A short sale is the sale of a property where the sale price is less than the balance owed on the mortgage. A short sale may be the best option for some people facing financial difficulties, but is it right for you? It might be – if your home is underwater and you are facing foreclosure. Usually in a short sale, your lender agrees to let you sell the property to a third party for less than you currently owe. You must first demonstrate to the lender that you have experienced substantial financial hardship. In the Chicago area, an experienced Chicago real estate lawyer can help you work with your lender and help you navigate the complicated short sale process.
The first thing a real estate lawyer will want to do is to evaluate your complete financial situation. If a short sale isn’t the best option for you, in most cases a good real estate lawyer can suggest practical alternatives that are more in line with your best longterm interests. If you finally opt to sell your home through a short sale, you’ll face several potential obstacles. You’ll need the advice of a good real estate lawyer regarding the legal and tax implications of a short sale in your particular situation. A good Chicago real estate lawyer can also assure that your legal rights are honored and protected throughout the entire short sale process.
Although it does not allow you to keep your home, a short sale will relieve you of your mortgage debt. Don’t wait until your debts have buried you; start climbing out now. If you’re facing foreclosure and other serious debt issues anywhere in or near Chicago – now or in the future – and you think a short sale might bring the relief you seek, speak at once to an experienced Chicago real estate lawyer.