The Illinois Law Group

There are many houses facing foreclosure on a daily basis and many home owners don’t realize that their situation may qualify for a short sale. In fact, many are still left wondering, “What is short sale?”

Short sale houses that you see on the market are perfectly good homes. There is no reason why someone should not consider short sale real estate if they are in the market for a new home.

A short sale means that the bank or lender felt that they would ultimately benefit more if they accept the proceeds from a short sale rather than continue to press the home owner for the remaining amount of the loan that is owed, plus late fees.

When people are facing the prospect of foreclosure, sometimes they are allowed to opt for a short sale instead. However, there are a lot of deciding factors that go into whether or not you are eligible for a short sale. If not, you still may be able to negotiate a loan modification instead of foreclosure.

People who are in the market for a new home can get a great deal on a short sale house. At the same time, the person selling the home benefits because a short sale does far less damage to one’s credit than a foreclosure. The third party in the matter, the bank or lender, also benefits from this contract because they will incur substantially less fees and costs with a short sale than foreclosing upon the house.

Although this sounds like a great option for everyone, short sales are far less common than foreclosures. This is because it is hard to prove to the bank or lender that they are better off accepting less than what is owed to them. They usually prefer to press the home owner for the full sum of the money or accept a loan modification.

That is why it’s crucial to consult an experienced real estate attorney that specializes in short sales. At The Illinois Law Group, our experience lies in negotiating short sales houses with banks and lenders. If you are interested in more short sale information, simply give us a call today and we will answer all of your questions.

If you’re looking for reliable short sale service and experienced lawyers, The Illinois Law Group is the law firm to consult. With our vast experience handling short sale homes, we will answer all of your questions thoroughly and help you decide if your situation is ideal for a short sale.

Contact us today if you are facing the threat of foreclosure or if you are finding it increasingly difficult to pay your monthly mortgage payments.