Home Contact Us About

What's my Home Worth?

Request more info

Why list with Able Realty?

You can choose the price & level of service that best suits your needs.

Read More

Distressed Homeowners

Are you facing foreclosure? Do you need to relocate but are afraid your home isn't worth what you owe?

Click here for help

REO Department

Are you a bank, asset manager, or wholesaler in need of an experienced company that can service your listings?

Enter REO department

Home Improvement

Your link to home improvement resources in the area.

Click here for more info


Help for Distressed Homeowners:
What if I'm underwater in my mortgage???

Current economic conditions leave many homeowners facing financial hardship. The housing boom that started in the 1990's was in its last days in 2005. Prices began declining in 2006 and were in free-fall by 2007. Before the asset collapse, a family facing economic hardship could have remedied their situation by putting their home up for sale with the confidence that they would receive not only what they paid for the home, but even more with rapidly appreciating home values. Today many families find themselves in homes that are worth less than they currently owe. If they are having a financial hardship, they may be forced to make the unattractive choice between putting food on the table and paying the mortgage. When children are involved, the correct choice is clear, but no less difficult. Eventually, homeowners in this situation will be faced with the possiblity of foreclosure.

However, distressed homeowners can get help. There are several options available to people in this situation. If you are in this situation, you may be able to refinance or work out an agreement with your lender to make payments affordable. The government has a number of programs available to help you (see links below). You can also hire an experienced real estate agent to perform a short sale. Foreclosure should be a last resort.

Learn More about Short Sales


Home Affordable Modification Program
                 The latest and most popular federal program

                 Avoid foreclosure

IL Mortgage Relief Project
                 Check to see more about Governor Quinn’s Mortgage Relief Project.

Hope Now
                 Support and Guidance for Homeowners

HUD foreclosure website
                 Get advice on avoiding foreclosure

Illinois Housing Development Authority
                 Illinois's foreclosure help website

More Links from HUD
                 Avoid Foreclosure: Illinois - HUD