Many sellers have found that they owe more money on their property than it is worth. This is often referred to as being "upside down." Others are behind on mortgage payments because of creative financing terms ending or other issues. Of course others simply lost their jobs or face another financial hardship and can no longer afford their mortgage.
Whatever the reason may be, for many sellers, a "short sale" may be a viable solution. A short sale is when the lender agrees to accept a loan payoff that is less than the full amount due on the mortgage. It is true that this may adversely affect the credit score of the seller, but it is not as damaging to a person's credit as a foreclosure or bankruptcy.
If you are a homeowner contemplating a short sale, call our office, at 312-238-9298, for a free 15-minute consultation. Our firm has a lot of experience handling short sales and we can answer all your questions. It does not matter whether you live in Chicago, Berwyn, Naperville, Orland Park or another suburb. We handle short sales all over the Chicago land area.
Bradford Miller Law has been representing both buyers and sellers of short sale properties for several years. We offer free legal representation to homeowners seeking a short sale. Call us to help you with your short sale transaction.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
http://www.bradfordmillerlaw.com
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