Oak Lawn Short Sale Attorney
Orland Park Real Estate Attorney
Charles Zarzecki Attorney at Law will examine all of the documents and the specific language of the Client/Borrower agreement to uncover what is the best course of action to be taken in regards to a Short Sale Strategy for the Client/Borrower. Our goal is to educate our Clients and with our advice and counsel, help guide you through the pitfalls of a Short Sale. We research each situation individually, and look to execute the best strategy possible for our clients.
What is a Short Sale? Can I refinance or sell my house?
SHORT SALE: You have the option to sell your home anytime before the foreclosure is complete. The foreclosure is only complete at such time a time as the redemption period has expired. However, once a foreclosure has been filed the number of buyers willing to buy at retail and lenders willing to refinance a borrower whom is behind on payments will all but disappear. Consumers do not want to pay retail price when they find a home in foreclosure. A short sale happens when the borrower owes more on the loan than the house is worth, and if buyer agrees to pay an amount that is not sufficient to pay off that borrower’s loan balance. In order for this to happen, your bank or lending institution would have to accept an amount less than the full loan payoff. This settlement agreement is a short sale. As a settlement agreement, no two Short Sales are the same. You may be liable for taxes related to the amount of debt from your original mortgage that is forgiven – current laws may protect you from such taxes if it is your main or primary residence. Your bank or lender may also request as part of the settlement to pay the bank or lender back the amount the bank or lender did not collect at the time of the sale. If you have a great deal of equity in your property, there are many more solutions available. Please do not deed your home to anyone without first consulting with an Illinois licensed lawyer. Our offices can assist you in every step of the short sale process.
Schedule an Appointment
Attorney Charles Zarzecki has more than 25 years of experience helping people throughout the Chicago area protect their rights in real estate transactions. Call 866-670-2507 or contact us online to schedule a free consultation to find out how we can protect your interests.