Short Sale VS Foreclosure: What Should I Choose?

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Real Estate AttorneyYou have to see several factors to determine whether you should let your house go to foreclosure or do a short sale. Although it is easier for some homeowners to let the bank take the property, it may not be the right thing to do in certain situations.  Irrespective of the approach you leverage, it is critical to consult a real estate lawyer and a tax advisor before making a final decision between a foreclosure and a short sale.

Foreclosure Benefits

Although going through a foreclosure is usually embarrassing and painful for sellers, here are seven potential advantages of choosing it over a short sale in Illinois and its surrounding areas according to several foreclosure defense lawyers in the state:

  1. It serves as an instant solution
  2. One can not only stop making further mortgage payments, but also live in the apartment unless you eventually get kicked out
  3. You do not need to fix it when something malfunctions or breaks
  4. It is like a revenge for some individuals, i.e. they might feel better initially when telling the bank officials where to go if rejected their loan modification
  5. You can choose to abandon the house and just walk away
  6. No strangers will traipse through your house
  7. Sometimes banks provide cash for keys upon the public sale

Short Sale Benefits

Here are five potential advantages of doing a short sale in Illinois and its surrounding areas according to several short sale lawyers in the state:

  1. You and not your bank, holds the optimal control over the sale
  2. You may have a better peace of mind knowing who the buyer of your house is
  3. Contrary to popular belief, one can generally not only remain current on their scheduled payments, but also apply for a short sale
  4. One will prevent the social stigma of the shameful “F” word, i.e. foreclosure, for themselves
  5. Your house sale will be handled hassle-freely just like the sale of any other real estate property, with optimal respect as well as dignity

For more information or to schedule a free consultation, contact Jackson Abdalla Law Group today at (773) 550-3853 to speak with an experienced professional on this topic.

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