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)