Foreclosure is a legal process that lenders use to take possession of a property when the borrower defaults on their mortgage payments. If you are facing foreclosure in Illinois, there are several options available to you to try to stop it.

5 Ways to Stop a Foreclosure in Illinois

1. Contact your lender

The first step you should take is to contact your lender and explain your situation. They may be willing to work out a repayment plan or modify your loan to make it more affordable for you.

2. Hire an attorney

An experienced foreclosure attorney can help you negotiate with your lender and explore legal options to stop the foreclosure process.

3. File for bankruptcy

Filing for bankruptcy can put an automatic stay on the foreclosure process, giving you time to catch up on missed payments or work out a new repayment plan. 

4. Seek government assistance

The Illinois Housing Development Authority (IHDA) offers several programs to help struggling homeowners in Illinois avoid foreclosure. You can contact them for more information.

  • Illinois Hardest Hit Program provides up to $35,000 in mortgage payment assistance for those facing financial hardship
  • Reverse Mortgage Assistance Program offers up to $35,000 to those with a reverse mortgage at risk of foreclosure due to unpaid property taxes or insurance
  • Mortgage Rescue Program provides up to $25,000 in assistance for those facing foreclosure due to temporary financial hardship
  • Homeowner Preservation Program provides up to $25,000 in assistance for those facing long-term financial difficulties. Eligibility requirements include income and property value criteria, as well as demonstrating financial hardship

5. Sell your home

If you cannot afford to keep your home, you may be able to sell it to avoid foreclosure. A short sale may be an option if you owe more on your mortgage than your home is worth. 

Let us know if you want an offer on your property in as-is condition. We help a lot of homeowners sell their property either through a short sale or through a more traditional call us today at 312-379-9625 for a free, no-strings consultation today

Foreclosure in Illinois Final Thoughts

It’s important to take action as soon as possible if you’re facing foreclosure. The longer you wait, the fewer options you may have to stop it. Whether you work through an attorney, the state of Illinois, bankruptcy, or sell your home, you need a plan. If you need help today, let us know how we can be a resource. You can call or text us today at 312-379-9625 for more information about how you can avoid foreclosure in Illinois.