Short Sales: Alternative to Foreclosure

If you are in danger of losing your home to foreclosure, it is no surprise as thousands of people just like you across America are in the same boat.

However, you do have options when it comes to getting out of debt. One of the more popular options has been to file for bankruptcy, but if you do not want to go through all that hassle, you should consider a short sale. This is where you tell the mortgage holder that you want to sell your home and give the proceeds back to the bank.

In order to complete a short sale, you need to inform your lender first. You will need to obtain approval from the lender since you will likely be selling your home for less than your loan is worth. While this is may not sound advantageous to the bank, it is actually a win-win for both parties. You are released of your mortgage burden and the bank does not have to deal with months to years of bankruptcy proceedings.

Want to know what alternatives you have to foreclosure? If so, contact Bizar & Doyle, LLC and set up a time to speak with a Chicago bankruptcy lawyer from our firm who is familiar with foreclosure proceedings in the state.