Don’t Let the Bank Foreclose on Your Northfield Home

Is the market value of your Northfield house upside-down? Are you facing financial difficulties? Does it look like you could lose your home to foreclosure?

You’re not alone.

Crain’s Chicago Business recently reported that it takes banks nearly 500 days to process an Illinois foreclosure. This may give you nearly a year-and-a-half to sell your house as a Short Sale. But don’t get too complacent. A Short Sale can take 6 months or longer to process through your bank. Meanwhile, your bank could foreclose on your home in less than a year.

The long and the short

Maybe you haven’t heard about Short Sales. Or maybe you have but also heard that they don’t work.

Untrue.

Short Sales are different from regular sales and must be handled in a different way. But when handled properly, they can close over 90% of the time.

Learn more about Short Sales here.

Short circuit

In the last 12 months, 3 foreclosed homes were sold in the Northfield.

3 homes lost by people just like you.

3 homeowners paralyzed by fear.

3 homes that could have been sold as Short Sales.

3 homeowners who could have moved on with their heads held high instead of tucking tail and moving out in the dead of night.

Data provided by the Midwest Real Estate LLC (MRED) multiple listing service and includes properties listed and sold by various participants in the MLS. Data supplied does not reflect all market activity in the area.

Taking the shortcut

Meanwhile, 3 other homeowners decided to sell their homes as Short Sales. And succeeded!

If you let the bank to foreclose on your Northfield home, penalties could hound you for years to come —

• Your credit score could take a tumble of 250 or more points.
• Your foreclosure circumstance could stay on your credit report for up to 7 years.
• Your lender could go after you for their incurred losses.
• You probably won’t be able to buy a house, a car, or a refrigerator on credit for at least 3 to 7 years.
• You may jeopardize your employment status, particularly when it comes to financial or security positions.

Don’t sell yourself short

On the positive side, doing a Short Sale allows you to —

• Sell your house and start over
• Completely eliminate or substantially reduce your financial liability
• Minimize damage to your credit rating
• Recover from credit damage in months instead of years
• Purchase another house in as little as 2 years
• Protect your employment status, particularly when it comes to jobs involving security clearances or sensitive positions in investment or banking
• Look forward with a clear conscience instead of glancing back with worry and regret.

For more about Short Sales, visit ChicagoShortSales.com.

Want to find out if a Short Sale can work for you?
Call me — Judy Chapman — at 847.749.3811

I list and sell Short Sales all over Chicagoland!