Colli Real Estate

Home Foreclosure question?

I was wondering what the time frame is when you when receive a notice that your property is in foreclosure. Does the bank come and lock you out of your home? What is the process? I live in the state of Illinois.

Sometimes it can take up to a year if the sherriff’s are still willing to participate; there is a huge backlog and some departments are unwilling to participate because they feel it is just wrong to put people in the street. There are many alternatives including loan modifications to stave off this process and keep you in your home with a much lower rate and possibly lower principal balance. My aunt used a loss mitigation company to “redo” the terms of the loan at an interest only payment at 3.5% for 4 years. The company did some arm twisting with the bank to get them to accept these terms to avoid a foreclosure. She went through the free evaluation form at www.totaldebtsolutionsllc.com and a rep called within 24 hours. Best of luck whatever you decide.

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