Foreclosure Defense Attorneys in Elgin
Have you been struggling to pay your mortgage? Are you on the brink of a foreclosure without any viable options in sight? If you answered yes to either of these questions, take a deep breath and relax because you do have options. With our legal counsel, we can help you find the best path to take towards a brighter future. Most people in these types of situations don’t understand that lenders are willing and capable of cooperating with you to sell your property prior to a foreclosure. One of the options at your disposal that lenders frequently favor to sell a home before a foreclosure is called a short sale.
Elgin Short Sales Attorney
But what exactly is a short sale? A short sale is a scenario where your lender works with you and agrees to sell your home below the value that remains on your mortgage. And the advantages to a short sale are twofold. First of all, the homeowner avoids a foreclosure and thereby avoids the bulk of the damage to their credit history. In addition, in certain circumstances the homeowner will qualify for relocation assistance from the lender.
A foreclosure, on the other hand, is much more challenging. The lender will file a lawsuit against the homeowner for not paying their mortgage and the bank has the right to auction off the home. This can result in removing the family from the home. But here’s the catch – the amount between what the home sold for and the amount you paid on your mortgage can chase you for years to come in the form of debt.
Contact the Jackson Abdalla Law Group for a Free Consultation
If you need help determining the best course of action when you are struggling to pay your mortgage and a foreclosure seems imminent, contact the Jackson Abdalla Law Group at (773) 550-3853 to learn how we can help you short sell your home.