A short sale in general terms, is the process of working with your lender to come to an agreed upon settlement price to close out the balance due on your mortgage.
From a homeowners point of view, working with your lender up front can unfortunately be an intimidating, misleading, and emitonally charged event. Often times departments merge, new people get hired, and not all are up to date, or willing/able to help you. We realize this and have constructed a stremlined process that allows us to work with your lender directly to offer a settlement price that works for them, all while accomplishing your main goal of preventing ever having a foreclosure on your credit report.
Many people fear that doing a short sale will damage their credit, and will leave them liable for taxes due on the sale of their home which is not necessarily true. Often times when investors conduct short sales they agree to whatever terms the lender lays out in the mortgage release statement. These statements are sent to the credit bureaus and will negatively effect your score if they are not worded correctly. Unlike other investors we take the necessary steps so that the statement from your lenders will be marked as showing the "Loan paid in full."
Thanks to the Mortgage Forgiveness Debt Relief Act enacted Dec. 20, 2007, taxpayers may exclude debt forgiven on their principal residence. The new law contains important provisions for struggling homeowners and I suggest you familiarize yourself by clicking the link above.
For more information about the foreclosure process and Illinois Foreclosure Law please click the linked text here.
Here you can read articles on the topic of Short Sales and how they effect Credit Score by John Ulzheimer, President of Consumer Education for Credit.com. He is a nationally recognized expert on credit reporting, credit scoring and identity theft. With a combined 13 years with Equifax Credit Information Services and Fair Isaac (inventors of the FICO® credit scoring system), John is the ultimate source of hyper-accurate credit related information and education and has become a highly sought after source for the media, attorneys, businesses and consumers.
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