One of the most common questions I get from clients when dealing with their bank is how much information should they divulge to their lender.
When the lender calls, they want to know if the property is vacant or occupied, and if it's being maintained. They will probably ask if the property is being rented. They will also want to know if the utilities are on or if it has been winterized. They often ask for your new address and contact information, and if the property is listed for sale with a Realtor®.
This information is important to the bank because the value of the property is at stake. This is also important to you as the homeowner because if the value of the property declines, the difference between what you owe and the fair market value of your property increases leaving you vulnerable to a much larger deficiency judgment later down the line.
The request for personal contact info from the bank usually sets off a lot of defensive and protective instincts of exposing yourself to the lender again, especially if you have already moved... but if the bank requests your new mailing address or email address, be sure to provide it. If they need to mail out documents they will need to have an accurate address on file to ensure that you are aware of any changes in the process. And honestly, you don't want any surprises along the way. Ignoring a foreclosure proceeding doesn't make it go away, so you might as well be the one to steer it in the direction of the most favorable outcome for your situation.
If you have a home in foreclosure in Will or DuPage County in Illinois, I can help you successfully avoid a foreclosure by doing a short sale with your lender. You will be legally represented by an attorney throughout the process, and your short sale will be negotiated by a professional team with a phenomenal success rate and years of experience, and most of the time at no cost to you. Call me at 630-673-6233 to confidentially discuss your situation to see if doing a short sale makes sense for you.
Julie Ferenzi | Realtor®
Illinois Short Sale Specialist
630-673-6233
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