Robert Nowak    773-699-5151 Direct

Loan Modification DENIED ?

Your best option may be a Short Sale !

SAVE YOUR CREDIT FROM FORECLOSURE, DEFICIENCY JUDGEMENTS, BANKRUPTCY AND WAGE GARNISHMENTS.

NO COST TO YOU- REALTOR, ATTORNEY, AND TITLE COMPANY

PAID BY THE BANK !

A short sale is a real estate transaction where the homeowner owes their lender(s) more than what their property is worth. In a short sale, the lender must approve and accept less than what they are fully owed. The main benefit of a successful short sale is that you will be able to show your mortgages as 'paid as agreed' vs. having a foreclosure on your credit.

Not all agents can do a short sale and not all people qualify for my help. I am here for you if your situation meets the following criteria:

• You have a valid hardship- job loss, reduced pay, medical condition, divorce, etc.
• You have little or no equity in your home
• You are unable (or soon will be unable) to pay your bills on time
• You want to work with an experienced short sale agent

Frequently Asked Questions- Short Sale:

1. My loan modification was denied, do I qualify for a short sale?

The criteria for a loan modification is different from a short sale.  Most banks will recommend a short sale when a homeowner is denied a loan modification or fails to make payments on a modified loan.

2. How much do you charge for a short sale?

Typically, all short sale fees are paid from the closing - there is no up front short sale fee !

3. How long is the short sale process?

Most short sales take 3-6 months from listing to close, short sales may take significantly longer with certain banks.  

4. Do I have to move immediately if I try a short sale ?

Lenders prefer the home to be occupied until the short sale process is complete. Your lender may agree to stop a foreclosure sale if a short sale is in progress. 

5. Will the bank be upset that I'm doing a short sale?

If you cannot make the mortgage payment the right thing to do is to be proactive and try to resolve the issue with a loan modification or short sale. Your bank is not in the business of property management and does not want to own your home, and will likely recommend a short sale. 

7. What happens if I let my home go to Foreclosure ?

A foreclosure will appear as public record on your credit report, it will drop your credit score 200 - 300 points and will be on your report for 7 - 10 years.

A foreclosure will make you ineligible for a Fannie Mae backed residential mortgage for 5 years.

A foreclosure allows the lenders the right to pursue the homeowner for deficiency. Collections may contact you for payment, garnish wages, and force you to file bankruptcy on top of the foreclosure.

A foreclosure can be grounds for termination or reassignment since employers have the right to check the credit of all employees in sensitive positions. It may pose as one of the most serious hurdles to overcome when seeking employment, especially if you require security clearance.

The Mortgage Foregiveness Relief Act of 2007 applies to Tax years 2007-2012

Under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence. The limit is $1 million for a married person filing a separate return.

Robert is a Member of the National Association of Realtors, Illinois Association of Realtors, and Chicago Association of Realtors

CUSTOMER SERVICE
The proof of quality service is in repeat customers and in customers who refer RE/MAX Associates to their friends.

RE/MAX Sales Associates average 70 percent of their business from repeats and referrals, while other agents average about 30 percent from those sources.