If You Can't Stop Foreclosure In Chicago Bank Of America May Opt To Give Your House Away

14-Aug-2011 In today's housing market there are more and more empty and run down buildings being foreclosed upon. Unfortunately we have seen a decrease in home values. For some this may mean that they owe more money on the home they live in than it is worth. When this happens many homeowners will abandon the home and let it fall into foreclosure before speaking with a foreclosure attorney in Chicago. 

When a homeowner believes they can't stop foreclosure, they have given up on their property. Many will then leave the home without plans of returning, it is very likely that the house may not be in very good condition. In fact, it could be a mess inside and out.

Abandoned homes are not good for the lender and they are not good for the neighborhood in which they are located. Bankrate.com has reported that to help deal with all of these foreclosed properties Bank of America has teamed up with the city of Chicago and formulated a solution.

According to the article on Bankrate.com, Bank of America is going to take important actions to help save the neighborhoods where these homes are located.

The first step will be for BofA to register properties with the city as soon as the owner has become delinquent on their loan and the property has been recognized as abandoned.

Bankrate.com says the next step will be to determine the properties that are abandoned and earmark them to go to the "new Cook County vacant and abandoned building court." Before this court was launched it was taking approximately 18 months to foreclose on a vacant property.

Bank of America is going to help the city with the costs of tearing down the buildings that BofA is donating.

The final step is to donate these properties to the Community Investment Corp. This is a nonprofit organization that tries to help provide homes for rent that people will find affordable.

Bankrate.com also reported that Bank of America just opened a customer assistance center in Chicago. They also just hosted an event to educate the community about mortgage modification.

For someone struggling with the mortgage payments mortgage modification gives them hope. It modifies the loan to new terms which are agreed upon by the bank and the individual. This may mean a lower or fixed interest rate that makes it more manageable for the debtor to continue making payments.

Before making the decision to abandon your home consider that meeting with a foreclosure attorney in Chicago. Their expertise might help you stop foreclosure.

Chang and Carlin
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