Has the current economic downturn due to Coronavirus (COVID-19) left you wondering whether or not you can afford to pay your mortgage?
When you don’t know if you can afford to pay your mortgage, you feel embarrassed, guilty and like things are spinning out of control.
Here are some things to think about:
Stop, take a few deep breaths and try to calm yourself.
In Illinois, if you miss a few mortgage payments, you do have the ability to catch up on the missed payments (reinstate your mortgage). It needs to be a single lump sum payment of all the fees including late charges and penalties and can be done up to 90 days after you are served with a foreclosure summons.
This means if you have to choose between food and/or utilities (keeping the lights and heat on) and paying your mortgage, then the mortgage can wait.
In most situations no one is going to come to your door and kick you out of your house without going to court first. In Illinois, the average residential foreclosure takes at a minimum 7 months without a lawyer and up to 18 months or more with a lawyer.
This means you have a lot of time to think carefully about your next move.
Now is the time to learn about your options and come up with a plan on how to move forward. Knowing your options will help you know what to expect in the future. Having a plan will help you regain control and peace of mind. You gain the satisfaction of knowing that you are making smart and sound decisions to move forward with your life.
If you are already behind on your mortgage payments or you have already received court papers, it is not too late to learn about your options and come up with a plan.
There are many options for relief available even if the foreclosure process has already started. The key is to understand all of your options as soon as possible and have a plan in place.
Here at Adam Diamond Law, we know that nobody ever wants to be in the situation where they are unable to pay their mortgage. That’s why we will talk to you (in person or over the phone) to help you understand all of your options and help you formulate your plan to navigate these troubled times.