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Why You Should Deal with Pre-Foreclosure Swiftly in Chicago

If you’re in the middle of the pre-foreclosure in Chicago, then time is of the essence. As much as one would want to forget about the problem and hope it solves itself, that’s never going to happen when facing foreclosure in Chicago, IL. But what exactly is the pre-foreclosure process in Chicago

Pre-foreclosure is the first step of  foreclosure in Chicago, IL. This happens the first time you miss a monthly mortgage payment. Once a borrower misses three to six monthly payments, your lender will send you a notice of default, which means they’ve started the legal process of foreclosure. 

If you choose to do nothing and continue missing payments, your Chicago home will eventually be foreclosed on, repossessed, then auctioned off. A foreclosure also makes a big negative impact on your credit score, making it harder to get a loan in the future. And if the auction doesn’t fetch a price equal to what you owe, you’ll still be in debt after the sale. 

If you’re in pre-foreclosure in Chicago, there’s still hope. This period was designed to give borrowers options to stay in their homes before a foreclosure occurs.

What are my options when facing foreclosure in Chicago, IL?

When going through the pre-foreclosure process in Chicago, don’t think all is lost. You still have several options available to you. As soon as it becomes clear to you that you won’t be able to make a payment, you should contact your lender ASAP. They might seem like the last people you want to talk to about this, but lenders are more than willing to help you get back on track with payments. After all, they want you to avoid foreclosure as much as possible as well. 

Talk to your lender

It might not seem obvious, but lenders actually want you to stay in their home. Processing a foreclosure in Chicago is costly to lenders and they stand to make more money from your monthly payments. That’s why speaking to your Chicago lender while in the pre-foreclosure process is a good idea. You can arrange a mortgage forbearance – or a pause in payment – with your lender and also work out an alternative payment plan or loan modification to help make monthly payments easier for you. 

The key to the pre-foreclosure process in Chicago is constant and open communication with your lender. Keeping in touch with them lets them know you’re doing something to get current on your payments so they might be more lenient or give extensions to some deadlines.

Sell your house for cash while in foreclosure in Chicago, IL

If you still can’t come up with a solution with your lender, you also have the option to sell your home. Many choose to sell their home instead to pay off their mortgage and avoid foreclosure in Chicago. By selling the property, you can pay off your mortgage before a foreclosure can happen. This avoids the negative impact on your credit score so you can still secure a more affordable mortgage for your next home.

Of course, selling a home isn’t quick and there’s still a time crunch when facing the pre-foreclosure process in Chicago. Selling your home the “traditional way” can take up too much titme and you won’t be sure if you can close a deal before your foreclosure is finalized.

Finding the right agent, staging your Chicago home, listing it on the market, finding a buyer, and negotiating the deal to a close all takes a lot of time. It might take you months before you see money from the sale and that’s time you don’t have.

If you want to guarantee that you can sell your house fast in Chicago then your best bet is to get a cash home buyer.

If you sell your house for cash while in foreclosure in Chicago, you won’t have to worry about getting approvals from lenders which can even cause the deal to fall through. You won’t even have to worry about looking for a buyer when you approach a professional home buying company that’s open to sales in Chicago like Onyx Homes.


Why should you sell your home to Onyx Homes, LLC? 

At Onyx Homes, we are experts when it comes to cash home buying while our clients are in pre-foreclosure in Chicago, IL. Whether you’re in the pre-foreclosure process in Chicago or even if you’re facing foreclosure in a few weeks, Onyx Homes has your back. 

We know just how much pressure anyone facing a foreclosure in Chicago might be experiencing. That’s why we have a simple and quick 3-step process so you can sell your house for cash while going through foreclosure in Chicago.

Just call us or fill out a form and we can schedule a viewing of the property. 

  1. Once we’ve taken a look at your home, we can provide you a fair, no-obligation, all cash offer in as little as 24 hours. From there, you get to choose the closing date to fit your foreclosure schedule. 
  2. Once you accept our offer, we’ll start our process and you can receive your money in as little as 14 days.   

Onyx Homes is one of your best bets in Chicago when you need to sell your house fast in Chicago. You can cut weeks off your timeline by not having to find buyers and negotiate with them while they get approval for a mortgage – which doesn’t always come, putting you back at square one. 

With Onyx Homes, you won’t even have to worry about finding an agent, handling repairs, conducting inspections, or even staging the home. We buy houses in as-is condition, to make the process easier for everyone going through pre-foreclosure in Chicago. As long as you’re ready to sell, we’re just as ready to buy.

We make selling your house in Chicago easy since we eliminate the “middleman.” Without banks, we don’t need to wait on approvals or inspections. And without agents, you can save more money towards your mortgage by not having to pay commissions or fees.

Get a guaranteed buyer, save on fees, and close the deal on time. Onyx Homes is always ready when you need to sell a house in Chicago fast.         

    Contact Onyx Homes today

    Facing foreclosure in Chicago, IL is always an urgent matter. Talk to your lender and see if you can work things out, and if that doesn’t work, selling your Chicago home is always a viable option.

    So whether you’re already in the pre-foreclosure process or you’re facing imminent foreclosure in Chicago, Onyx Homes is here to help. Contact us and learn more about our services and how we can help you get through foreclosure today.