Illinois HSBC Short Sale Approved & Closed!
Raymond Kennedy has closed another HSBC Short Sale in Illinois. HSBC approved the Short Sale and released the lien on the property for a total payoff of roughly $174,000. Based off the amount that was owed there was over $75,000 loss off the original loan. The loan was forgiven without any deficiency amount attached. This allowed the homeowner to move on with their life and put them in a much stronger financial position for the future.
HSBC Short Sales is not as common as many of the other bigger name lenders/lien holders around our area so their timeframes are usually much quicker and on previous deals they have been very aggressive with pursuing this option vs. a foreclosure. If you currently have a mortgage with HSBC don’t hesitate to entertain this option. On this particular deal they did work with us on a cooperative Short Sale so we had an approval issued within 10 days of the offer submission with very little resistance to the original offer from the lender.
To learn more about HSBC Short Sales in Illinois please contact Raymond Kennedy at 708-620-4460.
Reasons why a HSBC Short Sales are beneficial to those facing a potential foreclosure in Illinois:
- Illinois is a Deficiency judgement state which means the lien holder/bank/investor could possibly come after a home owner for the remaining balance. By pursuing a HSBC Short Sale you open your self up to the opportunity to negotiate the remaining balance and either have this liability completely waived or reduced significantly.
- Reduce the negative impact to your credit.
- Put yourself back in the market sooner to purchase another home by completing an HSBC Short Sale.
- All the traditional fees such as Realtor commissions, attorney fees, standard seller fees are not required by the seller, the lien holders pay this as part of their loss. It is fairly a low risk option if you qualify for the Short Sale and are interested in pursuing an HSBC Short Sale.
- Every Short Sale is different depending on a number of factors such as the lien holder, type of loan, loan terms, investor and your financial situation. There are some homeowners that may qualify for incentives. I have seen incentives at $3000, $5000 and in very rare unusual circumstances up to $30K to participate in a Short Sale depending on the lender of the loan, the investors as well as price points of the home.
This information is not intended to be legal advice but only to give you direction and guidance on what to expect with HSBC Short Sales. I advise you to seek the legal advice from a qualified Real Estate Attorney in your local area. Some homeowners may or may not qualify for a Short Sale and may only qualify for the Short Sale under certain terms. It’s important to understand these terms before proceeding.
Learn more about HSBC Short Sales Here
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Raymond Kennedy
Keller Williams Preferred Realty
Direct: 708-620-4460
Email: illinoisagent@gmail.com
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