Real Estate Short Sale Attorneys and Lawyers in Illinois
Having Trouble Making Mortgage Payments? Looking For a Foreclosure Alternative? Suburban Legal Group’s Northern Illinois Short Sale Attorneys Can Help!
If you can no longer afford your home and want to avoid a foreclosure, a short sale makes a lot of sense. What is a short sale? A short sale is when you sell your property at a loss, and the lender agrees to take less for your home than you currently owe on it.
This has benefits and drawbacks we’ll explore, but it is an effective way to avoid the foreclosure of your home.
The fact is that many Illinois lenders now consider short sales before borrowers get to foreclosure. Why? Foreclosures are expensive and time-consuming for lenders, so opting for a short sale instead may save them time and money. Once the lender realizes that a foreclosure is inevitable, a short sale often becomes the preferable option for their bottom line.
This is great news for you if you’re trying to avoid a foreclosure, though the pros and cons of a short sale should be thoroughly discussed with a short sale attorney before proceeding.
What is a Short Sale and Why Does it Make Sense?
In the current economic climate, short sales make a lot of sense for both borrowers and lenders, and here is why:
- A short sale may save time and legal fees for both parties by avoiding the pricey foreclosure process.
- The lender will take a smaller financial loss than if the borrower continues to default on their mortgage and the property is ultimately foreclosed on.
- You get out from under your mortgage without liability for the amount of the loan that is left unpaid, and your lender will be able to quickly move on and re-sell the home.
Rules and Regulations
A short sale can be a great option for those who qualify, but there are rules and regulations to consider.
- Short sales can be challenging to complete and are sometimes delayed from closing in time to prevent foreclosure when they are not handled by a qualified professional with short sale experience. At Suburban Legal Group PC, we have ample experience in real estate law and short sale transactions.
- A short sale may generate an unwelcome surprise when taxable income based on the amount the sale proceeds are short of what you owe. For example, the IRS treats forgiven debt as taxable income, subject to regular income tax. We’ll work to make sure you know what to expect so there will be no suprises.
- You will need your lender’s approval before acceptance of an offer. Most lenders now have entire departments made up of loss mitigation specialists that will either approve or deny a short sale request based on pre-determined criteria. We’ll work with your lender to ensure a smooth and satisfactory transaction for both parties.
Why Choose Suburban Legal Group to Help?
Suburban Legal Group PC will provide the necessary legal experience and personal service that you deserve for all your real estate and debt relief legal needs. With 2 convenient locations (Schaumburg and Chicago), Suburban Legal Group PC is not far away. We always strive to meet your needs by offering the following:
- Fair and reasonable fees
- Free No Obligation Consultations
- Evening and weekend appointments available
- 2 Convenient locations (Schaumburg and Chicago)
- Flexible payment plans available
- Attorneys who listen and care about your case
Don’t Just Take Our Word For It. Read What Our Clients Have to Say!
“I was panicked and hopeless when I first contacted Suburban Legal Group. I had gotten into trouble with credit cards, student loans, and medical bills. Even though I have a decent job, I just couldn’t stay ahead of creditors. Meeting with John Carlin was like taking an anti-anxiety pill. He couldn’t have been friendlier, more understanding, or more straightforward. I was horrified and embarrassed by the situation I’d gotten into. He was focused only on assessing my situation and helping me to move on. He looked at my information, went over all of my options with me, and gave me time to come to a decision, while remaining amazingly available via phone and email to answer any of my questions, no matter how stupid I thought they were. He always got back to me promptly. I don’t think I ever waited more than a few hours, even in the evenings, to hear back from him. When I ultimately was able to move into a payment plan situation on my own that allowed me to avoid filing a bankruptcy, he continued to assure me that if I had any questions as I proceeded, I could feel free to contact him again. I can honestly say my quality of life has improved since I met with John Carlin. His ability to help me understand my situation and my options has given me back a sense of control and has allowed me to feel like I have a plan to get back on track. I can’t recommend this firm enough. Everyone I have interacted with over the last 6 weeks has been helpful, friendly, reassuring, and professional.”N.G., Schaumburg, IL
Get a Free Legal Consultation To Determine If A Short Sale Is Right For You
If you are considering a short sale, it makes sense to contact a real estate attorney to discuss your options. The attorneys at Suburban Legal Group PC have extensive experience with short sales and can advise you on a home short sale or foreclosure depending on your situation.
Contact us today for a FREE No Obligation Legal Evaluation.