What is a Short Sale?

Selling when you owe more on the house than the house is worth

Simply put, a short sale occurs when a lender agrees to take less than the amount that is owed on a piece of property. The benefit of a short sale occurs when your net proceeds from a short sale are insufficient to cover your loan balance, but the lender agrees to take a lesser amount. A successful short sale includes the lender forgiving any remaining loan balance, clearing you from any future contractual obligations to the lender. Fox Valley Short Sales provide short sale counseling and services to any homeowner in the state of Illinois at no cost.

Short Sale Example

Short Sale Example

Total Loan Balance: $400,000
Your Home is Worth: $220,000
You are Upside Down: $180,000
Our team of agents negotiates with your lender and successfully short sell your home for $220,000. Your unpaid balance of $180,000 gets forgiven, so your loan balance becomes $0.

Work with us and we can identify and implement the best possible Short Sale solution, which will help you avoid foreclosure. Our counseling and short sale services are provided at no cost. Once we have reviewed your situation we will negotiate with your lender to come up with a solution. Our purpose is to secure a fair agreement with your lender. Speak to a counselor today: 1‑630‑854‑4360 .

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What can I do if I have an upcoming foreclosure date?

Don’t wait! Call today for immediate assistance. We may be able to postpone your foreclosure or auction date.

The first thing you should do is not panic. Secondly, you need to call 1‑630‑854‑4360. Even if your foreclosure is one week away, it may be possible to delay the foreclosure proceedings. Many people feel that when they receive a NOS (Notice of Sale), all of their options are gone. This is far from true, as the lender will try to avoid the more costly foreclosure process.

It is estimated that it costs lenders up to $60,000 to foreclose on a home with court and lawyer fees, so most lenders would rather take a cheaper approach. If you are serious about stopping the foreclosure proceedings, very often the lender will take into consideration your efforts to work through a short sale with professional assistance. It is important to be aware of foreclosure scams and how to avoid them. For example, do not move out of your house with a pending foreclosure until you talk to a foreclosure specialist on our team. A common mistake is that people will move out of the house with a looming foreclosure, but you will lose some of your rights when you do this.
Once we evaluate the situation, we then work with our lawyers to file a freeze on the foreclosure. Because you are now working on a resolution, all parties often agree to the motion.

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