Property Owners and Short Sales
Real Estate Lawyer Serving Cook County, IL
Unforeseen circumstances in a household due to a job loss, decrease in income, medical emergency, divorce or other contributing factors can make an individual fall behind in debt payments and mortgage payments. Many homeowners buy a home with a mortgage fully intending to make the required payments but just cannot keep up no matter how hard they try. The mortgage lender may proceed with foreclosure actions on the homeowner where the bank takes possession of the real property. An option to foreclosure is a short sale.
For information about short sales, contact an experienced attorney knowledgeable in all areas of real estate transactions with the resources to help many clients with short sales. The Law Office of Al Beaudreau, LTD is committed to assisting people with their real estate transactions and offers professional legal services concentrating only in the areas of the sales and purchasing of real estate. Over the past 17 years, we have closed more than 5,000 real property transactions. We provide information to clients about all legal aspects of real estate buying and selling, including short sales.
Short Sale Information
In a recent report by the Chicago Tribune, "One-third of Illinois home-owners who participated in the national mortgage foreclosure settlement sold their homes through short sales...In Illinois, 3,763 borrowers sold their homes through short sales." Other statistics suggest that:
- Six out of 10 homeowners wish they understood the terms and details of their mortgage better
- More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage
- Homeowners fail to contact their lender because they are embarrassed, don't believe the lender can help, and/or believe it would cause them to lose their home more quickly
Whether you need help with a short sale, or would like to buy a home that is a short sale, the Law Office of Al Beaudreau, LTD has the knowledge and expertise you want on your side! Short sale can be a viable option for you. The alternative is being forced by the bank into foreclosure, a deficiency judgment, wage garnishments and bankruptcy. Why is a short sale a good choice for you? Most short sales result in the bank forgiving you of your debt. Because short sales bring in more money than foreclosures and because a short sale costs the bank less money in property taxes, homeowner's insurance, lost interest income and so forth, this is better for you too!
In a short sale, the lender agrees to sell the property to a buyer for less than the balance on the real property loan. It is important to have a reliable real estate attorney representing clients during each step of the short sale process. A homeowner who is considering a short sale of his or her property should consult with a lawyer regarding the steps involved, including the benefits of a short sale. Property owners find short sales appealing due to the following:
- A chance to avoid a foreclosure
- Less impact on credit than foreclosures
- Faster and less expensive than foreclosure
Why should you hire an attorney?
Short sales can quickly become complex. Even though no specific Illinois laws apply to short sales, several laws apply to the transaction. A prospective short seller will want to partner with an experienced real estate agent and real estate attorney to see if a short sale is even possible. After listing your short sale, you will need a lot of help, such as collecting financial statements, questionnaires, paystubs, hardship letters required by the bank.
An experienced attorney can assist in the short sale process and guide the client through each step. It is good to have a skilled real estate attorney who can answer questions that may arise and deal with any possible problems before the completion of the short sale. Attorney Al Beaudreau works closely with each client to ensure each real estate transaction moves through the process to a desired outcome. Make an appointment today for a consultation and information about short sales.