There are many people today who still need to do short sales in this market. It’s hard to believe, but this many years after the downturn, people are still in trouble. In Illinois, this has become an issue. As a reminder, a short sale is a sale in which the net proceeds from selling the home fall short of the debts secured by liens against the property.
There is a difference between the lenders you use for a short sale. Some of the larger banks like Citi Bank, Chase, Wells Fargo, and Bank of America have the process down. They’re easier to work with, and they make short sales simpler. When dealing with some of the smaller banks, the process can be a bit more difficult, and they may ask for different things.
Just remember, short sales can still happen in today’s market. If you need a recommendation for an attorney who can help you get a short sale done, I’ll be glad to connect you with who we use and trust. Call or email me with any questions. I would love to help you.