An Oak Park short sale is similar to a regular sale in that the seller contracts a listing agent to put the property on the market, but with a short sale, the lender gets involved, too.
If a short sale is successful, it usually ends with the release of the borrower from liability on any remaining mortgage debt left outstanding, however, this is not always the case. In some cases, former borrowers have been surprised by banks coming to collect on a debt previously thought to be extinguished. This undesirable outcome is known as a “deficiency judgment,” and it can occur after both short sales and foreclosures. Homeowners who wish to undertake a short sale for debt relief should consult legal counsel to verify that the short sale agreement actually releases them from all remaining liability.
Thankfully, with the help of Save Mi House, Oak Park homeowners can avoid often the financially dangerous option of a short sale with the financial options and services that we can offer them.
Homeowners that don’t want to stay in their homes and are intent upon moving can also sell their homes quickly for cash with the help of Save Mi House.
About Save Mi House
At Save Mi House, we aren’t just a real estate agent or broker like other companies in the area. Our organization works with a team of local attorneys, real estate agents and community organizations who are intent upon preserving the homeownership rate in the Oak Park area and are committed to finding the best solutions possible for homeowners who may be underwater or behind on their mortgages.
Don’t let your financial circumstances stop you from making the best decision possible! You still have options available. To learn what those options are contact us today by calling (734) 437-5451 or connect with us through our website.