Miss a mortgage payment, and foreclosure begins to inch its way toward you and your family. In just a few months, you could have the sheriff at your door, demanding that you vacate the Chicago house that you call home. Where do you go from there? If you can no longer make payments, what can you do to avoid losing your home? Many people who fall behind on their mortgages are unable to find a way out. Some of them end up homeless. A foreclosure attorney in Chicago may be able to help you discover ways to prevent this from happening.
Reports provided by the U.S. Bureau of Labor Statistics show that national unemployment rates continue to float at around 10 percent. In Chicago, the unemployment numbers are significantly higher, especially for certain minority groups or homeowners living in less affluent areas of the city. Many hardworking individuals and their families are just a paycheck or two away from losing their homes.
It is no accident that as the number of foreclosures has increased in Chicago and throughout the country, the rate of homelessness has also increased. According to data from Chicago Coalition for the Homeless, many people who become homeless because of foreclosure initially did so because they were renting from landlords who had failed to continue making mortgage payments. However, as the recession worsened, former homeowners themselves have become homeless, as well. Many are lucky and can double up with friends and family, at least temporarily. Others are not so lucky and have resorted to seeking refuge in shelters or living out of their vehicles.
When faced with an inability to pay their mortgages, many people rely on credit cards to try to avoid foreclosure. Unfortunately, for many people this merely prolongs the inevitable. Paying mortgages on their credit cards runs up huge balances at excessively high interest rates. If they are unable to keep abreast of the minimum payments, this ruins their credit rating and only stalls the foreclosure. The damaged credit rating leads to other problems; for instance, when they lose their homes to foreclosure, the damage that has been dealt to their credit results in declined rental applications, even if they can afford to pay rent. This severely limits their ability to find somewhere to live and avoid homelessness.
If you find that you are unable to pay your mortgage, the sooner you take action, the better your chances are of finding a way to keep your home and protect yourself and your family from homelessness. Foreclosure attorneys can provide guidance and inform you of your rights under bankruptcy and foreclosure laws and will get you on the right track before it is too late.
Foreclosure Attorney Chicago – If you are facing foreclosure in Chicago, contact Chicago Debt Solutions to speak with a foreclosure attorney who serves Chicago and the surrounding communities of Skokie, Warrenville, Shaumburg, and Deerfield. Chicago Debt Solutions foreclosure attorneys in Chicago will stand by you and work to provide relief. Contact us at http://www.chicagodebtsolutions.com/ or call 312.445.9106 for smart, compassionate representation.
