Fight For Your Home: What You Need to Know If You're in Danger of Foreclosure

With some reports estimating that a staggering 1 in 10 Americans is behind on their mortgage payments, the foreclosure crisis is currently a major source of stress for millions of ordinary people, many of them in the Greater Chicago area. If you’re struggling to keep up with your payments, the encouraging news is you’re not alone. Take responsibility, but don't be too hard on yourself. There is good evidence pinning a chunk of the blame on macroeconomic forces.

So, what do you do if you find yourself falling behind on your mortgage? Take action. There's been a frenzy of new legislation hurried out over the past year, much aimed at helping distressed homeowners. A good attorney can put the law to work and keep you in your home. If you don't think you can bear the cost of an lawyer, contact your local bar association. They may be able to offer more affordable alternatives.

5 Things You Need to Know if You're Behind On Your Mortgage

1) You can't ignore it. If you want to find a workable solution, you must open your mail and answer phone calls from your lenders. Burying your head in the sand won't solve anything - often it will create unforeseen problems.

2) You can stop or stall the foreclosure process. A loan modification or short sale placed in the hands of your lender can slow or halt the process if you ask the right person at the right time.

3) You probably have more time than you think. In Illinois, you can stay in your home at least 10 months without making payments. With a knowledge of the system, you can extend that time frame.

2) The lenders aren't always right. Sloppy lending practices, bad documentation, and title company errors could give you an opportunity to save your home.

5) Patience pays off. Solutions will generally take a longer time than you would hope or expect. Don't give up, be persistent. Fight for your home.