If you need assistance, please call 312-702-1077

Distressed Sales: REO and Short Sale Specialists

What are Distressed Sales?

Distressed Homes and Foreclosure


Remember the story of Chicken Little and the Sky is Falling?  That scene can describe homeowners when they get the news that their home is in foreclosure. A measure of panic is key and a necessary part of the mix. But the fact that there is a mix is important. Panic needs to combine with knowledge, resilience, determination and resources. There are options.  The earlier a homeowner acknowledges that they are in the process, the more options they have but they’re most likely to do well with a guide team.  The Lighthouse Team can help guide a homeowner through.

 
What is a Short Sale?

A short sale is the sale of a home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds and avoid foreclosure. If Fannie Mae is the first lien holder, we work with the mortgage company that services your loan (i.e. collects your mortgage payments) to communicate with you throughout the short sale process. We provide guidance to the servicer on who is eligible for a short sale, the property listing price, and acceptable contract terms and closing costs.

In addition to avoiding foreclosure, short sale benefits include:
  • Eliminate remaining mortgage debt.
  • Assistance for relocation may be available up to $3,000.
  • Start repairing your credit sooner than if you went through a foreclosure.
  • May be able to get another Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years).
  • Avoid foreclosure.


Short Sale.jpeg
Short Sale

Short Sale

By Fannie Mae

If you're facing foreclosure and can no longer afford your home, you may qualify for a short sale—even if you don’t think you can (or haven’t been able to) sell your home.

A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage servicer agrees to a short sale, you can sell your home and pay off a portion of your mortgage balance with the proceeds. Depending on your situation you may be required to make a financial contribution toward the balance, but once the short sale is complete you’ll be relieved of your responsibility to pay any remaining balance—called a “deficiency waiver.”

A short sale is an alternative to foreclosure and may be an option if you:

  • Are ineligible to refinance or modify your mortgage
  • Are facing a long-term hardship
  • Are behind on your mortgage payments
  • Owe more on your home than it's worth
  • Haven't been able to sell your home at a price that covers what you still owe on your mortgage
  • Can no longer afford your home and are ready or need to leave
  • Beware of Scams

    Learn how to identify and avoid scam artists who promise immediate relief from foreclosure.

    Find out more »
  • FAQs

    Find the answers to common questions concerning your mortgage and the various options to avoid foreclosure.

    Find out more »
  • Glossary

    Visit our glossary of key terms to increase your understanding of the foreclosure options available.

    Find out more »
CONTACT US
By clicking 'Submit' you are expressly consenting, in writing, to receive telemarketing and other messages, including artificial or prerecorded voices, via automated calls or texts from findchicagoareahouses.com at the number you provided above. This consent is not required to purchase any good or service. More details in privacy policy and terms of use.
The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than Catherine Pabatao - Fulton Grace Realty are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. © Many homes contain recording devices, and buyers should be aware they may be recorded during a showing. Copyright © 2021 Midwest Real Estate Data LLC Information deemed reliable but not guaranteed. Properties marked with the MRED icon are provided courtesy of Midwest Real Estate Data, LLC. Broker Reciprocity. Use of this site constitutes agreement to the terms and conditions. DMCA Notice
This site powered by CINC: www.cincpro.com