Chicago IL – A Chicago Short Sale is an option to sell your home when you owe more than it’s worth. You may have bought your home only to see it drop in value. If you want to sell and don’t have enough money to cover the loss, then you need to consider a short sale.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
This is where your lender agrees to take a loss. Obviously, they don’t like to do that. If you have money in savings, they might ask for it. However, federal law forbids them from asking for money in your 401k or IRA.

Here is why lenders will accept a loss thru a short sale. They know that people often have financial problems and the home will have to be foreclosed upon. They have run the numbers and calculated that short sales cut their losses. This is because the home is sold faster. Most foreclosures take 12-18 months, if not longer. It is better to sell the home today versus selling it 12-24 months down the road.

The lenders use several methods to see if a short sale will be better for them financially. They will ask for you to write a letter describing your situation and explaining the hardship that is causing you to sell. This is called a hardship letter. They also also ask for your financial information.

This paperwork is submitted along with a sales contact, HUD-1 settlement statement, and any other documentation needed. The lender will order an appraisal or opinion of value. After they analyze all the information they will approve or deny the short sale request.

In some situations they will ask for more documentation. After the short sale is approved the closing proceeds. The buyer gets an inspection, appraisal, and survey. The final closing settlement statement is submitted to the lender for approval. After the lender approves the sale closes. You are free to move on with your life without a huge debt and without a foreclosure on your record.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at .

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on how a Gainesville Short Sale works is provided as a courtesy to our viewers to help them make informed decisions.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Chicago IL – There are many reasons to use a short sale to stop foreclosure. If you want to keep your home, then you need to attempt a loan modification. If you do not want to keep your home, then you need to consider your options.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

There are 3 options if you do not want to keep your home. Option #1: Do nothing and the lender forecloses on the house. Option #2: Deed in Lieu of Foreclosure. I don’t recommend this as detailed in yesterday’s column on Deed in Lieu. Option #3 is a short sale.

Here are the benefits a short sale offers over a Foreclosure or Deed in Lieu.

Will you be able to buy another home in the future?

Current Fannie Mae Guidelines allow you to purchase another house 2 years after a short sale. Fannie Mae is the most common loan people get and most lenders have policies similar to them. After a foreclosure, the current Fannie Mae Guidelines require you to wait 5-7 years before getting a new loan.

How will a short sale or foreclosure affect my ability to get a loan in the future?

If you short sale, then you can state “No” because you short sold your home. You only have to say yes if the bank completes the foreclosure. After a foreclosure any future application will require you to answer the question, “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” you’ll have to answer that question yes.

How will my Credit Score be impacted?

After a short sale, the mortgage is normally reported as “paid in full, settled.” So the biggest impact will be from late payments. This lowers your score as little as 50 points if all other payments are being made. Most lenders review late payments in the last 12-18 months. After that, they become less important.

After a foreclosure your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.

Will I owe my lender any money for the shortfall?

Few lenders ask for a promissory note on a short sale. In the rare case they do ask for one, then they usually request the borrower repay them a percentage of their loss. As an example, a property we short sold, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest. The seller’s monthly payment was only $138.89.

Many lenders take 12-18 months to foreclose upon a property and resell it. This dramatically increases the loss and makes any deficiency judgment potentially bigger.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at phil@teambrealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. phil@teambrealty.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on how to use a short sale to stop foreclosure in Chicago is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – If you are facing foreclosure, then I’m sure you’ve heard of a Deed In Lieu of foreclosure. Some people say it is a great way to avoid foreclosure. Actually, all it does is accelerate the foreclosure process.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Here are the most common myths about a Deed In Lieu.

Common Myth #1: If I do a Deed In Lieu in Chicago, then I will not owe the lender any more money. A Deed In Lieu is similar to a No Contest Plea. The judge stops analyzing the foreclosure case and simply schedules the foreclosure auction.

Unless otherwise stipulated, the lender still has all the deficiency and future collection rights. They may come after you for the loss.

Common Myth #2. A Deed In Lieu is better for my credit than a foreclosure. I’ve heard many people say, “A Deed In Lieu is better for your credit because you avoid foreclosure.” It’s kind of sad to hear them say it. After you sign all the Deed In Lieu paperwork, then your house will still be sold at a foreclosure auction. Any person can actually bid on the house at the auction.

Common Myth #3: A Deed In Lieu Is easy. This is absolutely not true. The process required a lot of follow up with the lender. Most lenders require you submit all your financial information. They want to make sure that you genuinely cannot afford the property. The process often takes between 20 and 40 hours over the course of several months.

First, you submit your paperwork. Then, you call your lender to make sure they received your paperwork. Then, you have to wait while they review it. Then, you have to answer any question or provide more paperwork they request.

To me this is insane. Why not just live for free until your lender forecloses? A Deed In Lieu of foreclosure offers almost zero benefit to you. So why go thru the aggravation? That is why I always recommend a short sale over a Deed In Lieu.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information on Deed In Lieu of Foreclosure in Chicago is provided as a courtesy to our viewers to help them make informed decisions.

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Chicago IL – Fannie Mae stands for Federal National Mortgage Association. Fannie Mae was placed into conservatorship by the US government in June, 2008.

Fannie Mae short sales are much simpler than other short sales. Around half of all US mortgages are owned by Fannie Mae or Freddie Mac. That means the company you have been mailing your mortgage payment to does not actually own your loans. You might mail your check to Bank of America, Wells Fargo, or Chase. But, they act as a “Servicer” on behalf of Fannie Mae.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

Fortunately for most homeowners, Fannie Mae does not pursue deficiencies or promissory notes. The only exceptions are if it were a strategic default or the loan has Mortgage Insurance. Even in these cases, you can usually avoid a deficiency judgment. A Fannie Mae short sale has to be approved by Fannie Mae.

That means you will send all your paperwork to your lender. They will process your paperwork and then send the final paperwork to Fannie Mae for final approval. In some cases, the lender will be “delegated.” This means that Fannie Mae has “delegated” the authority to make decisions on the short sale to the lender.

Click here to research if your loan is owned by Fannie Mae.

Click here to research if your loan is owned by Freddie Mac.

Fannie Mae is fairly reasonable with their short sale process. Unlike certain lenders, they don’t demand more than is reasonable. They adjust their policies from state to state to make the process easier. In addition, they have a great policy for negotiating with second mortgages.

Short sales with two mortgages can be very tough. The first and second mortgages fight over the available funds. This usually throws a wrench in the short sale negotiations. The second will get zero in a foreclosure. But, the first is willing to give the second something because a foreclosure costs them money.

However, the second wants more than the first is willing to give. Fannie Mae has gotten rid of all the issues with a straight forward second mortgage policy. They pay $3,000 to the second mortgage, regardless of what they are owed. This streamlines the process and makes everyone happy.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information is provided as a courtesy to our viewers to help them make informed decisions.

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Chicago IL – As a Gainesville Realtor, I can do more than just sell your house. In today’s housing crisis, I am helping local families avoid foreclosure. There are many options for you to avoid foreclosure. If you want to keep your home, then you need a loan modification.

That is where you request your lender lower your payment to an amount that you can afford. I give away a free loan modification kit to any homeowner who requests it. Depending upon how far behind you are on payments, you can usually get the missed payments tacked onto the end of the loan.

You will need to submit your financials and all supporting paperwork to your lender. They will review everything and assign a person to work with you. Everything you do from there forward will determine your fate. For example, many homeowners start negotiating a loan modification with the wrong person at the bank.

This is a fatal mistake. See, some people have permission to reduce your payment and work with you. Others are simply debt collectors disguised as loan modification staff. Their only goal is to get as much money from you as possible. When you negotiate a loan modification, make sure you avoid this and other common mistakes.

The good news is many homeowners are able to keep their home. Always keep the lines of communication open with your lender. Keep them updated as things change on your end. If you want a loan modification, then request one. If you decide to short sale, then let them know as well.

Always know your options to avoid foreclosure. Here are the nine options to avoid foreclosure.

<strong>Option #1: Do nothing</strong> and the bank forecloses.

<strong>Option #2: Loan Modification</strong> where the lender reduces your payments and you keep your home. Send me an e-mail at <a href=”mailto:phil@teambrealty.com”>phil@teambrealty.com</a> for a free copy of my Chicago loan modification kit. Or, <a href=”http://philstopsforeclosure.info/Loan_Modification_Secrets.php”>click here to request a copy.</a>

<strong>Option #3: Reinstatement.</strong> This is where you catch up on all the back payments and keep your home.

<strong>Option #4: Refinance.</strong> This is a tough option in today’s lending environment.

<strong>Option #5: Deed-In-Lieu of Foreclosure.</strong> This is where you surrender the home to the lender. It allows them to accelerate the foreclosure process. They benefit at your expense.

<strong>Option #6: Sell the property</strong>.

<strong>Option #7: Rent the property.</strong>

<strong>Option #8: Bankruptcy. </strong>A bankruptcy will stop a foreclosure for 6 months and often even longer.

<strong>Option #9: Short Sale.</strong> Do you owe more than your home is worth? You would qualify for a short sale. That is where you sell the house at today’s market value and your lender agrees to accept that lower amount. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.

Send me an e-mail at <a href=”mailto:phil@teambrealty.com”>phil@teambrealty.com</a>. I will contact you for a  free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by <a href=”http://philstopsforeclosure.info/Short_Sale.php”>clicking here</a>.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. <a href=”http://philstopsforeclosure.info/Loan_Modification_Secrets.php”>Click here to request a copy.</a>

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. <a href=”mailto:phil@teambrealty.com”>phil@teambrealty.com</a>.

View My homes for sale at <a href=”http://”></a>.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa.  Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information is provided as a courtesy to our viewers to help them make informed decisions.

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Chicago IL – I have feared this for a long time. But today I found out that it is actually happening. Here’s the story. Someone is short selling a house. The mortgage is with ABC Bank. They happen to have their checking or savings account at ABC Bank.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

They stop paying on their mortgage. They thought their checking account was safe because it is a different account. Then one day their debit card stops working. “Hmm, this is weird. I know I have money in this account. It should be working”, they think to themselves.

They go check their bank account balance and find out it has been sucked dry. Their lender levied their bank accounts to pay the mortgage that month. Their lender levied their bank accounts to pay the mortgage that month. The sad thing is that most people in this situation are close to broke. Having their last bit of savings wiped out is devastating.

Now they don’t even have enough money for gas to get to work. Here is how to avoid having this happen to you. If you get behind on any type of loan, then make sure your checking and savings accounts are with a separate entity.

If you are behind on a car payment, then move your account elsewhere. You want to make sure that your bank is not owned by the same institution. For example, Wells Fargo recently purchased Wachovia.

JP Morgan Chase purchased Washington Mutual. Bank of America purchased Countrywide. Now, some people think this doesn’t matter because these lenders are so big. “Bank of America is huge! They will never notice that I have my checking account with them”, they tell me.

Yes, this is true. They might not notice. Or, I’ve had people make the argument that they aren’t allowed to levy a bank account. Yes, that might be true as well. But do you have time to read through the 20 pages of fine print for when you first opened your checking account? I’m not a lawyer and I would never try to go through all that. It’s much simpler to simply move your account elsewhere.

I also know of a smaller Chicago bank… (anchored in the west loop ) that took $60,000 of my client’s money in a situation similar. He had a business account there and a construction loan. I know this bank and have alerted all clients banking there about this wonderful move by his bank. My client’s out $60,000 cash!!

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at phil@teambrealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Remember to visit my Chicago short sale blog frequently www.Chicago-ShortSaleBlog.com

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.  We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Phil Buoscio.

To search for homes visit my website at www.BetterLivingRealty.com

This video narrates how One West Bank’s buyout… in the event of a short sale or foreclosures.. the loss is calculated by the original loan amount (ie. in this video 478k plus fees)… and One west bank paid … offer was 240k to One west bank.

According to FDIC formula… it allows the sweet heart deals to get loss write off for the balance… a $195k tax payer bailout is exemplified in this video.

One West Bank profited $101,760 in this short sale… all thanks to the insane arrangement in this example. So the next time you ask yourself why it’s so hard to get a loan modification… it’s because there is more money to be made through short sales and/or foreclosures.

Have you ever wondered why banks are not modifying many mortgages and letting homes go to foreclosure? Check out this video and you will be shocked!!!!

CLICK HERE to watch the video.

http://www.youtube.com/user/fiercefreeleancer

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Chicago IL – You can short sale your house if you have an FHA loan. FHA will forgive you of all the debt and does not ask for a promissory note. That is the case if you are short selling because of a legitimate hardship. Here is how the process works on an FHA short sale.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

You send all of the standard paperwork to initiate a short sale. You will need to include copies of your last 2 bank statements, last 2 years tax returns, and last 2 pay stubs. They will also want a hardship letter and financial worksheet filled out.

The short sale lender will start out reviewing your information. Then, they will order an FHA appraisal. An FHA appraisal has to be done by an FHA appraiser. Only certain appraisers are approved by FHA.

Once the appraisal comes back and they lender had reviewed your documentation, they will issue an “approval to participate.” At that date, they are allowed to approve any offer that nets 88% of the appraised value. After 30 days has passed they are allowed to accept 86% of the appraised value.

Finally, after 60 days have passed they are allowed to accept an offer that next 84% of the appraised value. Here is something that makes FHA short sales easier than normal short sales. You can start the process before you get an offer from a buyer.

Once you get an offer from the buyer, then the lender has 5 working days to approve or deny the short sale offer. If the offer meets the necessary parameters, then the rules state that they must approve it. To get a copy of the exact rules for FHA short sales, then simply Google, “Mortgagee Letter 2008-43.” These clearly laid out rules make FHA short sales so much simpler than other short sales.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.  Also remember to visit my Chicago short sale blog frequently www.Chicago-ShortSaleBlog.com

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.

We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – There is a hidden secret in the foreclosure business. Many lenders are rejecting their borrower’s loan mod attempt. Then, they foreclose the house and sell it bank owned. However, they lose more money from foreclosure versus if they had accepted the loan mod. Let me explain.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A person buys a house for $300,000. The local housing market declines and the house is not only worth $220,000. The homeowner’s income drops and now they can only afford to pay the equivalent of a $220,000 mortgage payment. They request a loan modification. Their lender turns it down. The house goes to foreclosure.

Eventually, 18 months later the home is foreclosed upon. The homeowners move out. The lender lists the home for sale. Because of the continued decline in the housing market, the house is now only worth $200,000. But, it sells for $180,000. Why?

Because the lender doesn’t keep up on it. The house is dirty and the lawn hasn’t been mowed for 3 months. This is because it usually takes 3 months for lenders to list a property after the homeowner moves out. The other reason the house sells for less is because the buyers know it is a bank owned property.

After all, it says it right there in the MLS. As a result, they all make lowball offers. The moral of the story is: The lender would have been better off accepting the $220,000 loan modification versus foreclosing and selling the property for $180,000. Stuff like this happens every day. Unfortunately, no one is telling their story.

What do you think? Do you disagree? Are you one of those people who thinks the following? I hear people say this a lot. “Since those homeowners agreed to pay the lender $300,000, they should find a way to do it. Go get an extra job or mow lawns on the weekend. You know they can pay it, if they just wanted to”, they say. Let me know your thoughts by putting a comment below.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my Chicago short sale blog frequently www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – As a Chicago Realtor, I can do more than just sell your house. In today’s housing crisis, I am helping local families avoid foreclosure. There are many options for you to avoid foreclosure. If you want to keep your home, then you need a loan modification.

That is where you request your lender lower your payment to an amount that you can afford. I give away a free loan modification kit to any homeowner who requests it. Depending upon how far behind you are on payments, you can usually get the missed payments tacked onto the end of the loan.

You will need to submit your financials and all supporting paperwork to your lender. They will review everything and assign a person to work with you. Everything you do from there forward will determine your fate. For example, many homeowners start negotiating a loan modification with the wrong person at the bank.

This is a fatal mistake. See, some people have permission to reduce your payment and work with you. Others are simply debt collectors disguised as loan modification staff. Their only goal is to get as much money from you as possible. When you negotiate a loan modification, make sure you avoid this and other common mistakes.

The good news is many homeowners are able to keep their home. Always keep the lines of communication open with your lender. Keep them updated as things change on your end. If you want a loan modification, then request one. If you decide to short sale, then let them know as well.

Always know your options to avoid foreclosure. Here are the nine options to avoid foreclosure.

Option #1: Do nothing and the bank forecloses.

Option #2: Loan Modification where the lender reduces your payments and you keep your home. Send me an e-mail at myrealtorphil@gmail.com for a free copy of my Chicago loan modification kit. Or, click here to request a copy.

Option #3: Reinstatement. This is where you catch up on all the back payments and keep your home.

Option #4: Refinance. This is a tough option in today’s lending environment.

Option #5: Deed-In-Lieu of Foreclosure. This is where you surrender the home to the lender. It allows them to accelerate the foreclosure process. They benefit at your expense.

Option #6: Sell the property.

Option #7: Rent the property.

Option #8: Bankruptcy. A bankruptcy will stop a foreclosure for 6 months and often even longer.

Option #9: Short Sale. Do you owe more than your home is worth? You would qualify for a short sale. That is where you sell the house at today’s market value and your lender agrees to accept that lower amount. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.

Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Remember to visit my short sale blog for frequent updates and information about short selling in today’s market in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

View My homes for sale at www.BetterLivingRealty.com.

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information is provided as a courtesy to our viewers to help them make informed decisions.