Aurora Tri-County
Association of REALTORS®

100 Overland Drive, Suite E
North Aurora, IL 60542

Phone: 630-859-1300

kristineh@atcar.org
www.atcar.org  
 

Southern Kane and Kendall County Market Watch

This time may be your best opportunity market in years. Mortgage interest rates are low and prices in Illinois are still holding strong. Over time no investment comes close to real estate so now is a great time to buy, sell or invest. All real estate is local. What’s happening in your local market is all that matters. Ask your local REALTOR® what’s going on in your market. They are the experts in pricing, buying and selling patterns, and demand. Don’t be scared off by stories about a “credit crunch.” Conventional loans are available for credit-worthy buyers seeking these types of mortgages. And mortgage interest rates remain at historically low levels.

Avoiding Foreclosure: Things to Remember for Illinois Foreclosures

Don’t ignore letters from your lender. Some of the information will include foreclosure prevention options.

Address the problem immediately and BEFORE YOU ARE THREE MONTHS DELINQUENT on your mortgage payment when the loan is turned over to foreclosure attorneys and fees mount up.

Find your mortgage paperwork and read it to understand the terms.

Contact a HUD-certified counselor who is trained to help and provide information on foreclosure prevention options, 1-888-569-4287 or the Neighborhood Works America Center for Foreclosure Solutions at 1-888-995-HOPE (4673).

Learn more from Illinois Legal Aid, www.illinoislegalaid.org.

Know that you may qualify for options such as working with the lender to restructure the loan or a repayment plan.

Find a professional Illinois REALTOR® to help you negotiate with the lender to place the property on the market if selling your home is the option you choose.

Avoid foreclosure scams. Make sure you protect yourself by working with a HUD-approved counselor, professional REALTOR® and/or an attorney.

Learn more: www.hud.gov, www.nw.org, www.fha.gov.

Foreclosure should be your action of last resort since it will stay on your credit report for at least 10 years and greatly affect your ability to obtain a home loan in the future.