Pre-Foreclosure in Chicago

In a Chicago pre-foreclosure, a homeowner receives a Notice of Default, perhaps after missing several mortgage payments. In some instances, the Chicago homowner is able to catch up with the back payments and to continue to own their Chicago property. There are several approaches to obtaining a pre-foreclosure Chicago property. The basic premise is that in an effort to avoid the damaging effects of foreclosure on the Chicago homeowner's personal financial credit a negotiation out is a viable exit strategy. The owner sells the home for what is owed on the note and is given a dollar amount for relocation plus a portion of their equity. Chicago pre-foreclosure offers a very clean transition of ownership with very little risk as inspections may be conducted before closing. This method of acquisition does carry a viable profit margin as the home typically is purchased at a substantial discount to market.

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