I have lived in my current house for the last five years. Until recently, I was making standard payments to my Chicago suburb home. About two months ago, I got a letter from my bank asking that I make my missed payments or face losing my house. The bank was threatening foreclosure, so I had to make sure that I found a way to avoid this. I did not have the funds required to pay off the residual of what I owed, so I needed to make a decision. Would I let the bank foreclose on my house, which would damage my credit and leave me homeless, or do I right the process and try to escape with my credit unscathed? To answer these questions, I called a short sale attorney. Chicago has plenty of attorneys, so I had to make sure I got the right one. If I did not find the right attorney, then I could lose my house and my credit.
On the phone, the attorney urged that I look into short sale real estate. According to the attorney, banks would be more willing to short sale a home because of the benefits it faces in the market. If the bank were to foreclose and wait for the procedure to go through, it would be months before the bank would be able to find a new purchaser for the home. The bank would also have to pay its workers and any additional expenses in the process. By dealing with a short sale, the bank will be able to sell the property without any major consequences. Once I saw this info, I asked my attorney for the contact information for a short sale attorney. Chicago has been my household for many years, but the short sale chance was too good to pass up. I would be able to escape my unfavorable mortgage and sell my house. I would not see any of the funds from the sale, but I would not face any prosecution from the bank. The best part would be that my credit score will remain intact during this ordeal. That gives me a great start to begin my life over with a home I can afford.
