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Short Sale

Chicago Short Sale Lawyer

Short Sale: A Viable Debt Relief Solution

When a homeowner is struggling to stay current with payments, a short sale may be an effective way of walking away from debt. A short sale is when a homeowner sells their home to a third-party for a price that is less than the loan's outstanding balance. Although this debt relief solution involves losing your home, short sale can be an effective way of obtaining debt relief.

Short sales, however, can also lead to tax debt repercussions. At Atlas Consumer Law, our legal team can help you pursue the debt relief avenue that is best for your specific situation. We will listen carefully to your needs and take your goals into consideration.

How Does The Short Sale Process Work In Illinois?

The short sale process involves several steps and can be complex, so it is often beneficial to work with experienced professionals such as a Chicago short sale lawyer.

Here’s a general overview of how the process works:

  1. Financial Hardship Documentation: The homeowner has to provide the lender with proof of their financial difficulty. This usually entails submitting tax records, bank statements, evidence of income, and a hardship letter outlining the homeowner's inability to continue making mortgage payments.
  2. Property Valuation: To find the home's current market worth, the lender will evaluate the property, frequently via an appraisal or Broker's Price Opinion (BPO).
  3. Listing the Property: It is necessary to list the property for sale. It can be beneficial to work with Chicago short sale attorneys or hire a real estate agent experienced in short sales. Attracting prospective buyers who are prepared to submit an offer that the lender will accept is the aim.
  4. Submitting an Offer: If you receive a fair offer, the homeowner's financial data and a proposed settlement statement are sent to the lender. The offer is examined by the lender, who decides whether to accept it.
  5. Lender Approval: The terms and sale price need to be approved by the lender. Since the lender must make sure that accepting the short sale is preferable to going through with foreclosure, this stage may take a while.
  6. Closing the Sale: The closing procedure works like a regular sale after approval. The lender releases the lien on the property after using the selling profits to pay off as much of the mortgage as possible.

By ensuring that all paperwork is properly filed and that negotiations with the lender are handled professionally, working with a Chicago short sale lawyer can help you get through these processes more quickly. Atlas Consumer Law can safeguard your interests at every stage of the procedure and offer insightful counsel on any potential legal ramifications.

Contact us today or give us a call at (312) 313-1613 for the step-by-step guidance you need during the short sale process. 

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