Begin with the outcome you want
Do you want to keep the home, or would an orderly sale and move be more sustainable? You can explore both paths before making a decision. Talk to Jack about your situation. We’ll listen, help you understand possible next steps, and point you toward qualified help when needed. No pressure. No obligation to sell. Foreclosure counseling through HUD-participating agencies is free; call 800-569-4287 to find one. HUD housing counseling
If you want to keep the home
Depending on your loan and circumstances, possible mortgage options include:
- Repayment plan: Catch up on missed amounts over an agreed schedule.
- Forbearance: Temporarily reduce or pause payments. It does not automatically erase the missed payments; ask how they must be repaid.
- Loan modification: Change eligible loan terms to address payment difficulty. Compare the new payment, loan length, and total cost.
- Reinstatement or refinancing: Bringing the loan current or replacing it may be possible if the funds, eligibility, and timing work.
Availability and approval depend on your lender or servicer, your circumstances, and the loan's rules. FTC guide to mortgage assistance
If keeping the home is no longer workable
A regular sale may let you pay the mortgage, other liens, and selling costs, then keep any remaining equity. Ask for written payoff figures and a realistic closing timeline.
A short sale is a sale for less than the amount owed and requires the necessary lender approvals. A deed in lieu transfers the home to the lender by agreement. Both need careful review of remaining debt, other liens, moving arrangements, and possible tax consequences. Do not assume approval releases every borrower from every debt. CFPB alternatives to foreclosure
Timing matters
Submit requested documents promptly and keep proof of delivery. Under applicable federal servicing rules, a complete loss-mitigation application received more than 37 days before a scheduled sale can trigger review and protections against certain foreclosure steps. Coverage, prior applications, and other exceptions matter. A phone call or incomplete application is not a guaranteed sale postponement. CFPB application guidance
If a sale is close, contact an Illinois foreclosure attorney or legal aid immediately. Ask about legal defenses, any local mediation program, and whether there is a basis to request a court-ordered delay. Filing a request does not itself mean it has been granted. Illinois Courts foreclosure forms
Before signing anything: Get the terms in writing and have an independent professional review them. Be cautious of guaranteed results, pressure to transfer your deed, or instructions to redirect mortgage payments. Illinois Attorney General's mortgage-rescue warning
General information only, not legal, tax, or financial advice. These guides concern Illinois residential mortgage foreclosure, not property-tax sales. Loan terms, service dates, court orders, applicable protections, and individual circumstances can change the options and deadlines. Speak with an Illinois attorney about your case. Sources checked October 10, 2026.