Let a Schaumburg Foreclosure Attorney Help You Decide If a Short Sale Is Right for You
Many people who come into our office are not sure what a short sale is. They know it is one way to sell a home, but some mistakenly think “short sale” means the sale is completed in a short amount of time. However, a short sale usually takes longer than a normal real estate transaction. A short sale means you want to sell your home for less than the amount you owe — and that means getting the mortgage lender to agree to accept the smaller amount as full payment.
Why Consider a Short Sale?
The idea of a short sale is to allow people to dispose of real estate for which they can no longer pay. Other options for disposing of a home you can no longer afford are to surrender the home in bankruptcy, renegotiate the loan or let the lender foreclose. Before you decide what to do with your home, discuss your options with an experienced Schaumburg foreclosure attorney at U.S. Law Attorneys, Ltd. in Schaumburg, Illinois.
If you cannot make your mortgage payments and the market values your home at less than what you owe, a short sale may be a good option for you. You have to get an agreement from the mortgage company to make sure the lender will accept less than the amount owed. A qualified Schaumburg foreclosure lawyer can help.
Short Sales Involving a Second Mortgage
If you have a second mortgage (or even a third), getting a short sale agreement may be more difficult, because there will be no money left for the second lien holder after the first mortgage is paid. However, an experienced Schaumburg foreclosure attorney may be able to help you work out a payoff.
A Short Sale May Help You Avoid Bankruptcy
Many people find they can avoid bankruptcy by using the short sale option. A short sale usually takes longer and requires complex negotiations between the buyer and the mortgage company, making it important to work with a seasoned attorney.
Ask a Schaumburg foreclosure lawyer about whether a short sale is a good option for you. A lawyer experienced with debt solutions can be an invaluable advisor when trying to determine a solution to a mortgage payment problem. Contact our Schaumburg foreclosure lawyers today for a free consultation. You deserve to get your life back, and we can help.