What is a mortgage foreclosure?
A mortgage is a written agreement between a mortgage company and a home buyer. The mortgage makes your house collateral for your home loan. Most people confuse their Mortgage and Note. When you make monthly payments, you are actually paying the Note. If you miss payments (default) on the loan, the lender can repossess the house. That is called a mortgage foreclosure.
What should I do if I receive a Mortgage Foreclosure Summons?
If you are served with a Mortgage Foreclosure Summons your lender has filed a lawsuit to repossess your house. If you want to protect your rights, you must file an Answer within 30 days of getting the summons. If you do not file an Answer, the judge will order a foreclosure against you by default.
How long does the foreclosure take?
States vary in their requirements. In Illinois, the process takes seven months from the day you are served with a Foreclosure Summons. At that point, the Sheriff's Sale will be scheduled and the house will be put up for auction. After the house is sold at auction, the Sheriff will show up at the home and begin to move out the personal belongings.
What is my best option to stop the foreclosure?
GBI always tells our clients that the best option is to sell the house and start over. However, if someone wants to stay in the home and can demonstrate that they can afford the home, the Home$aver program is the next best choice.
How long does the HomeSaver Program take?
GBI can typically complete the first step of the program in three to four weeks. This would stop the foreclosure and stop credit scores from dropping further.
How do I start the program?
Just contact one of GBI's expert consultants and we will get you started. We will pull your credit and go over your options. This is a free service and there are no costs or obligations for the consultation.
