Chicago Chapter 7
The Law Offices of Jennifer A. Blanc
holds the key to getting your property
sold FAST

If you hire the Law office of Jennifer Blanc for your Short Sale closing, services delivered to you will include

  • A team of short sale professionals assigned to your file.
  • Receive up to the minute real time notification on the status of processing.
  • A negotiated short payoff compliant with your lender’s guidelines.
  • Exceptional closing services which includes due diligence, preparation of all necessary and customary closing documents to transfer good title to your buyer.

EFFECTIVE MORTGAGE DEFAULT SOLUTIONS

 

What is a Short Sale Transaction

A short-sale is best described as a closing that consummates upon the lienholder(s) approving a payoff statement that compromises the amount of its lien to a sum less than the total indebtedness. In today’s housing and commercial markets, a short sale is often necessary because the amount the owners owe their lender far exceed the fair market value of a property. Based on this situation a lender that is short paid has a deficiency claim against the borrower. Collection on the deficiency largely depends on whether the loan is a recourse or nonrecourse loan. In the event the note was a recourse loan, freely collectible, a lender at the time of the closing, may elect one of two options:

(1) cancellation of debt

(2) request that you sign a note to pay the deficiency balance over a period of time.

What is a Deed In Lieu of Foreclosure

Your bank may have this procedure in place to approve receiving a deed from you that conveys the property to the bank. This avoids the lender needing to foreclose and eleviates the hassle of selling your home. This transaction approval is at your lender’s discretion and is only granted when the title is clear of any other liens or encumbrances on title. Contact your bank to inquire about whether they entertain such a transaction and to send you a package to commence the processing. The Law Offices of Jennifer A. Blanc can certainly help you review the package and sign off on the paperwork.

 
Bankruptcy FAQ
 

HOW DOES AN APPROVED SHORT-SALE IMPACT MY FUTURE?

In the event your lender cancels your mortgage note, you will receive a 1099c. You will have a potential IRS Tax Liability. Unless you close your deal by 12/31/12, you are not protected under the Mortgage Forgiveness Debt Relief Act of 2007 which excludes qualifying home owners from this tax liability. All non-owner occupied investment property owners and short-sales taking place after 12/31/12 are subject to this tax. (Follow our blog on Short-Sales) You may want to consider filing a Chapter 7 Bankruptcy in order to avoid payment on this tax liability.

 

If you sign a repayment not for the deficiency, you may want to consider filing for bankruptcy protection in order to discharge the debt.

DO I QUALIFY?

  • The payoff of all liens to your property must exceed the fair market value of your property.
  • All Owners must agree to sell and sign the law firm’s short sale Retainer Agreement.
  • All Owners must be alive, well and competent.
  • No more than two mortgage liens on the property. No tax liens. (We do not accept cases with more than two mortgage on the property. A first mortgage and home equity line is o.k.)
  • If in FORECLOSURE, you cannot be more than 4 months into the redemption period. (Generally, the Redemption period begins when a process server or sheriff officer serves you with a foreclosure summons.)
  • All owners must sign the Real Estate Sales Contract.
 

 

 

MAKE AN APPOINTMENT BOOK NOW

 

 

TEAM PROCESSES PAPERWORK / ATTORNEY NEGOTIATES NOTE

 

 

CLOSE DEAL

 
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Chicago Bankruptcy Attorney, Chapter 7 Bankruptcy Attorney, Property Tax Appeal Cook County/ Property Tax Broward Cook County, Property Tax Miami-Dade County/ Property Tax Broward County, Estate Attorney Chicago, Lawyer

Chicago Bankruptcy Attorney, Chapter 7 Bankruptcy Attorney, Property Tax Appeal Cook County/ Property Tax Broward Cook County, Property Tax Miami-Dade County/ Property Tax Broward County, Estate Attorney Chicago, Lawyer