We are real estate agents who specialize in pre-foreclosure sales also known as "short sales" with a focus on helping homeowners get out of unfortunate circumstances with their lenders in cases where they owe more than what their units are worth.
We can help you AVOID FORECLOSURE. You have options available to you to avoid foreclosure. First, you need to know these facts about foreclosures.....
v Over 95% of real estate agents have little knowledge about short sale transactions; therefore, handle them incorrectly. It's important to stress that these transactions are handled very different from the traditional real estate transaction.
v Many "professionals" fail to let homeowners know their options.
v In the next 2-3 Years the market will experience a record number of foreclosures which will keep property values from rising.
v Lenders DO NOT want to foreclose on your home
v Even though you may be in foreclosure - YOU STILL OWN THE PROPERTY AND HAVE RIGHTS!!!
What Are Your Options?
Your options depend on what you want to do with your property.
Do you want to stay in your home or just get out of it all together?
Can you keep up with your monthly payments or is it not possible anymore?
Can you keep up with your monthly payments if you had a lower interest rate?
The answers to these questions will help us determine your best option. To view a full list and brief explanation of your options click on "Alternatives to Foreclosure" section on this website.
Here are some other facts about foreclosures you should consider.
v The foreclosure process in Illinois is a lengthy and can take up to 9 months after the notice of default date. (This can be delayed if you have the proper representation.) Therefore, after the first payment is missed it can take approximately a year before the lender will actually foreclose on you and repossess the property.
v The foreclosure process is a COSTLY process for the bank/lender. They don't want to be in the business of repossessing properties, maintaining properties, and then selling these properties. Selling properties is viewed as a loss to their bottom line.
v Lenders do not like excess inventory of foreclosure properties on their books.
v Lenders can lose a lot more money if the property goes to auction.
v A home owner who goes through a foreclosure is ineligible for a Fannie Mae backed loan for 5 years thereafter, and an investor owner for up to 7 years.
v Future mortgage loans and interest rates will be affected because the foreclosed homeowner must answer "Yes" on the form 1003 Uniform Residential Loan Application question "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?"
v A foreclosure affects credit scores downward 250 to 300 points, typically for over 3 years.
v Foreclosure stays on credit history for approximately 10 years.
v Current and future employment may be affected as many employers now require credit checks, particularly for employees in financial or sensitive positions.
v Outside of conviction of a crime, foreclosure is the most serious issue affecting security clearance for your job. For those who have careers in law enforcement, the Military, a security company, the CIA or other government agencies, a foreclosure could mean the immediate loss of the security clearance and the position.
Remember, if you're facing a foreclosure you do have options and alternatives. The sooner you act the more options you have. We strongly encourage you to call 773-871-8080 for a consultation where we can further assess your situation.
Our home default specialist team is fully staffed from an attorney, who specializes in the short sale transactions, to a full loss mitigation team of professionals who know how to talk to your lender. You are covered every step of the way.
And remember our services are free of cost to you. We earn our commissions by negotiating the short sale and selling your property. Our commissions are paid by your lender.
