Fourth quarter real estate numbers are indicating that bank-owned foreclosure properties are being sold at extremely discounted prices in the Chicago area. Some foreclosure homes were going for as little as 50% off at the end of the year compared with non-foreclosure property.
However, Chicago realtors warn that when it comes to foreclosure homes, you often get what you pay for. Sometimes, the costs of repairs to restore the home to its former glory negate any savings that a buyer may have had. Some foreclosure homes are in good repair at closing; however, many have walls with holes, carpets that are stained or torn up, hardwood floors that have buckled, or windows that need to be replaced.
Despite the cautions for realtors, more than one-fourth of all of the Chicago homes sold in the 4th quarter were either bank-owned foreclosure properties or were in pre-foreclosure with a bank. Unfortunately, although this may mean increased savings for Chicago home buyers, it also means that more and more Chicago homeowners are unable to make their mortgage payments and are facing foreclosure.
If the bank has begun foreclosure proceedings on your home, or if you anticipate that it is a possibility, consult with a Chicago area attorney who is experienced in foreclosure and bankruptcy as soon as possible. Even if you are having difficulty making your mortgage payments or have missed some house payments, all is not lost. You do not necessarily have to face the foreclosure of your home.
It is very easy to become intimidated when you receive a notice of foreclosure from the bank. Often times, such notices can be confusing and difficult to understand. However, it is important to understand that as a homeowner, you have certain rights and options. Contacting a foreclosure attorney in Chicago may enable you to save your home even as you work out a debt relief plan.
One option that can help to save your home from foreclosure is Chapter 13 bankruptcy. Many people mistakenly believe that if they file for bankruptcy while their home is in foreclosure, they will lose their home; however, that is not necessarily the case. In fact, bankruptcy is one of the most clear-cut ways to halt foreclosure proceedings against you so that you have the time that you need to get caught up on payments.
If you are facing foreclosure or any other financial difficulties that have you considering bankruptcy, get the guidance that you need by contacting a foreclosure attorney in Chicago today. Together, the two of you can discuss your options and arrive at a debt relief plan to save your home and work for you and your family.
Foreclosure Attorney Chicago – Has the bank begun foreclosure proceedings against your home? Chicago Debt Solutions can help. An experienced foreclosure attorney in Chicago may be able to stop foreclosure on your home. Do not be intimidated into giving up hope or your home. Call a foreclosure attorney at Chicago Debt Solutions at 312-445-9106 or visit our website.