Do you have a Chicago IL house that’s in foreclosure right now? Many people going through the IL foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
We realize this can be a very trying time. Lots of unknowns…the fear & worry can sometimes overwhelm us. And even prevent us from taking action. Yet that is the exact opposite of what you want to do. Keep reading to learn why.
Can I Sell My House in Foreclosure in Chicago? – How it works
There are many people in Chicago who have faced foreclosure in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with foreclosures. Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. Banks are in the business of lending money, not owning (and managing and selling) real estate. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. However, dealing with banks during any part of the foreclosure process can be a huge pain. Over many years of working with banks to help stop the foreclosure process, we’ve learned a few tricks that can help you.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (without being annoying). Call with regular updates and show them the steps you are taking to get your property sold.
- Don’t miss deadlines. If you believe any payments will be late, call them with advance notice.
- Remember that bankers are people too. Explaining your situation (in a calm collected manner) and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including a short sale, loan modification, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
If you’re looking to sell your Chicago house in foreclosure fast, call us now or send us an email or text message.
We specialize in helping homeowners inChicago avoid foreclosure. In certain circumstances, we may be able to negotiate directly with the bank to reduce the amount you owe. And (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Chicago, we can help.
We buy properties like yours from people who need to sell fast.