Exploring Alternatives to Foreclosure

If you are searching for alternatives to foreclosure there are options that allow you to give up ownership of your home without affecting your credit score as much as foreclosure would.

You can opt to see your house if there is enough equity in the property. It is even possible to receive more money for the sale of the home than the remaining cost of the mortgage loan. If this isn't an option, than assumption allows you to sign the property over to someone else. That person would then be responsible for making payments instead of you.

A pre-foreclosure sale may get you some money for your home but it will probably be less than the amount owed on the mortgage loan. Finally, you could take the option of "deed in lieu of foreclosure" which lets you return the property to the lender without causing any further damage to your credit.

Have questions about foreclosure or bankruptcy in Illinois?  Contact our legal team to get answers from a Chicago bankruptcy lawyer.