Posted on: 17th Jul, 2012 03:42 am
i need help saving my home. i live in chicago, il and my loan balance is 227,000 and the value of the property is 260,000. how do i avoid foreclosure sale?
If you want to save the property, you can contact your lender and apply for a loan modification. If the lender is convinced by your financial hardship, he will consider your request. This will help you get an affordable payment plan in order to pay off your debts.
Welcome Cavin,
In case the lender does not agree to modify your loan, you can apply for a deed in lieu of foreclosure. Though you will lose the property in this process but you won't be liable for paying the deficient balance resulting from the sale of the property to the lender.
In case the lender does not agree to modify your loan, you can apply for a deed in lieu of foreclosure. Though you will lose the property in this process but you won't be liable for paying the deficient balance resulting from the sale of the property to the lender.