Foreclosure Options for Homeowners | Natalia Novikova

Foreclosure activity is increasing across the United States, and Illinois remains one of the states experiencing elevated levels of filings.

According to ATTOM’s August 2026 U.S. Foreclosure Market Report, 40,277 U.S. properties had foreclosure filings during the month — an increase of 13% compared with August 2025. Completed foreclosures also increased 42% year over year, while Illinois recorded 1,192 foreclosure starts.

For homeowners who have fallen behind on mortgage payments, receiving notices or avoiding the situation can feel overwhelming. However, a foreclosure filing does not always mean that the outcome has already been decided.

Why Acting Early Matters

The earlier a homeowner reviews the situation, the more time there may be to understand the available options. Depending on the circumstances, these may include:

• Contacting the mortgage servicer to discuss possible solutions
• Determining the property’s current market value
• Understanding whether the property has available equity
• Reviewing the estimated proceeds from a potential sale
• Consulting a qualified attorney or financial professional
• Considering a voluntary sale before the foreclosure process advances further

Every situation is different. The appropriate course of action depends on the mortgage balance, property value, foreclosure stage, ownership circumstances, and the homeowner’s personal goals.

A Confidential Real Estate Consultation

As an Illinois Licensed Real Estate Broker, I can help homeowners understand the real estate side of their situation, including the property’s potential market value, local market conditions, and what a possible sale may involve.

The purpose of the conversation is not to pressure anyone into selling. It is to provide clear information so the homeowner can make a more informed decision.

If you own a property in Chicago or the surrounding suburbs and would like to discuss its potential value or the practical steps involved in a sale, you may contact me for a confidential consultation.

Natalia Novikova
Illinois Licensed Real Estate Broker
CENTURY 21 Circle
224-517-5507
natalia.novikova@c21circle.com

Source: ATTOM August 2026 U.S. Foreclosure Market Report

This information is provided for general informational purposes only and does not constitute legal, tax, or financial advice. Legal matters should be discussed with a qualified attorney.