WE are upside down in our mortgage by over 100K . We can make payments but we hate the neighborhood which is going downhill fast. Want out!

Asked by Guest, 60653 Mon Mar 14, 2011

What are our options? We want to short sale.
Neighbor is trying. Can't even get decent
candidates with 100K less. Southside sucks. Residents
who want to live here don't have money, don't have good credit and
can't get loans.

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Ranj Mohip, Other Pro, Chicago, IL
Tue Apr 5, 2011
You can rent the property out, short sell it, do a deed in lieu/cash for keys, modify the mortgage, do a short refinance, or do a combination of some of these things. Talk to an attorney experienced in these matters and come up with a plan.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes
John Walin, Agent, Libertyville, IL
Tue Mar 22, 2011
You need to define a hardship in order to be eligible and qualify for short sale or any form of debt forgiveness. You need to prove you can no longer afford the house because of loss of job, divorce or medical bills. Illinois is a recourse state, so the bank has the right to pursue the shortage loss on sale amount. Get a lawyer and you need to see if you are eligible for a loan modification. Doesn't sound like you want to stay even if the house was more affordable, and that the idea of paying for a house not worth what you owe ticks you off. A lot of people in that boat!
1 vote
Christopher…, Agent, Chicago, IL
Thu Jun 9, 2011
Dear Guest,

Ranj makes excellent bullet points about your options as does Raven. Based on your comments, I'd suggest that you short sell the property because as you said you "want out." If you are not or have not previously been a landlord, then I'd strongly suggest that you sell rather than rent. Chicago is a very tenant friendly city with respect to its landlord and tenant rules. If you don't have already have a strong desire to become a landlord, then don't.

The last two short sales that I listed in the area received offers after 2 days and 17 days respectively. Chances are- your neighbor has either; hired a real estate agent (assuming that they're not trying to sell by themselves) whose marketing of the property has been ineffective, or the property is priced wrong, or both.

If you or your neighbor would like to discuss how to get your properties sold, then please feel free to contact me at any time.

Sincerely,

Christopher Thomas
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
cthomas@kw.com
http://www.myagentchris.com
0 votes
Raven Guzik, , Oak Park, IL
Tue Mar 15, 2011
There are a couple of options you can consider. First, I would direct you to KnowYourOptions.com. This site is offered by FannieMae. It helps people like you, facing tough decision to understand their options.

If a short sale is not an option for you have you considered renting the property and looking to live in different area that would better meet your needs. I want to wish you the best of luck in your journey to make the right decision.

Sincerely,
Raven Guzik
Realtor
Web Reference:  http://www.ravenguzik.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Mar 14, 2011
In order to best protect yourself and any other assets you may have, it may be in your best interest to consult with an attorney who specializes in real estate before considering any options--he/she can best advise as it relates to your specific situation.
0 votes
Accurate Ins…, Other Pro, Chicago, IL
Mon Mar 14, 2011
Talk to an attorney who is real estate and foreclosure savvy. You have various options for getting out. From what it sounds like, none probably all that good; some of which it would not be a good idea to discuss in an open forum.
Web Reference:  http://www.aic-chicago.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more