Home Selling in Oak Lawn>Question Details

adaleim, Other/Just Looking in Oak Lawn, IL

my sister inherited a 3 bedroom walk-up condo in Oak Lawn, but her health has made it difficult to handle the stairs. Wondering if this is an option.

Asked by adaleim, Oak Lawn, IL Sat Aug 11, 2012

There is a $112K mortgage remaining, which is around what it's worth. I was wondering if any banks, real estate companies, individual investors, etc. might work out and "exchange" of sorts. For instance, a smaller condo in an elevator building, or even a small (2 bedroom) house, in exchange for the deed on this place. Any thoughts welcome and appreciated! thank you.

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I'm sorry to hear about your sister's health. I have not heard of your suggested option above. I do know that this situation would be a prime candidate for a short sale because of your sister's hardship (ie- health). She can have the benefit of being forgiven the balance by the bank. She would also be waived from closing costs, attorney fees etc. because if the short sale successfully goes to the closing table the bank would pay for all of that. She could possibly qualify for $3000 for relocation assistance too depending on what kind of loan it is (Fannie Mae/Freddie Mac). My suggestion would be to explore the short sale process versus the repercussions of deed in lieu. If you have further questions I'm in Chicago please feel free to contact me.
0 votes Thank Flag Link Fri Oct 12, 2012
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