Some Americans Spend Years Living In Their Home Without Making a Mortgage Payment

11-Jun-2011 It is no secret that foreclosures have increased in the past few years. However CNNMoney.com has reported that some houses in the midst of being foreclosed upon have been living in their homes for as many as five years without paying a single mortgage payment.

The statistics reported by CNNMoney.com are staggering. 4.2 million debtors are extremely behind on their mortgage payments. Two-thirds of these people haven't made a mortgage payment in the last 12 months and the other one-third hasn't paid for 24 months. But how can this happen without eviction? 

Typically, a foreclosure is a very long process. CNNMoney.com reported that on average it takes 565 days for a mortgage to go from delinquency to being auctioned off. It is as long as 800+ days in New York and Florida.

When a home owner works with a foreclosure attorney in Chicago, in an attempt to fight the foreclosure, they will potentially pro-long the foreclosure process.

In some examples in the CNNMoney.com article the debtors believe that they have a case to save their homes from foreclosure. Some are working with lenders to modify their loan to make payments more reasonable and affordable. One debtor wants penalties and fees removed from his overdue balance because he was encouraged to stop mortgage payments in order to qualify for a government assistance program. Others believe that the lender put them in a mortgage that was destructive. Adjustable rate mortgages and increased job loss have made things really challenging for some home owners.

The one thing that all these delinquent home owners have in common is that if they are fighting against foreclosure and have continued to live in their home they are working with a qualified foreclosure attorney.

A foreclosure attorney in Chicago will be able to advise you on what steps you need to take to save your Illinois home. They can also help you work with your lender to modify your loan so that payments are more reasonable or interest rates become fixed. Contacting a foreclosure attorney in Chicago early enough could also give you time to sell your home as a short sale to avoid foreclosure.

Whatever your situation a free legal evaluation with a qualified foreclosure attorney in Chicago will help you realize your options.

Chang and Carlin
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