foreclosure alternative: There are ALTERNATIVES that allow you to keep the house such as: part 10 - 08/29/08 09:15 AM
 
SHORT SALE.
Also known as "pre-foreclosure sale." This option gives the homeowner some time to be able to sell the property to try to avoid foreclosure. If a buyer is found, but the sale price agreed to will not pay the mortgage balance in full, some mortgage companies agree to accept less than the mortgage amount. Mortgage companies will agree to a short sale if they think they will receive more money for the property than they will after foreclosure, while avoiding the costs associated with foreclosure. Some lenders require the owners to sign a new note agreeing to pay … (2 comments)

foreclosure alternative: There are ALTERNATIVES that allow you to keep the house such as: part 9 - 08/29/08 09:13 AM
CHAPTER 13 BANKRUPTCY
. You may be able to keep your home if you file for Chapter 13 Bankruptcy Protection. You must be able to afford the payments.

In situations where you do not want to keep the home, the following alternatives may be available to you. These options will affect your credit rating less than a foreclosure will.
 
SELL THE HOME.
If there is sufficient equity in the property, you may be able to sell the home, payoff the mortgage(s) and walk away with money in your pocket.
LOAN ASSUMPTION.
Even if you do not have an … (2 comments)

foreclosure alternative: There are ALTERNATIVES that allow you to keep the house such as: part 7 - 08/29/08 09:08 AM
LOAN MODIFICATIONS
You may be able to refinance the debt and/or extend the term of your mortgage loan with your mortgage company. Your mortgage company may agree to a loan modification if you have recovered from a financial problem and can afford the new payment amount. Such modifications can be done quickly and inexpensively. Loan documents can be modified in a variety of ways, but most modifications affect the interest rate and/or the term of the loan.

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foreclosure alternative: There are ALTERNATIVES that allow you to keep the house such as: part 6 - 08/29/08 09:06 AM
PAYMENT ASSISTANCE.
Some state and local governments and charitable organizations offer programs that will pay part or all of your mortgage for a limited amount of time.  Call your church, your city, village, county and state government offices to ask for assistance.  If they do not offer a program that can help ask them to refer you to someone else that may be able to help.  Not everyone can get help.  But you will not get assistance if you do not ask for it.

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foreclosure alternative: There are ALTERNATIVES that allow you to keep the house such as: part 5 - 08/29/08 09:04 AM
FORBEARANCE PLAN.
This option may provide for a temporary reduction or suspension of payments. The payment amount will be increased at a later time to repay the delinquent amount. Forbearance is available if you have a VA loan and may be available for other types of loans.  If the reason you have missed a mortgage payment or two was temporary this alternative may work for you.

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foreclosure alternative: There are ALTERNATIVES that allow you to keep the house such as: part 4 - 08/29/08 09:03 AM
PARTIAL CLAIM.
This alternative may work if the reason you fell behind on your mortgage payments was temporary. If your loan is an FHA insured loan, your lender may be able to obtain a one-time payment from the FHA Insurance Fund to bring your mortgage loan current with payments. You may qualify if your loan is at least four months delinquent but no more than twelve months delinquent, and you are able to resume making full mortgage payments.

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foreclosure alternative: There are ALTERNATIVES that allow you to keep the house such as: part 2 - 08/29/08 09:00 AM
REINSTATEMENT.
If you can pay the total outstanding amount owed to the mortgage company, you can continue on with the mortgage with no changes to the terms. Illinois law allows a one-time opportunity to reinstate the mortgage before the foreclosure judgment is rendered.  The payment amount and the interest rate will not change.

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foreclosure alternative: There are ALTERNATIVES that allow you to keep the house such as: Part 1 - 08/29/08 08:56 AM
 
REFINANCE.
This option allows you to use the equity you have in your home to pay the delinquent amount by obtaining a new loan. Depending on the interest rate of the new loan, your monthly payments might be reduced. You can explore refinancing with your existing mortgage company as well as with any lender of your choice. The sooner you explore this alternative, the better. Once you've missed mortgage payments, your credit score will be lowered and this will limit your refinance options.

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Laura Moore Godek (Laura Moore Godek, PC)

Laura Moore Godek

McHenry, IL

More about me…

Laura Moore Godek, PC

Address: 913 N Curran Road, McHenry, IL, 60050

Office: (815) 344-1965

Email Me

I have more than 20 years of residential real estate experience represnting sellers, purchasers and creative investors. My affiliation with several title companies and in house closers assure clients and realtors closing times when needed. I am often available after hours and on weekends. I offer fixed closing fees as well as hourly rates. My office can also accomodate spanish speaking clients. If you have any questions please contact us. We'd be happy to help.


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