Trying To Short Sale Your Chicago Home, But Worried The Lender Might Foreclose On It First? Try This.Posted on September 6th, 2011 in All Articles, Short Selling/Buying.
They can drag out for 3-6 months. In the meantime, if you aren’t paying on the mortgage, then the lender will be trying to foreclose on the house.
Here is a tactic you can use to delay the foreclosure process and even stop a foreclosure sale.
Here is a story from Alberto where he explains what to do.
“Here is what I had to do. In the case of looming foreclosure sale date then, I get the owner to go to the courthouse and file a petition with the foreclosure judge.
(The owner is the only one allowed to do this. I think the actual legal term is a motion.)
The seller will be asked to go to a hearing with the judge. The owner goes to the room where the judge is holding session. They sign in and wait to be called.
The owner will be only one allowed to speak and they must explain the situation. The owner explains that there is an offer on the property and that they need some time for the lender to process the short sale.
I always recommend that the seller take copies of everything to show the judge. They bring the sales contract and the buyer’s loan approval.
Most of the time, the judge will grant their request and extend the foreclosure sale date by 90 days. The only exceptions are when it has been postponed several times already.
I hope this helps. Alberto.” Well, that is good news. That sounds like a good strategy. Thinking about a short sale? Short Sale Super Man can help – Visit www.ShortSaleSuperMan.com for information on Chicago short sales.
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, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.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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Phil 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 Phil’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
This information on Trying To Short Sale Your Chicago Home, But Worried The Lender Might Foreclose On It First? Try This. is provided as a courtesy to our viewers to help them make informed decisions.