In Illinois the average foreclosure process takes 210 days (between 6-8 months). For homeowners this means that by taking a proactive approach you have a good chance of getting out of a foreclosure (stopping a foreclosure and having it dismissed).
Oftentimes, after receiving a “notice of foreclosure” a homeowner feels confused, ashamed, and even embarrassed by their situation. For this reason they tend to ignore the problem, however, ignoring this problem doesn't make the situation go away, it makes foreclosure inevitable.
Your first step should always be to call your lender to see if you can work out a solution. If that doesn't work, take a look at all the information on this website and contact Matt at Matt@PrairieShore.com or 773.244.9455. Matt will always provide a free, confidential consultation to help you sort through your options.
Looking for an alternative to a foreclosure?
- Are you unable to keep up with your monthly mortgage payments?
- Is the market value of your house now less than your mortgage payoff?
- Did you purchase or refinance at the top of the real estate market and now have to sell?
If your answer is yes to the above questions, a short sale maybe your best option. We can work with you and your lender to get your home sold with your lender PAYING ALL THE COSTS!!
Short Sale Examples:
Success Story 1: Homeowner owed $275,000 on an investment house. The first mortgage was $220,000 and the second was $55,000. When the owner had to evict the tenant for not paying rent he was force to sell. Behind on mortgage payments he decided a short sale was in his best interest. Matthew Putnick, successfully sold this property for $193,900, got both banks to approve the sale, forgive the excess mortgage of $81,100. In addition the bank paid all the owners closing cost (proration of taxes, commission fees, title insurance, and legal fees).
Success Story 2: Homeowners owed $600,000 on their primary residence. When one of the homeowners lost their job and was unable to find work, the family could no longer keep up with the monthly payments. They made the decision to sell their house. At this time the amount of the loan was more then the market value of the house so they made the decision to do a short sale. Matthew Putnick sold the house for $513,000 and negotiated with the bank to accept the sale price. In addition the bank forgave the remaining mortgage.
Success Story 3: YOU!! Contact Matt for a free confidential consultation to see if you can benefit from a short sale.
Matthew C. Putnick, ABR, Realtor
Prairie Shore Properties
4109 N. Lincoln Ave.
Chicago, IL 60618
Direct: 773.244.9455
Cell: 847.910.5449
Fax: 773.929.7200
Email: Matt@PrairieShore.com
