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Waukegan IL short sale attorneyMany people and families throughout the United States are struggling with debt, especially during the COVID-19 pandemic, which has resulted in the loss of jobs, reductions in the income that people are able to earn, and other financial difficulties. Homeowners who are struggling to pay ongoing expenses may be concerned about what will happen if they default on their mortgage, including whether they may face foreclosure. While some homeowners may be able to avoid foreclosure through a loan modification, others may find that they will be unable to avoid losing their home. In these cases, a short sale can sometimes be beneficial.

What Is a Short Sale?

A homeowner may owe more on their mortgage than their home is actually worth. If the homeowner is experiencing financial hardship, they may be able to sell their home at a fair price and avoid owing additional money to their mortgage lender. In many cases, a lender will need to approve a short sale, although it may be possible to complete a transaction without lender approval.

Short sales can provide multiple benefits to those who are unable to make mortgage payments, including:

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Lake County foreclosure attorneysIf you are behind on your mortgage payments and you owe more than your home is worth, you may be wondering what will happen next. One option which may be advantageous to you and your family is a “short sale.” A short sale occurs when a home is sold for an amount of money that is less than what the owner still owes on the mortgage. Short sales are often used to avoid foreclosure. Having your home foreclosed on is not only extremely stressful but can also result in significant damage to your credit score. Some people who experience foreclosure are even forced to file for bankruptcy. A short sale is not right in every situation, but there are several advantages to short selling of which you should be aware.

Avoiding the Stigma of Foreclosure and Remain in Control of Who Gets Your Home

Life does not always go according to plan and foreclosure can happen to anyone. One out of every 2541 residences in the United States is in some stage of the foreclosure process. In Illinois, that number is one out of every 1381 residences, nearly double the national average. Dealing with foreclosure on is not necessarily something to be ashamed of, however many people who experience foreclosure do feel embarrassed when friends and neighbors find out about it.

Short selling your home is a one way to avoid the stigma associated with foreclosure. Furthermore, because you are selling your home, you maintain control over the sale. You ultimately get to decide who gains ownership of your home instead of the bank making this decision.

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