Go on the offensive. If you are on the verge of facing a foreclosure, or if your lender has already taken you to court, call your mortgage servicer and ask about foreclosure alternatives. A new federal law passed by the Consumer Financial Protection Bureau requires mortgage servicers to give homeowners a comprehensive list of options to save their homes.
Consult a housing professional. Since the Illinois foreclosure process takes place in the county court system, even the simplest of cases can fall into a complex web of state laws. As a result, many Illinois residents contact a foreclosure defense attorney to give themselves the best odds of success in court.
Pursue a home loan modification. In many cases, mortgage lenders are willing to modify home loans so that you can keep your house and they can continue to receive a cash flow. These offers, however, don't appear out of thin air. You usually have to ask. And if you want to keep your home, a home loan modification may be your most viable solution.
Avoid scams. In recent years, as the foreclosure rate skyrocketed, scam artists began to target homeowners with a heightened level of tenacity. Beware of anyone who offers to "completely" save your home in exchange for a lot of cash, or anyone who isn't licensed as an attorney or housing counselor. Ignore offers of help from other entities.
Know your legal rights. There are a wide body of state and federal laws that protect homeowners, but if you don't know them, they might as well not exist. To learn more about your rights as a homeowner, contact the Consumer Financial Protection Bureau or an Illinois foreclosure lawyer for further information.