The first steps to take when navigating through the foreclosure jungle are understanding the basics outlined on this page with these two videos below. Arming yourself with all of the relevant information is crucial to making the right decision for you, your family, and your property.
Please feel free to contact us with any questions and/or comments you may have. We hope you find this material useful.
The Foreclosure Process & Time-line & Differences Between the Liens and Mortgages
Understanding the Foreclosure Process and Time-Line are critical for any homeowner considering a short sale. Illinois is a Judicial State, meaning the foreclosure process takes place via the court/legal system. Currently, the high rates of foreclosure in the Chicagoland area have backlogged the process and the courts. By understanding foreclosure process the homeowner can use it to their advantage when it comes to timing and structuring your deal.
Obtaining the best possible outcome with the least amount of liability for the homeowner should always be the top priority for any short sale service provider. In order to accomplish this, both the homeowner and their agent/negotiators must know the difference between a 1st mortgage, true 2nd mortgage, and a home equity line of credit (HELOC). This is important for determining how to structure and negotiate your deal properly with the bank(s). Every short sale deal is different and utilizing the correct negotiation strategies and tactics is key to obtaining the least amount of liability as possible for the homeowner.
Deficiency Judgments and How The Banks Handle The Loss
What will happen to loss or debt owed and what are the homeowners liabilities from this loss/debt after the short sale transaction has completed? This is the most common question we receive from homeowners about the short sale and it’s good one. The loss is called the “deficiency” amount of debt owned, and there are several ways the banks can handle a deficiency.
Facing Foreclosure? We are happy to provide you with the information you need to make the best decision for you and your family.