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Options for Avoiding Foreclosure in Plainfield, IL
So many people today are in foreclosure in Plainfield.  There are 3 million more expected in 2010.  Half of the people in foreclosure have no idea that they have any options.
I've started sending out letters to people in preforeclosure and the response has been fairly good.  In just over 150 letters sent out I've had 3 appointments.  No listings yet, but I'm sure its only a matter of time. 
Options To Avoid Foreclosure*
1.  Loan Modification.  Get an attorney to contact the bank and take this over for you.  Most people who try to do it on their own give up because banks don't seem to want to do this.  A loan modification on a $200,000 home could save $150 per month with only a 2% reduction to the interest rate.  The only drawback to this strategy is that 52% of loan modifications are back in default after 9months.
2.  Sell the house and bring cash to closing.  Definately works if you have the resources.  Unfortunately, for anyone who has been in their home for less than 10 years, its likely that the amount that would need to be paid at closing could be 25-50% of the value of the ... more

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