Mortgage Assistance Archives

Understanding homeowners’ rights during the foreclosure process

There are a number of homeowners across the state of Illinois who may struggle to keep up on their mortgage payments. As a result, people may face foreclosure or lose their home when the lender decides to reclaim the property. Although homeowners who face foreclosure may be delinquent in making their house payments, they do have certain rights when it comes to the foreclosure process.

Short sale 101: What you need to know

Whether you are having trouble making your monthly mortgage payment or you are already at a point where you have missed several payments and are at risk of losing your home, you may want to consider a short sale. If your lender approves you for a short sale, you may be able to get out from underneath your home loan, and start fresh by either purchasing a new home or simply leasing while rebuilding your credit. What is a short sale and how can it help you avoid foreclosure on your Illinois home? At Ledford, Wu and Borges, LLC., we understand how stressful it can be to face foreclosure on your home.

How to protect yourself from mortgage fraud

As an Illinois resident, you may be considering purchasing your first home, filing for foreclosure, refinancing or making some other major decision regarding your living situation. Whatever the case may be, dealing with home matters can be stressful and overwhelming. It can be difficult to make important decisions when your emotions are running high. During this time, however, it is important that you do not become the next victim of mortgage fraud. People may intentionally pray upon homeowners who are looking to refinance their homes, file for foreclosure or purchase a new home. In order to avoid these deviant con-artists, you must be aware of scam tactics and take precautions when dealing with financial matters regarding your home.

Why seeking mortgage assistance right away is a good idea

It can be frightening to fall short on just one mortgage payment, let alone fear missing more. At Ledford, Wu & Borges, LLC, we understand the concern you may have as you eye your budget and realize that you may not have enough to pay your house bill this month. If you find yourself in that situation, it is imperative to get help immediately. Doing so can mean saving your credit and even your home.

Study: Counseling can help those with mortgage issues in Illinois

The U.S. Department of Housing and Urban Development sought to explore what, if any, benefits counseling has for people who are struggling to pay their mortgages in Illinois and across the country. In 2012, researchers followed 824 people who were in that position and sought professional guidance. They also followed up with some participants 18 months afterward.

What is a forbearance agreement?

If a foreclosure is looming, you may want to consider your options, including a forbearance agreement. This provides short-term relief to people in Chicago who are struggling to make their mortgage payments. Unlike a loan modification, which is permanent, a forbearance agreement only lasts for a certain period of time.

What is a zombie title?

If you own a home in the Chicago area and you have fallen behind in your payments, then you may have received or be close to receiving a notice of foreclosure. If the bank has already taken this step, then you should acquaint yourself with a zombie title. According to Reuters, the zombie title is a title that remains in your name after a bank initiates foreclosure proceedings.

Illinois county awaits mortgage mediation program

Someone concerned about making mortgage payments may understandably worry about an impending foreclosure. Fortunately, there are ways that Illinois residents can avoid losing their homes. It is important for anyone in that situation to know how to work with the lender to negotiate a better rate, delayed payment or other option that would alleviate financial distress. One county is awaiting approval for a program that would help homeowners do just that.

Approach mortgage restructuring in Illinois with caution

If you have had difficulty making payments on your home, you may have begun to explore the idea of restructuring the loan. While there are some good options for doing so, you should also be aware that there are people who could take advantage of your situation, leaving you in an even worse position. At Ledford, Wu & Borges, LLC, we regularly help people like you to come up with solutions to problems like this.

Fixed vs. adjustable rate mortgages in Illinois

In 2013, the average person in Illinois and across the country spent $17,148 annually on housing expenses. According to the U.S. Bureau of Labor Statistics, $10,080 of that was for shelter alone. That is a considerable amount of money, which is why it is understandable that people in the market for a new home are looking to get the best possible deal. One way to do that is to compare options for the mortgage.

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