Recent data shows that foreclosures filings are rapidly increasing, with Illinois in the top 5.
What to know: If you fall behind, do NOT wait, call your lender. Many will work with you on a temporary forbearance or moving payments to the end of the loan. Waiting only limits your options.
If repayment is not possible, Bernicky Law offers options such as:
- selling/downsizing (either choosing to rent or purchase a home with a lower mortgage payment)
- Chapter 13 Bankruptcy (where filers can spread the mortgage arrearage over as much as 5 years, allowing them to catch up).
If you or anyone you know has questions about foreclosure, we encourage them to reach out as soon as possible for assistance.
Full article available at:
https://www.realtor.com/news/trends/rising-foreclosures-affordability-nevada-south-carolina-florida/