Foreclosures Help Information

Il Foreclosed Homes

Question: If we chose to foreclose on our home in IL. should we still pay the taxes that are owed this year.?

The first and secound mortgage togather is more then we owe due to the economy. We no longer can afford the monthly payments and decided to foreclose. We have taxes due that are not rolled into the mortgage payment and am not sure if we should even pay those. Any ideas?

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Answer: Most individuals that can afford the monthly mortgage payment also fail to maintain the taxes and insurance.

You and only you can answer that question as if you want to pour money into a property that you plan to let go of through the foreclosure process.

You should contact your lender to see if there are programs they have available to assist you and would allow you to remain in your home with reduced monthly payments or modify your mortgage loan to coincide with the current value of the property.

The lender does not know your financial situation therefore you must call and let them know. Make sure that your lender can not be of any help before you abandon your home. A foreclosure or bankruptcy has a tremendous affect on your credit report for several years.

This might be avoided by speaking with your lender.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Elgin IL Foreclosures - Elgin Foreclosure Homes in Illinois

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