Wheaton, IL Short Sales Attorney

Aggressive Real Estate Lawyer Helping With Short Sales in DuPage County, IL

A short sale is when homeowners sell their property for less than what they still owe on the mortgage. Making a short sale can be an excellent solution for people who are facing foreclosure, who have been trying to sell for a long time, or who must sell very quickly. Lenders will often agree to accept the sales price in satisfaction of the borrower's debt rather than trying to pursue full payment. Short sales have the potential to benefit all parties, including the buyer, who may be getting a home for less than market value. They are often a way out for a homeowner who is struggling to manage to obligations of owning a home and would prefer to start over or go back to renting. Short sales should always be overseen by an experienced DuPage County, IL real estate lawyer.

The McCormick Law Firm, LLC has more than ten years of experience representing both buyers and sellers involved in short sales. There can be some risk in these real estate transactions that need to be carefully managed by an experienced attorney. Our dedicated short sales attorneys will do all we can to ensure that your short sale will be to your benefit. We can help with everything from negotiating with your mortgage lender to ensuring all relevant disclosures about the property have been made. Although these transactions tend to happen rather quickly, our team will be thorough in making sure your short sale will help you accomplish your goals.

Short Sales as an Alternative to Foreclosure

A short sale can be a great solution for homeowners who are facing foreclosure. This situation can happen to anyone. Even if you carefully planned to make sure you could afford the home you bought, issues like job loss or general economic shifts can make it impossible to keep up with mortgage payments. This can rapidly lead to a situation where foreclosure is inevitable if you do not act. You may be able to avoid the long-lasting issues foreclosure can bring by making a short sale. In most cases, you will be able to sell your house for close to the amount you owe.

We will negotiate with your lenders to try to get them to accept the sale price in complete satisfaction of your mortgage debts. In any event, you will need your lender to approve the short sale because their financial interests are impacted. Many mortgage lenders will accept this solution because it is better for them than going through with a foreclosure. A short sale allows them to recoup most of their investment, whereas if they foreclose, they may not be able to recover much at all. If your lender accepts this arrangement, you will not owe anything else after the short sale is complete. In some cases, you may need to arrange a payment plan for any amount you still owe.

Why You Need a Lawyer for a Short Sale

Short sales tend to happen quickly. However, they are still residential real estate transactions that can be highly complex. You still need an experienced lawyer to help you ensure that all relevant disclosures have been made and everything you are guaranteeing in your closing contracts is true. An attorney can take the time to review all your contracts and the details of the transaction even if you are moving rather quickly on a short sale. Many short sales are done on a for-sale-by-owner basis, which should always be overseen by a lawyer.

The last thing you want is for a legal issue you did not anticipate to materialize after you thought you were completely done dealing with the home you sold. An attorney can work to prevent this from happening so that once your house is sold, you are free to move on without worrying about it.

Contact a Wheaton, IL Short Sales Lawyer

The McCormick Law Firm, LLC is dedicated to helping both sellers and buyers in short sale transactions. Our DuPage County, IL short sales attorneys work with both buyers and sellers. We will be there to help you before, during, and after your transaction. Contact us at 630-517-8570 for a complimentary consultation.