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How to Qualify for Short Sale

Posted on in Bankruptcy

Purchasing a home requires planning and budgeting skills. Mortgage payments must be included on family calendars and paid on time. The joys of home ownership are great, but can require sacrifice. When hardships happen, it can make the home ownership even more stressful and financially difficult. In Illinois home owners do have the option of a short sale for their homes to quickly get rid of a home they no longer can afford.

Short sale is selling a property for less than what is still owed to the lender. In Illinois you must show that you have actual financial hardships that make it unable for you to make payments and better for you and the lender to rid the property lower than owed.

Typically, lenders will move forward with a short sale if the qualifications are met. You must show that you have lost a job, are receiving a reduction in income, business closure, divorce, illness/medical expenses, physically able to take care of the house, death in family, military duty or even a change in terms of your mortgage that make it unable to make payments. After notifying the lender of your intention to do a short sale, waiting for the approval and the amount you can go under to sell can be a nerve wrecking process. A bottom line price from the lender will help you negotiate your sale.

If for some reason your lender does not approve it you do have the option to seek assistance from the Illinois Attorney General's Consumer Protection Division. However, most homeowners are not denied a short sale because in the end it does save the lender money so they do not have to do a foreclosure and then go around and resell the property.

If you have a property and are could benefit from a short sale, contact a bankruptcy attorney in the Cook County area who can assist you through this process and help you with bankruptcy or staying away from bankruptcy, today.

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