Short Sale Chicago

Avoid Foreclosure. I Can Help.

* WHY SHORT SALE?

Why to sell short?

There are countless hardships that can turn home ownership from a joy into a burden.

The loss of a job, medical bills, or an unexpected hike in monthly payments can all make a mortgage unaffordable.  But ignoring the bills will not make them go away, it will only make things worse.

If you need help, there are approaches that can help, but you may not be familiar with them.  One of these is a “short sale.”

In an approved short sale, the lender agrees to accept less than is owed for the property, and the homeowner is relieved of the debt.  A lender may be willing to do this because it spares a lot of hassle and expense involved in executing a foreclosure.  And typically, a short sale does far less damage to the homeowner’s credit than a foreclosure does.

If you would like to explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, please contact me.
I will be in touch with helpful information.

 


Barbara Pedersen

Realtor, Short Sale Specialist
Phone: (708) 539-9900
E-mail: b.pedersen@comcast.net

August 11, 2010 Posted by | Uncategorized | Leave a comment

* WHAT IS HARDSHIP?

What qualifies as hardship in a short sale?

Simply being underwater does not qualify as hardship.  If you owe more than you are worth, being upside down alone is not adequate hardship to get a short sale approved. There has to be a financial hardship.

In nearly every case of hardship I have ever seen, a loss of income has been involved. It could be unemployment, divorce, being laid off, the failure of a business, or any of a hundred other things, but a loss or decrease of income is absolutely hardship. When your expenses remain the same and your income goes down or disappears, you have a case for hardship.  If you lose income, hardship is not hard to prove. In rare cases, income has remained the same but the payment has adjusted up, but the mathematical outcome, namely a deficit, is the same.
I can pretty much guarantee that with mortgage investors, Fannie Mae, and Freddie Mac shaking in their boots about strategic defaults that hardship will have to be proven and justified.  It may not be enough to state your hardship.  Borrowers have to provide any and all supporting documentation in order to have qualified hardship.

August 11, 2010 Posted by | Short Sales | Leave a comment

   

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