Short Sale Lawyer in Chicago, IL
If your bank is threatening to foreclose on your home, a short sale may be an effective solution to your predicament. A short sale allows you to avoid the foreclosure of your home. A short sale is the sale of a home at market value when that value is less than the amount currently owed to the bank. A key element of this type of sale is that the bank must agree to the sale beforehand. One of the main difficulties is securing the bank’s approval of a short sale.
At Benjamin Brand Services our Chicago short sale attorneys will speak to the bank on your behalf. We can frame the advantages of a short sale within your particular circumstances to your lender.
Short Sale vs. Foreclosure
In a debate as to which is the better option for your credit and your future home ownership, a short sale is preferable to a foreclosure. A short sale has a less detrimental effect on your credit than a foreclosure. That means that you will be able to get back into home ownership sooner than with a foreclosure.
There are two aspects to a short sale that require some attention: the deficiency and the tax consequences of the sale.
What the bank refers to as the deficiency is the difference between the amount it is owed and the amount the home sold for. We can negotiate with your bank to avoid or minimize the deficiency. Further, if the bank does decide to pursue a deficiency, we can negotiate that the repayment occurs over time as a loan. This can actually help you start rebuilding your credit.
The tax consequence of a particular short sale should be discussed with a tax professional.
In addition to helping negotiate your short sale, we will represent you in any subsequent foreclosure proceedings at no additional costs beyond the appearance fees.
If you fear that foreclosure is imminent and your home’s value is underwater, a short sale can be an effective solution.
Call 312.853.3100 or contact us online to schedule your free initial consultation. We offer flat fees so that our customers know their costs up front. Se habla español.
Why Choose Us?
- You can meet with an experienced law Partner in the Firm not some associate.
- We concentrate in foreclosure defense and bankruptcy so we have more options to offer you then other attorneys
- We also represent individuals in Chapter 11's that offer better loan workout and restructuring options then Chapter 13 and most bankruptcy lawyers do not know how to do it.
- We offer a free no obligation consultation where we will discuss your option or options, tell you the pros and cons of each one, the fees and costs and help you make an informed decision. There can be more then one solution!
- We offer affordable payment plans and fixed fees in most cases.
- We have the specialized knowledge to incorporate your student loan debt into your bankruptcy protection