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Foreclosure Notice = Danger Losing Property (City of Chicago)
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LET US HELP YOU PREVENT YOUR HOME FROM BEING SOLD BY THE BANK
WHICH WILL DESTROY YOUR CREDIT
DO NOTHING AND FORECLOSURE ENDS IN YOUR EVICTION
CALL KENNETH OR TEXT show contact info FOR HELP
► The Foreclosure process starts when the Bank sends the Homeowner a Notice of Default demanding Mortgage Payments missed plus Late Fees plus Inspection Fees within 30 to 90 Days of missed Payments usually at 60 Days. If the mortgage is $1,800/mo., then about $8,000 would be needed to reinstate the loan at 90 Days during this “Preforeclosure” phase.
► At 120 Days a Foreclosure Notice is posted on the property’s door and the Lender files a lawsuit asking the Court for an Order allowing a Foreclosure Sale. The Homeowner is served with a Summons and Complaint and on the property is recorded a Lis Pendens Notice of the Foreclosure. Legal costs for the Bank of $2,000 to $4,000 are added so that at this point about $14,000 would be needed to reinstate the loan.
► If the Homeowner does not respond to the lawsuit, the Lender will ask the Court for a Default Judgment allowing it to hold a Foreclosure Sale at a faster pace. Typically 210 days. If the Homeowner chooses to defend, the case will go through the litigation process allowing the Homeowner to live on the property longer, usually 12 months or more, but the debt will increase significantly. Hiring an Attorney may cost the Homeowner $5,000 plus added Attorney fees each month of about $500 to extend the time to about 12 months or more. The Homeowner would need then $36,600 to reinstate the loan and his legal cost could be $11,000 for a total expense of $47,600.
► The Lender would ask for a Summary Judgment against the Homeowner for there may be no dispute about the money owed or if the Homeowner loses at trial, the Judge would enter a Judgment of Foreclosure and Order the home to be Sold at auction.
HOW LONG DO YOU HAVE TO MOVE OUT AFTER FORECLOSURE SALE?
► The foreclosed Homeowner can stay in the home for 30 days after the Court confirms the Foreclosure Sale and then the Successful Bidder at the auction gives the Court Order to the Sheriff to Evict.
HOW DOES A FORECLOSURE IMPACT YOUR CREDIT?
Aside from bankruptcy, Foreclosure is one of the worst things that can happen to your Credit.
► Lower Credit Score. Can be a significant drop in your Credit Score of several hundred points.
► Limited Access to new Credit.
► Long-term negative impact on your Credit Report. Missed mortgage payments and Foreclosure Sale will be generally reflected in your Credit Report for 7 years. Surrendering the property back to the Bank will be reported in your Credit Report for up to 10 years.
► Difficulty Securing Another Mortgage Loan without a very large downpayment.
WHAT TO DO TODAY IF FACING FORECLOSURE
► If you are experiencing financial hardship from job loss, medical, loss of a loved one, theft or even must move out of State, you should Reach Out to your Bank as Soon as Possible. Ask about a loan modification or a repayment plan. See what can be negotiated.
WHAT IS NEEDED TO STOP FORECLOSURE?
► NEW MONEY is needed to STOP FORECLOSURE. It can be from a new loan, gift from family, liquidating assets including Retirement accounts, gambling including winning Lotto, selling the property if enough is collected to cover the foreclosure amount that rises quickly with Bank foreclosing costs, giving your house back to the Bank if they will accept it that will be reported on your Credit for 10 years hindering you from getting new Credit or allowing us as an Investor to take over your debt and reinstate the amount you owe that will be reported favorably on your Credit to allow you a fresh start.
DO YOU CONSIDER YOUR PROPERTY A PROBLEM THAT YOU WANT TO GET OFF YOUR HANDS?
► If your house is in particularly good condition, talk to a Realtor to sell your house quickly because you do not have months to wait for a top dollar offer or funds to improve it to a pristine condition. If you bought in the past 5 years, your house probably has not appreciated enough to cover the cost of the Realtor’s commission and pay your mortgage debt but ask.
INVESTOR PAYS YOUR ARREARS TO STOP YOUR FORECLOSURE AND TAKES OVER YOUR MORTGAGE AND PAYMENTS
► You can use us as an Investor to take over your mortgage and payments. You will see a definite improvement in your Credit Score of on-time mortgage payments made by us as the Investor who paid your arrears to Stop Your Foreclosure. You will then be able to get new Credit Cards and approved for a new loan to start over.
CALL KENNETH OR TEXT show contact info TO GET HELP TO SOLVE YOUR PROBLEM
► 6 Decades of experience in solving all types of Real Estate problems.
► Managed the Foreclosure Department for a major corporation for 10 years.