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What are Short Sales in Illinois?
Short Sales in Illinois are the sale of real estate when the actual sales price is less than the balance owed on the mortgage or property's loan amount.
Illinois Short Sales generally occur when the person who has borrowed the money cannot meet their commitment on the loan. The lender may decide that selling the property at an amount less than the mortgage, or as a short sale, is a better option than pursuing legal action against the borrower.
What is required to start the process of an Illinois Short Sale?
For a lender to short sale homes in Illinois, both parties must consent to the short sale process.
Short Sales in Illinois allow the individual in default on their mortgage to avoid foreclosure.
What happens after a Short Sale in Illinois?
When Short Sales in Illinois occur, the short sale agreement between the borrower and lender does not necessarily release the borrower from their obligation to pay the remaining balance of the loan, known as the deficiency.
For more detailed information regarding Short Sales in Illinois, please contact a Century 21 Pro-Team Professional.
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