When financial difficulties make you unable to pay your mortgage, you are sure to be looking for a solution to stop losing your home in a foreclosure. In such times, you become susceptible to fraudulent individuals and organizations claiming to save your property through different methods. What you need is a real estate lawyer for help.
When you face such a problem, the reasons may be numerous – a sudden employment loss, death in the family, or any such others. The additional financial burden of mortgage just adds to your difficulties. Here are a few dos and don’ts that could help at such a time.
Do stay away from individuals and organizations that -guarantee’ no foreclosure. There is no such guarantee available. If someone claims to offer you this, in all probability you are walking into a trap.
Do not pay any upfront fees to anyone. If someone calls you or contacts you and asks for a -fee’ to stop your foreclosure, be very wary. No legal professional practicing in Illinois would do this; neither would they ask you to pay without doing anything.
Do keep in touch with your lender or lending institute. Communication with your lender/lending institute is important. Make sure you have a single point of contact. You could also ask your lawyer for guidance in this regard.
Do enquire regarding the programs available. You can contact your lender/lending institute directly to ask if there are any programs for homeowners who cannot pay up. You could also ask your Chicago real estate lawyer about federal and state programs.
Do not sign any document without proper understanding of what it contains. Whether it looks like a legal document or is a deed to transfer the title to your property, never sign anything