According to RealtyTrac, Illinois remains one of the top five states for foreclosures.
Certainly, no one wants to lose their home. Homeowners often find themselves running up their credit card debt in order to pay their increasing mortgage rates- in essence “borrowing from Peter to pay Paul.” Once they reach their credit limit, they are no longer able to make payments and foreclosure is imminent.
Immediately recognizing changing financial obligations, such as those caused by adjustable rate mortgages (ARM), is essential to maintaining good credit and keeping your home. Individuals facing such a crisis may benefit from an attorney assisted loan modification.