Default:
Failure to fulfill a legal obligation. A default includes failure to pay on a financial obligation such as not paying your mortgage. It may also be a failure to perform some action or service that is non-monetary like having a tenant that is not properly maintaining a property, they may be in default of the lease.
Delinquency:
Failure to make a payment when it is due. The condition of a loan when a scheduled payment has not been received by the due date, but generally used to refer to a loan for which payment is 30 or more days past due.
If you are a homeowner struggling with your mortgage payment, the most important thing is to avoid foreclosure. You have options available to you. A short sale is a real estate transaction in which the lender agrees to the sale of a house for less than the balance owed on the loan. Banks are usually much more interested in facilitating short sales which avoid costly foreclosures. Short sales also allow you to repair your credit sooner than if you went through a foreclosure.
Bradford Miller Law, P.C. 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. To discuss your options call us at 312-238-9298 for a FREE 15-minute consultation.
We can assist you with all your real estate needs at a very reasonable rate. Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau. At www.bradfordmillerlaw you will find information about our firm along with helpful real estate information.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
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