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When homeowners default on their mortgage payments, sometimes the only option for lenders is to initiate foreclosure proceedings. However, this can lead to conflict between lenders and borrowers that may result in property damage, increased expenses, and challenges related to finding a new buyer. Sometimes, it is in the best interest of both lenders and borrowers to consider other options that may prevent the need for foreclosure.

Understanding Illinois Foreclosure Alternatives

When possible, lenders may consider working with homeowners to explore options that can prevent defaulting on payments or otherwise make a foreclosure unnecessary. These options include:

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