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.
|
|
Aurora Tri-County Association of REALTORS
323 W. Galena Blvd.
Aurora, IL 60506
Phone: 630-859-1300
kristineh@atcar.org
www.atcar.org
|
