DON'T LET THE BANK FORCE
YOU INTO FORECLOSURE,
WAGE GARNISHMENT
OR BANKRUPTCY!
CONSIDER A SHORT SALE!!
Our Chicago Short Sale Real Estate Brokerage Service
Is COMPLETELY FREE TO YOU!
We get paid our commission from the banks directly!
We are Local Chicago Short Sales Specialists, Brokers
and Loss Mitigation Banking Experts Serving
the Chicagoland Area!
From Chicago Short Sales To
Skokie Short Sales We Have It Covered
The Following Counties Are Where We Work
Cook--Dupage--Will--Lake--Kane
You owe it to yourself, your family, your credit score and your future
buying power to exercise all options before losing your home to foreclosure!
While selling your home as a short sale will not leave your credit score
completely unharmed, you will face a much smaller credit hit and will be able
to purchase a home again much sooner when compared to a foreclosure
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WHAT IS A SHORT SALE?A short sale is when a lender agrees to accept a discounted or lower payoff than
what is actually owed on the existing mortgage. Basically it means that a bank is willing to accept less that what you owe them on your home.
Lenders will actually negotiate a discounted settlement and take a financial loss rather than seeing the property go into foreclosure, which will cost the bank more money!
The time period prior to a home going into foreclosure is called: PRE FORECLOSURE
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SHORT SALE VS FORECLOSURE
FORECLOSURE
1) Illinois happens to be a Judicial state. This means that a foreclosure must be approved by a judge! This has important meaning because if a person's home gets foreclosured on in Illinois, that person will actually have a judgement against them in their credit report
2) A foreclosure can stay on your Credit Report in the public records for up to 10 years
3) Earliest you can purchase another home is 7 years
4) Deficiency Judgement... In the state of Illinois, the bank/lender has the right to ask the court for a monetary judgement against the homeowner
5) Homeowner will most likely have 3 JUDGEMENTS against them and get docked at least
300-400 points on their credit report
6) On future home loan applications, Section VIII specifically asks a borrower if they have had a foreclosure in the last 7 years
SHORT SALE
1) NOT A JUDGEMENT!!!
2) Banks do not generally ask for losses back (generally does not mean always)
3) Credit can be affected by as little as 100 points on a successful short sale
4) Purchasing a new home can happen in as little as 2 years in some cases (FHA financing only!!)
Looking to buy or sell a Chicago short sales property? Or just looking to speak to a Chicago Short Sales Realtor? If you answered Yes to either of the above questions, then please CONTACT US! Whether you are looking to buy a Chicago short sales property or looking to sell your Chicago short sales property and avoid foreclosure, we can help!
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DOCUMENTS NEEDED FOR A SHORT SALE
Regardless if we are talking about Chicago Short Sales, Oak Brook Short Sales or Skokie Short Sales, there is one thing that all short sales have in common: PAPERWORK!! There are several pieces of paperwork needed to be completed in order to have a chance at successfully selling your Chicago short sales or suburban short sales
1) Authorization To Release Form
This form that is signed and dated by the seller is needed to access the information on the homeowners account.. A bank will not speak with the realtor who is trying to sell your Chicago short sales without it!
2) Offer To Purchase And Contract
3) Last Two Filed U.S 1040 Tax Returns..copies signed by seller
4) Two Months Of Most Recent Pay Stubs
5) Two Months Of Most Recent Banking Statements
6) If Self Employed, A Year To Date Profit and Loss Statement
7) Statement Of The Sellers Closing Cost HUD 1 Statement
8) Listing Agreement From Realtor
9) All Junior Lien Holders must provide written notice of the willingness to release their liens prior to closing even if it means the lien holders will not receive any proceeds from closing
10) HARDSHIP LETTER..Hardship letter is written by the seller and it explains how the seller has arrived at his/her current predicament.. ie: financial hardship, illness, loss of employment...BE BRIEF BUT THOROUGH IN YOUR HARDSHIP LETTER! CLICK HERE For Examples of Hardship Letters and how to write them
Are you or someone you know falling behind on their mortgage payments and facing a possible foreclosure! If you answered Yes, then CONTACT US NOW! Let our experienced Suburban and Chicago Short Sales team help you attempt a short sales and help you avoid foreclosure! We have the Chicago Short Sales experience and knowledge you need to help you get through this difficult time!
COMMON SHORT SALE QUESTIONS
Question
Should I continue making my mortgage payments to the bank during a short sale?
Answer
My answer to this is always: "I cannot legally answer that question"
If a Illinois real estate broker answers this question in another other way, he/she is asking for big trouble. Answering a question like this is Illegal for a real estate professional to do because this type of question falls under Legal Advice, and only a Illinois licensed attorney can answer this
Some Important Things To Keep In Mind
1) The majority of banks will not allow you to actively pursue a short sale unless you are at least 30 days late on your mortgage payment
2) Every Mortgage Payment you miss is a Ding against your credit score
3) In Illinois, a bank can begin the foreclosure process once you are 90 days delinquent
Are you or someone you know faling behind on their mortgage payments and facing a possible foreclosure? If you answered Yes, the CONTACT US NOW. The Kontos Group Short Sales Team is a experienced group of Suburban and Chicago Short Sales professionals. Let our experienced Chicago Short Sales team help you avoid foreclosure! We have the Chicago short sales experience and knowledge you need to help you get through this difficult time!
COMMON SHORT SALE QUESTIONS
QUESTION: "If Im trying to short sale my condo, should I still make my monthly association payments?"
ANSWER: Yes...If you stop making your monthly assessment payments to your condo association, you will find yourself in even a more sticky situation. If you stop paying your monthly condo assessments, your condo association can and will put a lien on your property and can even foreclose on you if you fall far enough behind..regardless if you are current or behind on your mortgage payments
Are you looking for a chicago short sales, skokie short sales, evanston short sales, park ridge short sales, niles short sales, lincolnwood short sales, winnetka short sales, lake forest short sales, glenview short sales, medinah short sales, elmhurst short sales, lombard short sales, bloomingdale short sales, roselle short sales, itasca short sales, addison short sales, oak brook short sales, naperville short sales, chicago short sales realtor, skokie short sales realtor, river north short sales, lincoln park short sales, lakeview short sales, west loop short sales, south loop short sales, chiago foreclosure, skokie foreclosure? If you answered yes, please contact us!
COMMON SHORT SALES QUESTIONS
QUESTION: Can I Live In My House or Condo During A Short Sale?
ANSWER: YES
QUESTION: Can I Short Sale My Property To A Family Member?
ANSWER: NO...A short sales must be an "ARM's LENGTH" TRANSACTION.. The property cannot be sold to anyone you have a relationship with.. You will be asked to sign documentation pertaining to this
QUESTION: Can A Seller Profit From A Short Sale
ANSWER: NO...Lenders will not allow you walk away from the closing with money while the lender is taking the loss
Are you looking for a chicago short sales, skokie short sales, evanston short sales, park ridge short sales, niles short sales, lincolnwood short sales, winnetka short sales, lake forest short sales, glenview short sales, medinah short sales, elmhurst short sales, lombard short sales, bloomingdale short sales, roselle short sales, itasca short sales, addison short sales, oak brook short sales, naperville short sales, chicago short sales realtors, chicago short sales condo, chicago short sales expert, skokie short sales realtor, river north short sales, chicago river north short sales, lincoln park short sales, lakeview short sales, lincoln square short sales, west loop short sales, south loop short sales, chicago foreclosure, skokie foreclosure? If you answered yes, please contact us
Mobile 630 327 9136
