What is a Short Sale? A Short Sale is the sale of a home when sales proceeds do not fully pay off the existing loan(s) and lender(s) accepts a discounted payoff to satisfy the loan. In simple terms, a short sale occurs when a homeowner sells a piece of real estate for less than the ...…
A Deed In Lieu of Foreclosure is a voluntary transfer of the property to the Lender in full satisfaction of the amount owed. By accepting the Deed In Lieu of Foreclosure, the Bank, in most instances, releases the Borrower/Homeowner from personal liability on the loan also known as a deficiency. Commonly, Banks will not accept ...…
Chapter 7 Bankruptcy Chapter 7, otherwise known as “liquidation,” is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships. A trustee (appointed by the court) gathers and sells your non-? exempt property and uses the proceeds from the sale to pay your creditors. Means Testing Federal ...…
Why should one get a loan modification? It allows people to be able to keep their home with payments that they can afford. Another good reason is the impact that a foreclosure would have on their credit profile. Where to get help? There are online resources to help borrowers navigate the loan modification process. There ...…
MISCONCEPTION #1 - “THE BANK SAID THAT I CAN DO A DEED IN LIEU AND NOT HAVE A FORECLOSURE ON MY RECORD.” This is probably one of the worst things you can do in your situation. When your lender asks you to do this, they are asking you to voluntarily foreclose. Do not let your ...…
Pitfall #1 - The Forbearance Trap (Lender repayment plan) Forbearance is not a good solution for consumers in foreclosure, although your lender would like you to think so. Your lender knows that over 85% of those that enter into a forbearance plan do not make the second payment. Your lender also knows that people in ...…
When does my lender file a foreclosure lawsuit against me? In IL, mortgage lenders have the right to start preforeclosure proceedings after 90 days of delinquency. The lender must hire an attorney to file a lawsuit against you and pursue you for the mortgage debt amount. In IL, a mortgage lender cannot foreclose on ...…