Before You Put Your Chicagoland Home Into Short Sale, See If You Qualify For HAFA

Before You Put Your Chicagoland Home Into Short Sale, See If You Qualify For HAFA In case you missed it, here are Home Affordable Foreclosure Alternatives (HAFA) February 2015 Updates The government-sponsored program, Home Affordable Foreclosure Alternatives (HAFA), helps qualified homeowners seeking to transition to more affordable housing if they can’t afford their mortgage.  They […]

Is It Possible to Buy Another Home 1 Year After A Naperville Short Sale?

Yes, you can buy a house within 1 year of a Naperville short sale if you meet the prerequisites. Homeowners who have gone through short sales in Naperville now have another chance at homeownership, thanks to some changes in housing rules by the FHA and Fannie Mae.     Over the summer of 2014, the […]

3 Tips for a Successful Naperville Short Sale

Short Sale Tips

3 Tips for a Successful Naperville Short Sale Naperville short sales continue to be in the market and many homeowners still face the reality of owing more than their Naperville home is currently worth. There is no guarantee for a successful short sale, since no two short sales are alike. However, there are many factors […]

5 Reasons Why Banks Reject Naperville Short Sales

Reasons why a bank rejects a Naperville Short Sale

5 Reasons Why Banks Reject Naperville Short Sales A short sale happens when the current value of a home is less than what the homeowner owes in mortgage and the homeowner is forced to sell the home to pay their debt to the bank. When a short sale is approved, the lender agrees to accept […]

Top 7 Mistakes Sellers Make In Naperville Short Sales

Things to avoid in a Naperville Short Sale

Top 7 Mistakes Sellers Make In Naperville Short Sales Many homeowners make mistakes during the short sale process when trying to sell their Naperville short sale home.  It is important to know how to avoid them in order to have a successful Naperville short sale: 1. Pricing the short sale too high or too low. […]

How to Qualify For A Naperville Short Sale

How to Qualify For A Naperville Short Sale If you are considering a Naperville short sale, make sure you have a complete understanding of the process and your lender’s requirements on how to qualify for a short sale. This will save you time and effort, allowing you to know if you qualify for a short […]

Do I Need to Continue Paying Mortgage During a Naperville Short Sale?

Do I Need to Continue Paying Mortgage During a Naperville Short Sale? When you consciously or knowingly stop making mortgage payments, this is called a strategic default. Many people believe that a strategic default can accelerate their Naperville short sale, but this is not always true. Whether or not you continue to make mortgage payments […]

What’s the Difference Between Naperville Short Sales and Foreclosure?

What’s the Difference Between Naperville Short Sales and Foreclosure? When a homeowner fails to make his or her mortgage payments or becomes delinquent in their payments, the home is foreclosed upon. In a foreclosure, the lender assumes ownership of the home and evicts the delinquent borrower. The lender initiates the sale of the home at […]

How Does a Naperville Short Sale Affect the Seller’s Credit Score?

How Does a Naperville Short Sale Affect the Seller’s Credit Score? How much impact does a Naperville short sale have on a seller’s credit score? When you pay less than what is due on any debt, it stands to reason that your credit score will take a hit, especially when it comes to a mortgage. […]

Can a Seller Rent Back Their Home After a Naperville IL Short Sale?

Can a Seller Rent Back Their Home After a Naperville IL Short Sale? In most cases, the short answer is ‘No’.  When you start your paperwork with the lender, they will have all parties sign an Addendum stating that the Seller must vacate the property at or prior to the close of escrow. It will […]

%d bloggers like this: