Whether you are behind in your mortgage payments, or are trying to stay afloat borrowing from your credit cards to pay your mortgage, we want you to know there are alternatives and ways out, NO MATTER WHAT YOU OWE. You are NOT alone. Over 29% of the public is in the same situation. If you want to avoid all the reading below, simply give us a call and we will explain your options to see if we can assist in helping you keep your homeby doing a loan modification or getting the foreclosure off your back. Call 3 year CERTIFIED Foreclosure expert Vicki Watzlawick 847-809-5155. What Happens When You Miss Mortgage Payments? Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your home. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued and your wages might be garnished. If that happens, you won’t just lose your home. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future; you should try stopping foreclosure if possible. You will be served with a Notice of Default after being 90 days late, but do NOT move out until you consult an attorney or a licensed Real Estate agent. There will most likely be plenty of time left to help you select the right alternative. What Should You Do? DO NOT IGNORE THE LETTERS FROM YOUR LENDER. If you are having problems making your payments, call your lender's Loss Mitigation Department immediately. Explain your complete situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they usually will not help you. Stay in your home for now. You may not qualify for assistance if you abandon your property. Call us to do a loan modication or talk about a short sale at 847-809-5155 or contact a HUD-approved housing counseling agency. Call (800) 569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you. These agencies are valuable resources. They frequently have information on services and programs offered by Government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge. If These Do Not Work What Are My Alternatives? Click here to see your alternatives What else should you know? Beware of Scams Beware of foreclosure scams and anyone claiming they will buy your home. Visit www.badforeclosurescams.com for a list of the latest scams. IMPORTANT: Stop your foreclosure now! Delaying won't help. If you do nothing, YOU WILL LOSE YOUR HOME, your good credit rating and may have your wages garnished! Yes you can stay in your home during the process and it is possible to sell it EVEN if you owe more than it is worth. Always consult an attorney. A foreclosure will stay on your record for 7 years and you will not be able to purchase a government backed home for 5 years. A bankruptcy stays on your record for 10 years and usually only forgives the old debt. Your mortgage payments will resume once the bankruptcy is dismissed. A short sale hurts your credit score temporarily and as soon as the loan is released, your credit starts mending itself so it may be possible to purchase a home within a year or 2. Why not look into a rent with option? In addition, if you have any general questions about buying or selling real estate in Illinois, please contact me as I'm more than willing to help. Please browse my website for our latest foreclosure listings, reports and important local real estate information for the state of Illinois. www.vicksidreamhomes.com
If you have any questions, don't hesitate to email or call me!
Vicki Watzlawick
Exit Platinum Realty, Broker Owner, CERTIFIED Foreclosure Expert, 847-854-3800 LITH, IL Co-Author "Should I Short Sale My Home?" 
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