More Homeowners Are Asking For Help Regarding Foreclosures

In the Madison County there have been more than 1,000 foreclosure till date this year. To avoid being homeless, more homeowners are presently asking for help about foreclosures. At a Foreclosure Intervention Workshop, people were seeking help to deal with foreclosures. This workshop was organized by Community Hope Center located in the Cottage Hills. Lindy Tarrant, is a counselor working with Beyond Housing, which is a nonprofit agency. She convinced the participants to be positive and to keep on trying. According to Tarrant, “Know the facts and know what to do. Don’t try to dig out on your own when there are resources out there that can help you.”

Talking to the Loss Mitigation Department of the lender is very important. Tarrant observed that, “One of the biggest mistakes people make is that they agree with the person in collections because they’re afraid. They often try to scare you that something will happen eminently if you don’t make a promise to pay, but this is not how foreclosure and eviction happens – even though they might try to make you believe it does.” She also emphasized that the Loss Mitigation Department can give options to the mortgage holders. However, the collections department is not entitled to do this. Completion of foreclosures primarily takes one year to 15 months in Illinois starting from the date when the payment is missed for the first time.

The lawful process of foreclosure is actually the judicial auctioning of a house to reclaim the debt that is payable to the lender by the borrower. Till date 1,049 foreclosure cases had been filed in the Madison County. Tarrant further feels that, “Just because you have received a notice of default and you don’t have the money in full, it doesn’t necessarily mean that you will lose your home. But you must be realistic about what you can pay. Do not commit to an unrealistic budget because you must stick to whatever agreement you make with your lender.”

Tarrant gave out certain steps for following retention options:

• Plan for Repayment – This involves increment of the monthly payments until the borrower can reach the limit of the current loan.

• Forbearance – This is an official and written agreement that ensures the reduction or suspension of the repayments that have to be made for a particular time. After this you can resume the payments of the mortgages and can have some extra to help you catch up.

• Loan modification – This is a permanent modification made in the terms and negotiations of the loans between the lenders and the borrowers.

• HOPE for Homeowners – This is the Making Home Affordable Program by President Obama.

• Refinancing – It is an option that is made available to those borrowers and homeowners who usually pay their mortgages right on time and are not sufferers of have not suffered any professional hazards.

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