Short sale basics video

Short Sale

If you are facing foreclosure in Illinois and can no longer afford your home, you may qualify for a Short Sale and avoid foreclosure.

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

What is a Short Sale?

Watch this excellent video from the Kahn Academy.

Short Sale Basics

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 in Illinois and may be an option if:

• You are ineligible to refinance or modify your mortgage
• You are facing a long-term hardship
• You are behind on your mortgage payments
• You owe more on your home than it is worth
• You have not been able to sell your home at a price that covers 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 debt
• 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 (in as little as 2 years) than if you went through foreclosure (up to 7 years)

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