Chicago Short Sale Lawyer

Attorneys for Foreclosure Solutions

If your bank is threatening to foreclose on your home, a short sale may be an effective solution to your predicament. 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.  It may help you avoid foreclosure in Chicago. 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 LLP our Chicago short sale attorneys will speak to the bank on your behalf. We can show your lender the advantages of a short sale within your particular circumstances.

Short Sale vs. Foreclosure

A short sale is typically preferable to foreclosure when it comes to your credit score and future homeownership. 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 homeownership 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.

Deficiency 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 sells for.  If your home sells for less than its fair market value, your lender can seek a judgment against you. This means that the bank can still try to collect on the difference.

For example, if your home sells for $50,000 below its value, your lender can use collection methods, such as wage garnishment or levying your bank account.

Our short sale lawyers 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. In the end, this can actually help you start rebuilding your credit.

Tax Consequences of a Short Sale

Many factors affect the tax implications of the short sale of your home, such as the type of loan, the disposition of the lender and your financial status. The tax consequence of a particular short sale should be discussed with a tax professional.

Foreclosure Representation in Chicago

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.

Contact a short sale lawyer near me

If your home’s value is underwater and you’re concerned that foreclosure is imminent, a short sale can be an effective solution.

Call 312.853.3100 or contact us to schedule your free initial consultation. We offer flat fees so that our customers know their costs up front. Se habla español.

The attorneys at Benjamin Brand LLP can help understand your options when it come keeping your home and protecting your assets.

Bankruptcy is a last resort. There may be alternatives that can help you deal with the financial burden. Call us at 312.853.3100 for more information about our areas of expertise and to find out if bankruptcy is the best option for you.

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