Lake County Short Sale Attorneys

Lawyers for Short Sales to Avoid Home Foreclosure in Libertyville, Arlington Heights and Surrounding Areas

Have you fallen behind on your mortgage to the point where you are worried that you cannot catch up? Are you getting letters and phone calls from your lender threatening foreclosure proceedings? At Newland & Newland, LLP, we understand how frightening it can be to face the possibility of foreclosure. Our attorneys have more than 60 years of combined experience in such matters, and we can help you explore your options for avoiding foreclosure, including a short sale.

What Is a Short Sale?

A short sale is a real estate transaction in which a property is sold for less than what is owed on the mortgage that the property secures. A lender must agree to the short sale in order to prevent foreclosure proceedings from continuing.

The biggest difference between a short sale and a foreclosure is that a short sale is generally a negotiation and a cooperative effort between the borrower and the lender to resolve the mortgage debt. A foreclosure, by comparison, is a judicial process initiated by the lender against the borrower. The dynamics of a foreclosure, including the emotional and financial effects, often result in a property that is less desirable for prospective buyers, which can make a short sale a more attractive option for the lender.

Arlington Heights Lawyers Helping You Find Solutions

At Newland & Newland, LLP, we know that a short sale can resolve a threatened or pending foreclosure before the process can devastate your credit. While a short sale will not automatically resolve all of your outstanding mortgage debt, many lenders are willing to work with borrowers who put in the effort to resolve the issue rather than simply waiting for a foreclosure. If you can sell your home for a substantial percentage of what you owe on your mortgage, your lender might consider your debt settled. Such considerations are much less likely if the lender must expend time, energy, and money on foreclosure proceedings.

Short sales can also offer advantages to lenders. A foreclosure usually results in losses for the lender. Taking legal fees, commissions for real estate agents, and court costs into account, not to mention the time investment, lenders are generally open to the possibility of a short sale if a reasonable sale price is a realistic possibility.

Do Not Wait to Get Started

If you are facing a possible foreclosure, the worst thing that you can do is to do nothing. The longer you wait, the fewer options you will have. An experienced short sale attorney at Newland & Newland, LLP can help you begin the negotiation process with your lender today. We will work with your lender to determine if a short sale is possible and what the terms of your agreement would need to be. From there, will help you decide if a short sale is the best option for your situation.

To learn more about short sales or to get started with the process, contact our office today. Call 847-549-0000 for a free phone consultation with a member of our team. Our lawyers serve clients in Libertyville, Gurnee, Waukegan, Vernon Hills, Grayslake, Lake Bluff, Arlington Heights, Lake County, and the surrounding areas.