Foreclosure in Oswego>Question Details

itsgr82nou, Renter in Shorewood, IL

A friend home was just sold to Freddie Mac and has 30 days to move. Is there any help so they don't lose the home? Thanks

Asked by itsgr82nou, Shorewood, IL Tue Jan 15, 2013

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Hi Itsgra82noU,

My name is Michelle and I am a broker here in Oswego. I work extensively with short sales and REO properties. Has the sheriff sale taken place already? If the property sheriff sale has taken place, they may be able to redeem their property back if they are able to satisfy the requirements by the lender. This would need to happen with a foreclosure attorney that specializes in this area of real estate. If the sale date has not yet taken place, then the homeowner would be best to contact a foreclosure attroney immediately to try and stop this process from happening and to also contact the lender and inform them they wish to reinstate their home loan.

Generally if things have gotten as far as the sheriff sale, turning back is extremely difficult. Please feel free to share my information with your friend should they need advice or help with the next step in moving on after foreclosure.

Sincerely,

Michelle Sather
630.247.8428
0 votes Thank Flag Link Wed Jan 16, 2013
Unfortunately it may be too late. Call the Illinois Housing Authority as they have free advice and up to date information on these matters. They also have programs to help people in trouble. Use this website. You can also call them. Contact number on the website.
0 votes Thank Flag Link Wed Jan 16, 2013
Like my fellow realtors have stated once the home is actually sold at the sheriff's sale there is little that can be done unless she has the full amount and can redeem the house during the redemption period. But if they had the money they would not be in this situation.

Your friend had options before the actual sale such as a short sale if she/he did not qualify for a loan modification. They should start looking for a new place to move to as quickly as possible before being evicted by the sheriff and having all their possessions put on the curb.
0 votes Thank Flag Link Tue Jan 15, 2013
I also agree with Laurie. If the homeowner has not attempted to short sale by this point, it may be too late.
0 votes Thank Flag Link Tue Jan 15, 2013
Sounds like it's too late if the bank has already foreclosed. The homeowner needs to reach out for help as soon as they can no longer afford to keep making their payments. There are options out there.
0 votes Thank Flag Link Tue Jan 15, 2013
Thanks for your expedious response. In reading the other responses, it seems like its too late. But your response "There are options out there", have me asking is it really too late or am I just being hopeful.
Flag Tue Jan 15, 2013
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