Naperville Homeowners, knowing if you qualify for a short sale is very important. 
The definition of a short sale is when the lien holder(s) accepts less than the balance that is owned on the property as a full payoff...now here is the key - the lien holder(s) agrees to discount the loan balance due to an economic or financial hardship on the part of the mortgagor.
The key words to look at are - due to an economic or financial hardship, in essence you have to prove to your lien holder(s) that you are facing a hardship and therefore need to sell your home for less than what is owed.
What constitutes a hardship?
- job loss
- sustained loss of income
- death of a spouse
- suffered illness or injury
- been relocated to another city/state
- interest rate has adjusted, now making your mortgage payment is unaffordable
Each situation is different and every lien holder has different policies, many of my clients have spoken to their lien holder directly and once the lien holder has reviewed the situation they often times recommended selling the home as a short sale.
A Short sale is a better alternative for Naperville Homeowners. The advantages are, avoiding foreclosure, a lower impact on your credit score, and a faster path back to owning another home in the future.
If you would like more information regarding a Short Sale, please contact me by phone/text at (630) 248-6077 or eMail at mmastrolonardo@remax.net
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Thanks for reading my Naperville Illinois Real Estate Blog!
Maria Mastrolonardo, Realtor(R)
RE/MAX of Naperville
Cell: (630) 248-6077
Web: Naperville Area Home Search
eMail: mmastrolonardo@remax.net
I can help you purchase a home or sell your home in the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.
Maria Mastrolonardo is a full time Illinois Realtor specializing in Short Sales, has been helping home-buyers and home-sellers since 1997. Can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.
To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com
You can also find me here!
