What are the requirements for Short Sale in IL in 2013?

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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Sandra Dita…, Agent, OAK PARK, IL
Tue Jun 25, 2013
You will need to prove a financial hardship:

* Death of borrower or co-borrower
* Long term or permanent illness or disability of a borrower or co-borrower or dependent family
* Divorce or legal separations of a borrower or co-borrower
* Distant employment transfer/relocation
* If other financial hardship exists-- you will need all relevant documentation for consideration.
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Sandra Dita…, Agent, OAK PARK, IL
Tue Jun 25, 2013
I would suggest emailing my Expert Short Sale Attorney for some more information.
His name is Tom Haught: thaught@gardilaw.com
He is helping me close 2 short sales this month.
If you need a free market analysis and consultation please feel free to email me at sandra.lopez@bairdwarner.com
I love to assist people with short sales and help them to move on with their life.
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