When the economy goes south many homeowners are affected in a negative way. Sometimes homeowners find themselves in a situation where they owe more money on their home than what it is worth on the market. When this happens people must contact a South Elgin short sale attorney to help them with the process of selling their house at a loss.
What Is Involved with a Short Sale
Since a short sale involves selling a home for less money than how much a homeowner owes the bank or lending agency for the house it is important to enlist the help of a qualified attorney who is used to dealing with such situations. There are many complicated matters that have to be handled during the process and a real estate is not equipped to handle all of the ins and outs involved with a short sale. This is a time when you want to be sure that all of your best interests are being looked out for and that is what real estate lawyers do best.
What is the Difference Between a Short Sale and a Foreclosure?
In most instances it is better to do a short sale rather than a foreclosure. Both of these will hurt your credit but a short sale will give you more options in the future. A short sale is viewed much more favorably by lending agencies and often people who do a short sale are completely caught up on their payments. This is in contrast to a foreclosure where people generally are behind on their payments. Many times people who are still up to date on their payments and go through a short sale can qualify for FHA loans right away. So while it will affect your credit it is the better option to consider. Foreclosures are more heavily frowned upon by financial institutions. A short sale allows the home owner to have more control over the process as well which is something many people find comforting.
Finding Out if you Qualify for a Short Sale
If you are having a hard time affording your mortgage and owe more money on your home than what it is worth, you may qualify for a short sale. Each home and situation is different so the best way to determine if you qualify for a short sale is to talk to a South Elgin short sale attorney about your situation.
Do you need to talk to someone about your home and financial issues? Visit our website to speak with a South Elgin short sale attorney today.