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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)
Attorney Bradley Covey will help you understand your bankruptcy options including filing chapter 7 and chapter 13 bankruptcy in Kane, DuPage, Kendall, and Will County, Illinois
232 S. Batavia Ave.
Batavia, IL
Phone: 630-879-9559
Fax: 630-879-9394
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