Many people are unaware that there is a step before foreclosure they can take to avoid the harsh consequences associated with an actual foreclosure. This step is a short sale and in the long run can potentially save the homeowner from negative marks on their credit and make them eligible sooner for another home loan.
For instance, a homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of up to 5 years. However, a homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 3 years.
This is just one example of the benefits of initiating a short sale and seeking out the assistance of a Certified Distressed Property Expert like myself.
If you live in the Chicagoland area and would like my assistance, please let me know. I would be more than happy to assist you through the short sale process.