Asked by Roz, Oak Park, IL • Tue Jun 25, 2013
I would like to find out what is required in Illinois to approach lenders for a short sale of property? I have owned this 3bedroom vintage condo in a 7 unit building for about 8 years. I have managed to pay my mortgage and taxes for the most part on time. I was able to refinance it 2-3 times since I have owned it to reduce the monthly payments. The last time was around 2 years ago. I currently have 2 loans. A 30 year FHA fixed 5.75% Interest with USA Bank and a home equity loan 9.33% interest with Charter One. Both loans combined, I believe I owe around $277,000. I tried to refinance condo again this past April 2013 to reduce the interest of the home equity loan, and I was advised my property is only worth around $170,000, which makes me underwater over $100,000.
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