What is a short sale?

A short sale is when a homeowner who is facing foreclosure owes more than the property is worth and the bank agrees to take less. For example, if Bob A. owes $300,000 on a mortgage and his home is only worth $220,000 the bank would accept "short" of what is owed on the property to avoid a costly foreclosure process. The borrower will be able to avoid a damaging foreclosure on their credit and the bank will be able to net more money entertaining the short sale option. It's a win-win for all parties involved.

Are you currently facing this situation?
Are you late on payments?
Do you owe more than your home is worth?

If you are in any of the above situations a short sale might be an option for you! All of these situations are what we deal with on a daily basis. We specialize in assisting homeowners cure their current foreclosure situation throughout the Chicago-land area. While being in foreclosure may be scary, you now have a local resource to turn to who can help you solve your problems. You have options and the sooner you act the more options you have.

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