River North, Gold Coast, Lincoln Park, Lakeview, Roscoe Village and Edgewater Weather Being located in Illinois, the River North, Gold Coast, Lincoln Park, Lakeview, Roscoe Village and Edgewater area is assured of four full and beautiful seasons with all the varied activities possible at different times of the year. There is sailing and hiking in the summer and sledding and snowmen in the winter. Spring is a lively, vigorous time of renewal and our autumns are so beautiful that people from all over take vacations at that time so they can take tours of the countryside and view the colorful foliage. What a place! Feel free to peek at our local forecast via the web sites featured on this page. Get River North, Gold Coast, Lincoln Park, Lakeview, Roscoe Village and Edgewater Weather Reports Here Request our Free River North, Gold Coast, Lincoln Park, Lakeview, Roscoe Village and Edgewater Relocation Package. It's packed full of useful and important information about the River North, Gold Coast, Lincoln Park, Lakeview, Roscoe Village and Edgewater, Illinois areas. Don't move here without it! It's our job to know EVERYTHING about River North, Gold Coast, Lincoln Park, Lakeview, Roscoe Village and Edgewater! Ask us any question. Or request a FREE information package. There's no obligation, and we promise to get back to you quickly... 
 |
Foreclosures >4. Foreclosure Alternatives
There are several alternatives for a homeowner to consider when foreclosure is looming. Before proceeding, a homeowner must first choose whether or not he or she wants to keep his or her home.
If a homeowner wants to keep their home:
- Repayment plan: The homeowner establishes a payment schedule with the lender to pay the delinquent amount.
- Special forbearance plan: The homeowner requests a temporary reduction or payment suspension that will be increased after a set specific period of to repay the delinquent amount.
- Modifying the mortgage: The homeowner can refinance the debt and/or extend the term of the loan.
- HUD partial claim: If the homeowner has a loan insured by the Federal Housing Administration the lender can get a one time payment from the FHA-Insurance Fund to get the mortgage payments up to date.
- Refinance: The homeowner can negotiate a new loan with a different interest rate in order to make smaller payments.
- All options listed are subject to approval of the lender.
If a homeowner does not want to keep their home:
- Sell the house: Depending on the situation, the homeowner may be able to sell the house for more than is owed to the lender.
- Assumption: The homeowner turns over possession of the house to another person who then assumes the responsibility of the payments.
- Short sale: The lender and the homeowner come to an agreement to sell the home at a loss in order to get the homeowner out.
- Pre-foreclosure sale: The homeowner can sell the home and use the proceeds to settle the mortgage debt, even if the proceeds are less than the amount owed.
- Deed in Lieu of Foreclosure: The homeowner surrenders the property to the lender without further damage to his or her credit.
|
 |
| Q |
During what months of the year do most people move from one home to another?
|
| A |
Most moves occur between the months of May and September. |
See More Real Estate Trivia > |
|
|
|