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Short Sale Basics Video

Short Sale – Avoid Foreclosure

Short sale basics:

I want to avoid foreclosure, but I can’t sell my home for what I owe on my mortgage. What can I do?

  •  Learn about Short Sales by watching this excellent video on Short Sale Basics from the Kahn Academy.

What is a Short Sale?

A Short Sale is when you sell your hoe for less than the balance remaining on your mortgage.  If your mortgage company agrees to a Short Sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.

A Short Sale is an alternative to foreclosure  and may be an option if:

  • You don’t qualify to refinance or modify your mortgage
  • You have a long-term hardship
  • You are behind on your mortgage payments
  • You owe more on your home than it is worth
  • You have been unable to sell your house at a price that will pay what you still owe on your mortgage
  • You can no longer afford your home and are ready or need to leave

What are the benefits of a Short Sale?

  • Eliminate or reduce your mortgage
  • Avoid the negative impact of foreclosure
  • Start repairing your credit sooner than if you went through a foreclosure
  • May be able to get a Fannie Mae mortgage to purchase another home sooner (2 years) than if you went through foreclosure (7 years)

by Bradley Covey

 

 

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About Bradley Covey

Bradley Covey is an Illinois bankruptcy attorney helping individuals and businesses file Chapter 7 bankruptcy and Chapter 13 bankruptcy in Kane County, DuPage County, Kendall County and Will County, Illinois. Brad attended SIU undergrad and NIU College of Law. Brad served in the military at Ft. Stewart, Georgia and Ft. Sill, Ok as a Field Artillery Officer. Brad later served in the Illinois National Guard as a Major.