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A short sale is the lesser of two evils. If the homeowner cannot afford to remain in premises, the lender will repossess the property through foreclosure proceedings. A short sale allows the homeowner to save on many months of stress, embarrassment, aggravation and uncertainty.

When considering whether to undertake an Illinois short sale, it is very important as a seller to understands the benefits when compared to foreclosure.

One advantage to a short sale is that it is a private proceeding; unlike a foreclosure which is public in nature.

This is not to mention the daily phone calls from the bank inquiring as to why the homeowner is missing their payments. Often the bank will attempt to reach the homeowner at work where they will initiate conversation with anyone who answers the phone, including the homeowner's coworkers or boss! Remember, they are attempting to collect hundreds of thousands of dollars and will use anything within their power to reach that goal.

In a short sale transaction this disturbance can all be completely avoided as the homeowner should instruct the lender to contact our attorney who will act as a buffer between you and your persistant lender. 

A short sale is typically faster and less expensive than a foreclosure for the lender. Lenders may accept short sale offers or requests for short sales even if a Notice of Default has not been issued. Given the extraordinary and devastating number of losses that mortgage lenders have suffered from the 2009 foreclosure crisis, they are now more willing to accept short sales than ever before.  This presents a real solution for "upside-down" borrowers who are struggling with their mortgages.   

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