Missed mortgage payments can eventually result in a foreclosure. You will lose your property and your credit score will suffer a severe decline with a foreclosure on your record. A short sale is possible is most scenarios and can protect your financial interests. An experienced real estate lawyer in Illinois can certainly help you with achieving a short sale with the permission of your lender. Here are some excellent tips to ensure that you can proceed with a short sale in difficult mortgage scenarios.
Prepare A Hardship Letter
This is a letter in which you elaborate the difficulties that have brought you to the point of wanting to short sale your real estate property. The hardship letter does not need to be detailed, but complex enough to get your point across. You may need the support of experienced real estate attorneys, such as the Jackson Abdalla Law Group.
Create a Team
A successful short sale is a complex process. The ideal way to achieve success in selling real estate property in this manner is to create an effective team. This must include an accountant, a real estate agent, and an experienced attorney. Creating a great team will ensure that all parts of your short sale are fully covered, and you do not face any surprises during the course of the entire process. Remember, we have experienced attorneys that understand your needs in Elgin and the surrounding areas in Illinois. We can become part of your team and help you ensure the best performance out of a short sale activity.
A key tip that you should follow is to complete your documentation properly, before going for a short sale attempt. Important documents are required by the lender to help realize that a short sale option for the real estate property may be the best one for them, considering your current financial circumstances. You need to give them proof of your current income level, as well as how much money you owe them.
The documents must include tax returns for the past two years, bank statements and paystubs for the past 60 days, and any other financial documents that show proof of income. These records establish your financial hardship and create the basis for your case. If you are facing problems in completing the required documentation, you need to take the help of a knowledgeable real estate attorney to help you go through with your short sale case.
Understand Your Taxation Issues
Remember, going through a real estate short sale may hold implications in terms of your personal taxation. If your mortgage lender forgives the amount which is remaining on your mortgage, the government may consider it as an amount that you collected as your income. You can retain the support of our experienced attorneys in the Greater Chicago Area, in order to ensure that you can exclude this sum from your income, by applying for the Mortgage Forgiveness Debt Relief Act. Your lawyer can guide you with the required documentation in this regard.
We represent clients in Kane County and the greater Chicago area. Contact Jackson Abdalla Law Group at (773) 550-3853 and get the ideal legal help for your short sale needs!