Recording Artist R. Kelly Joins The List Of Celebrities Who Have Foreclosed On Their Homes

15-Jul-2011 Recording artist R. Kelly is in need of a good foreclosure attorney in Chicago. The Chicago Sun Times has reported that R. Kelly is in foreclosure on his 11,140 square-foot home outside Chicago. According to the Chicago Sun Times, Kelly owes over $2.9 million on the home. The property has thirteen bathrooms, 6 of which are full bathrooms, a four car garage and 2 fireplaces.

Kelly is also behind on his property taxes for the house. It was reported that he paid over $170,000 in taxes on the property last year but is still over $100,000 behind in his taxes. The home was said to be worth over $5 million in 2009 was only worth $3.8 million last year.

This sort of dramatic dip in property values is having a major effect on foreclosure rates. Some homeowners are beginning to find that their houses are worth less than what they owe on their mortgages. When faced with the situation some people would rather foreclose than keep struggling to pay a mortgage that isn't gaining any equity.

For people looking to change their mortgage but not foreclose there are a few options available.

Contacting your lender to request loan modification might be a good choice. One form of loan modification that you can request is when the lender simply lowers your principal balance. This gives the debtor added incentive to continue to pay their mortgage and puts them in a better situation to sell in the future.

A short refinance is a similar option. This is where the creditor reduces the principal balance so that the debtor can have their loan refinanced by another lender.

Another option would be DIL deed in lieu of foreclosure. This is when a seller simply turns the keys over to the lender to avoid the expensive legal process involved with foreclosure.

This is very similar to cash for keys where a lender actually pays the homeowner to hand over their keys. This is mostly used for disgruntled homeowners who are at risk of trashing the house before it is foreclosed upon. DIL and cash for keys give homeowners an incentive to keep the home in good condition so that they can become free of it.

If you are concerned about falling behind on your mortgage payments contact a foreclosure attorney in Chicago. Choose on that is qualified and offers a free legal consultation. Speaking with a legal professional will give you the opportunity to explore your options before you try to stop foreclosure.

Chang and Carlin
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601 or Request a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.