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Waukegan short sale attorneysFalling behind on your mortgage can be a source of tremendous anxiety. Most homebuyers are fully aware that failing to make mortgage payments will eventually result in the lender foreclosing on the loan, seizing the home, and selling it at auction. If you are currently struggling to stay current on your mortgage payments, or if your lender has initiated foreclosure proceedings, you might be able to negotiate a short sale, which could allow you to avoid several unpleasant realities.

What Is a Short Sale?

In simple terms, a short sale is the sale of property for a price that is less than what the owner owes on his or her mortgage. Before a short sale can be completed, the lender must agree to the sale. Additionally, in most cases, the lender will agree to accept the proceeds of the sale and forgive any shortfall between the sale price and the remaining balance of the mortgage. For example, if you have $200,000 left on your mortgage but the most you could get for your home right now is $175,000, you would be $25,000 “short.” You would need to convince your lender that this is the best you can do so that the lender will agree not to come after you for the remaining $25,000.

Benefits of a Short Sale

It is important to understand that the logistics of a short sale are much like those of any other residential real estate transaction. You, as the owner, are responsible for getting the house listed, inspected, repaired, etc.—just as you would be if you were not upside down on your mortgage. While this might seem overwhelming, it also means that you are in control of the sale. You get to choose the offers to which you respond and, ultimately, who buys your house. In doing so, you get sell your home with respect and dignity while avoiding the dreaded stigma of foreclosure.

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