Negotiating short sales to avoid foreclosure

If you are underwater in your Illinois home or property and are in danger of foreclosure, it is understandable if you do not know how to handle the situation. It is likely that you cannot sell the home or property for enough to cover your current mortgage, and if you are delinquent, you may also be rightfully concerned about your credit.

One option you might have is to negotiate with your mortgage lender to sell your property or home on a short sale. In a short sale, your home or other property will be sold for less than its market value. By doing so, you can save yourself the potential expense and damage to your credit that a foreclosure might otherwise cause.

Your lender might be willing to agree to a short sale, especially if by doing so, the lender will lose less money than what a foreclosure will ultimately cost. You may have even shopped around the idea to various real estate agents, only to find that they have quoted unreasonable prices you know the bank or other lender will not accept. You may thus find it helpful to seek out the assistance of an attorney to negotiate with your lender in order to secure an agreement.

Our attorneys understand that a key to securing a lender's agreement to a short sale is through careful negotiation. Sometimes such negotiations will involve analyzing the possible costs of a foreclosure proceeding versus the amount that might be lost in a short sale and then presenting that information in black and white. We also understand that people who are underwater in their homes may need to learn more about their options. We have put together additional information that can be found on our short sales page.

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