We serve the entire Chicago Metro Area

Serving: Cook, DuPage, Lake, DeKalb, Kane,
Kankakee, Kendall, McHenry & Wll  Counties

Shudnow Short Sale Group - (866) 402-0659
 
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Credit Effects:

Short Sale -v- Foreclosure:

Foreclosure:*

The foreclosure in Illinois is a Judicial Foreclosure.  This means that the foreclosure must be approved by a Judge.  This means that if a person's home is foreclosed on, that they will actually have a judgment against them on their credit report. 

A foreclosure will remain on a credit report in the public records section for 10 years.  The other issue with the foreclosure is that on loan application (for purchasing a new home), under Declarations, Section VIII it specifically asks a borrower if they have had a property foreclosed upon in the last 7 years.

The other issue with a foreclosure in Illinois is the Deficiency Judgment.  The lender has the right to ask the court for a money judgment against the previous home owner personally.

The last problem is bankruptcy.  The bottom line is that if previous home owner had the money to pay for the home, they would have.

In the end:
The home owner will most likely have 3 judgments (including bankruptcy) and get docked at least 300 points on his or her credit report.

Short Sale:*

The short sale is very different.  The nicest part of a short sale, is that it is NOT a judgment.  It is an agreed apon arangement between you and the mortgage holder.  The other nice feature is that banks do not generally ask for any of the losses back from you the previous home owner.

In the end:
If the home owner does go through a Short Sale and the bank does not request a money judgment, the homeowner's credit will be affected by as little as 100 points.

Other good news:
Fannie Mae now only requires 24 months' seasoning for a new loan.

 

 

 

 

 


* We are NOT a law firm.  The information contained on this page is for information purposes only.  Your situation may be very different and we encourage you to seek the counsel of an attorney or other professional to determine your specific rights, obligations, and any other possible  possitive or negative situations that may affect you.  The credit affect will vary greatly depending on your exact situation. DO NOT rely on this information for making any financial decisions

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We are NOT an attorney or law firm.  All information on this website are for informational purposes only.  You must verify all information with an Illinois Licensed Attorney.  You must seek the advice of an attorney to protect your rights.  In order to protect your rights, we will NOT close any file without an Illinois Licensed Attorney.

^While most of our clients pay nothing back to the bank, depending on your income, assets, bank, investor or PMI company, you may be required to contribute to the closing in cash, or take a note to close.

*We are not accredited by the Better Business Bureau, they do not accredit real estate agents in the short sale or foreclosure business.  This rating came from the BBB site on 11/23/2010.

Main Office: Skokie IL  All rights reserved.

 

We service the following areas: Counties: Cook, DuPage, Lake, DeKalb, Kane, Kankakee, Kendall, McHenry & Wll  Counties

 

We service the following Towns/Cities (This is not a complete list):   Addison ,  Algonquin ,  Alsip ,  Antioch ,  Arlington Heights ,  Aroma Park ,  Aurora ,  Bannockburn ,  Barrington ,  Barrington Hills ,  Barrington Hills ,  Batavia ,  Beach Park ,  Beecher ,  Bensenville ,  Berwyn ,  Bloomingdale ,  Blue Island ,  Bolingbrook ,  Bolingbrook ,  Bonfield ,  Boulder Hill ,  Bourbonnais ,  Bradley ,  Braidwood ,  Bristol ,  Brookfield ,  Buckingham ,  Buffalo Grove ,  Bull Valley ,  Burbank ,  Burlington ,  Carol Stream ,  Carpentersville ,  Cary ,  Channel Lake ,  Chicago ,  Chicago Heights ,  Cicero ,  Clarendon Hills ,  Cortland ,  Crest Hill ,  Crystal Lake ,  Darien ,  Deer Park ,  Deerfield ,  DeKalb ,  Des Plaines ,  Dolton ,  Downers Grove ,  Elburn ,  Elgin ,  Elgin ,  Elk Grove Village ,  Elmhurst ,  Essex ,  Evanston ,  Forest Lake ,  Fox Lake ,  Fox Lake Hills ,  Fox River Grove ,  Frankfort ,  Franklin Park ,  Gages Lake ,  Geneva ,  Genoa ,  Gilberts ,  Glen Ellyn ,  Glendale Heights ,  Glenview ,  Glenwood ,  Grandwood Park ,  Grant Park ,  Grayslake ,  Green Oaks ,  Greenwood ,  Gurnee ,  Hainesville ,  Hampshire ,  Harvard ,  Harvey ,  Hawthorn Woods ,  Hebron ,  Herscher ,  Highland Park ,  Highwood ,  Hillside ,  Hinckley ,  Hoffman Estates ,  Holiday Hills ,  Hopkins Park ,  Indian Creek ,  Irwin ,  Island Lake ,  Island Lake ,  Itasca ,  Johnsburg ,  Joliet ,  Kankakee ,  Kildeer ,  Kingston ,  Kirkland ,  La Grange ,  La Grange Park ,  Lake Barrington ,  Lake Bluff ,  Lake Catherine ,  Lake Forest ,  Lake In The Hills ,  Lake Villa ,  Lake Zurich ,  Lakemoor ,  Lakewood ,  Lakewood Shores ,  Lee ,  Lemont ,  Libertyville ,  Lily Lake ,  Lincolnshire ,  Lindenhurst ,  Lisbon ,  Lisle ,  Lockport ,  Lombard ,  Long Grove ,  Long Lake ,  Lyons ,  Malta ,  Manhattan ,  Manteno ,  Maple Rock ,  Marengo ,  Maywood ,  McCullom Lake ,  McHenry ,  Medinah ,  Melrose Park ,  Mettawa ,  Millbrook ,  Millington ,  Mokena ,  Momence ,  Monee ,  Mundelein ,  Naperville ,  New Lenox ,  Newark ,  Niles ,  Norridge ,  North Aurora ,  North Barrington ,  North Chicago ,  Northbrook ,  Oak Forest ,  Oak Lawn ,  Oak Park ,  Oakbrook ,  Oakwood Hills ,  Old Mill Creek ,  Orland Park ,  Oswego ,  Palatine ,  Palos Heights ,  Palos Hills ,  Palos Park ,  Park City ,  Park Forest ,  Park Ridge ,  Pingree Grove ,  Pistakee Highlands ,  Plainfield ,  Plano ,  Port Barrington ,  Prairie Grove ,  Prospect Heights ,  Reddick ,  Richmond ,  Riverwoods ,  Rolling Meadows ,  Romeoville ,  Roselle ,  Round Lake ,  Round Lake Beach ,  Round Lake Heights ,  Round Lake Park ,  Sandwich ,  Sauk Village ,  Schaumburg ,  Shabbona ,  Shorewood ,  Skokie ,  Sleepy Hollow ,  Somonauk ,  South Elgin ,  Spring Grove ,  St. Anne ,  St. Charles ,  Steger ,  Streamwood ,  Sugar Grove ,  Sun River Terrace ,  Sycamore ,  Third Lake ,  Tinley Park ,  Tower Lakes ,  Trout Valley ,  Union ,  Union Hill ,  University Park ,  Venetian Village ,  Vernon Hills ,  Villa Park ,  Virgil ,  Volo ,  Wadsworth ,  Warrenville ,  Waterman ,  Wauconda ,  Waukegan ,  West Chicago ,  West Dundee ,  Westchester ,  Westmont ,  Wheaton ,  Wheeling ,  Willowbrook ,  Wilmette ,  Winfield ,  Winnetka ,  Winthrop Harbor ,  Wonder Lake ,  Wood Dale ,  Woodbridge ,  Woodstock ,  Worth ,  York Center ,  Yorkville ,  Zion ,

 

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