Chicago IL – The Stop Foreclosure Institute recently received a question from Werner. “I am behind on my payments and thinking of just letting my home go into foreclosure. What does that do to the neighborhood?” he asked.
Here is our answer to his question. It does hurt the neighborhood. But, it also hurts you.
Most banks do not do a good job and processing and handling foreclosures. They take 12-18 months to foreclosure on a house and then sell it.
In the meantime they do little to maintain the home. I estimate that half of all the properties I have seen in foreclosure have never even been checked on by the lender.
It has gotten so bad that one homeowner even started up a website to report on these banks. The website is called Lender Offender. Check it out here: www.LenderOffender.com.
In my opinion these banks are not being responsible with these properties. The biggest problem is that Uncle Sam usually takes the fall for any loss.
Uncle Sam does this by guaranteeing them against loss on many mortgages. Or in other cases, Uncle Sam has already bought the defaulted loan from the bank.
The homes eventually sell for a discount after the foreclosure. No home buyer is going to pay market value for a home that needs repairs!
This gives the banks little incentive to check on these properties. Fortunately you can help. Stay in your home until it sells. Keep it looking good and everything in good order.
Then, put it up for sale as a short sale. That will help protect the property values in your neighborhood. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chicago loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Phillip Buoscio.
Phillip is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.
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Phillip Buoscio, Better Living Realty – Buoscio Brokerage, Inc., and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Phillip’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
This information on How A Chicago Short Sale Can Help You And Your Neighbors Avoid The Side Effects Of A Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.