Forgiving Remaining Debt
Foreclosure, unfortunately, is an issue that more and more families and individuals are facing. These clients typically suffer from issues such as losing a job, dealing with medical bills, or an increased adjustable rate mortgage. On top of that, there may be tax increases and utility costs. In these scenarios, the homeowners may find themselves underwater with their mortgage, that is, the balance of the mortgage is more than what the home is worth. When a loan modification is no longer a viable option, I help my clients through the short sales process to forgive the remaining debt on their home and avoid foreclosure.
Orland Park Short Sale Lawyer
If a homeowner qualifies for a short sale, the remaining debt amount is forgiven and there is less effect on the credit score.
"Short Sales" have less impact on your credit than a foreclosure or bankruptcy and may be a viable alternative for some people.
A "short sale" of your home is where your lender agrees to accept a payoff amount less than the balance of your mortgage from a third party buyer. This method is successful if approved by your lender and done within a particular time frame. Time is of the essence with regard to a successful short sale. If you are facing foreclosure and would like to find out more about short sales and other possible options, contact my office today.
When facing stressful financial situations such as foreclosure, it is important not to panic, and to remember that there are options, and that the foreclosure process typically takes a long period of time. As an experienced bankruptcy and foreclosure attorney, I can help you find the best option for your case.
Contact an Oak Forest, Illinois, Foreclosure Attorney Today
If you need information about foreclosure proceedings, short sales and other options call me for a free consultation today at 708-687-8000.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
