickly realized that once prices began to fall, millions of homeowners would be “upside-down” on their mortgages — meaning they’d owe more than their homes were worth. The only way widespread economic fallout from the housing crash could be minimized would be to modify millions of mortgages to make them more affordable.
With this goal in mind, Washington allocated $75 billion to fund an incentive program to encourage lenders to modify five million mortgages. (This allocation was in addition to the hundreds of billions of taxpayer dollars spent to bail out the largest mortgage lenders.) Under this program, lenders would receive $1,000 for each loan modification and an additional $1,000 for each of the first three years of the modified loan's term.
So what happened? Very little. In the first six months of the program, banks offered modifications to barely 200,000 of the seven million homeowners at risk. Virtually none of those offers modified mortgage principal, the most important factor in mortgage affordability.
For effective assistance in stopping foreclosure in Illinois, contact DebtStoppers today!
Have you been unable to get your lender to modify your mortgage? Call us at 312-913-0630 or fill out our personal debt analysis form and find out for free if a DebtStoppers plan is a better plan for you.