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.

• We may recommend other alternatives to short selling, such as:
• Foreclosure defense
• Bankruptcy

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:

• 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.
• 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).
• 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.
• 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.
• 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.
• 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 331-321-4748 for the step-by-step guidance you need during the short sale process. 

Illinois Short Sale FAQs

• Why should I choose a short sale?
  • If you are undergoingn extreme hardship through an underwater mortgage, a short sale may be a good way to obtain some relief from mortgage debt quickly.
• Should I choose foreclosure instead of a short sale?
  • Foreclosures involve a longer process than short sales, and as the homeowner you are still required to maintain the property. With a short sale, you are no longer responsible for the property and it will no longer be under your name.
• Does a short sale impact my credit?
  • Your credit score will likely take a hit, but it is difficult to say how much your credit score will fall.

Experienced Attorneys Marked by Legal Excellence

Our consumer law firm is proud to have a legal team of Chicago consumer lawyers who consistently set themselves apart through various legal achievements and honors. Ahmad Sulaiman, our firm’s senior attorney, has a 10.0 Superb Avvo Rating – a perfect score – and has been included on the Super Lawyers® list. Backed by an A+ Rating with the Better Business Bureau, our firm is the kind you need on your side during the short sale process.

Our mission is to help you turn a negative situation into a positive one. We will work relentlessly to help you secure the debt relief you need. Are you being harassed by creditors? Our Protect The Discharge program can provide you with the protection you need to feel peace of mind and ensure your consumer rights are protected.

Have questions? Call our Illinois debt solution firm today!

We understand that the prospect of short selling your home or seeking another kind of debt relief can be overwhelming and daunting. We are here for you to be your reliable guide on the road towards financial stability.