Posts Tagged ‘short sale’

Chicago Condo Short Sale Success Story!

December 21, 2011

I had to write and thank you for your help and expertise in the recent short sale of my Chicago condo.  Before I contacted you, I had spoken to several different real estate agents who, because of the bad real estate market, wouldn’t even consider trying to sell my condo; they just kept putting me off.  I was moving out of state and really needed to sell.  It was very disappointing and disheartening, meeting with agent after agent who wasn’t willing to help. I wondered if they were only in real estate for the money, when times were better?  And then I called you.

When we first met in my condo, you were friendly and outgoing.  After we carefully discussed my situation, you suggested a short sale.  You came very well prepared with information on the recent sales, time on the market, and asking/actual sold price differences for not only condos in my building but for those in the surrounding neighborhoods.  You took the time to explain everything to me thoroughly and answered all my questions, making sure I understood completely about short sales, foreclosures, renting possibilities, and what exactly was happening in the real estate market, so I could make the best decision for my situation.

There were a lot of ups and downs pertaining to the sale of my condo because of the bad market; so much paperwork from the mortgage company, the lawyer, and the banks, but through it all you remained calm and confident, which in turn kept me calm, and for me, being halfway across the country, that meant a lot!  You really did get me through this ordeal.  This Chicago condo was my first real estate purchase and first real estate sale and you walked with me through it every step of the way, constantly explaining everything that was happening and truthfully answering all of my questions.

I truly cannot thank you enough. I believe the sale of my condo NEVER would have happened without YOU!!!!  I have told family and friends how wonderful you are and how you really know your business when it comes to “all things real estate”. It is obvious you have been in this business for a long time, you are up-to-date on current issues/processes regarding real estate information. You are honest and open about everything and you truly care about your clients!  I am so happy and grateful to have met you and was able to work with you. I would call you again in a heartbeat!! 

Again, thank you for selling my condo and thank you for everything!

Deidre Hogan

Avoiding Foreclosure Of Your Chicago Home

August 17, 2010

In our present economic situation, many people are currently facing the loss of their homes. However, because foreclosure is expensive for lenders, mortgage insurers, and investors, the FHA, HUD, Freddie Mac, Fannie Mae, and private companies are being required to work with borrowers who are experiencing money problems. As a result, lenders do have workout options to help you keep your Chicago home. Warning: Do not mistakenly assume that your mortgage situation will correct itself; you must take the steps suggested below to avoid, or at least forestall, foreclosure.

foreclosure1. ACT NOW! Time is of the essence. Do not ignore letters or calls from your lender. If you do, chances are that action to foreclose will begin quickly.

2. CONTACT YOUR LENDER:  When you reach the lender, you should be prepared to provide him/her with your account number; a brief explanation of your circumstances; income documents or evidence of unemployment, public assistance, or business losses; and a list of your household expenses. Ask about a reduced interest rate, refinancing, lengthening the term of the loan, and a repayment plan for missed payments. In all probability, the lender will mail you a loan workout package. It is important that you complete and return these forms quickly.

3. DO RESEARCH; Reread your loan documents to determine what is said about unpaid mortgage payments. Learn about specific foreclosure laws in your state Get in touch with the government housing office where you live.

4. CONSIDER SELLING: Lenders will most likely suspend foreclosure proceedings while your Chicago home is on the market and possibly even eliminate mortgage payments during this time. Explore a short saleIf the market value of your house is less than you owe, your lender may consider taking the sale proceeds and forgiving the rest of the debt. Or you might give your deed to the lender in return for the loan balance being cancelled. Check with an attorney or housing counselor before taking these actions.

5. BEWARE OF SCAMS! Avoid “foreclosure prevention” companies who offer to negotiate with your lender, will cost you thousands of dollars, and may even “rescue” your home away from you. Do not sign anything from these firms!

6. SET PRIORITIES: Pay the mortgage on your Chicago home before paying credit card debts, doctor bills, or the like. Can you sell a second car or other assets? Could you take a second job to ease the situation? Your lender needs to know that you are serious about trying to find a solution to your financial problems and are willing to make sacrifices to do so.


        a. Get legitimate help. Contact a HUD approved housing counselor (1-800-569-3287) or 1-888-995-HOPE) for free or low-cost guidance. Help is also available from the National Foundation of Credit Counselors (1-866-557-2227). Also, check with your local bar association or a neighborhood legal services program for pro bono legal representation.

        b. Look into government benefits such as fuel assistance, food stamps, or property tax abatements to help you through this difficult period.

It is important that you be both aware and proactive in your fight to keep your Chicago home!

I am a Certified Distressed Property Expert (CDPE). I have the training, knowledge and experience needed to help save your Chicago home from foreclosure. The clock is ticking. Don’t hesitate. Give me a call for a private consultation.