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Law Office of Paul R. Idlas
Bankruptcy Attorney For Lake County, Illinois, And The Surrounding Area

A Short Sale May Help You Keep Your Home

Though most of my practice involves bankruptcy, there is one area that deliberately avoids bankruptcy — the short sale of homes facing foreclosure.

There are thousands of "underwater" homeowners in our part of Illinois — they have stopped making mortgage payments and are awaiting foreclosure. You can "walk away" but you will still owe the money.

Is there a way for debtors, short of declaring bankruptcy, to get through the financial challenges of losing a home and still owing money? The short answer is yes.

The Law Office of Paul R. Idlas acts as an agent in short sale situations. I work with a realtor that I know and trust to find a buyer. I act as your lawyer — I draw up the sales contract and oversee the transaction, looking out for your interests.

Avoid Bankruptcy — Consider A Short Sale

A short sale is the effort to sell the home to a third party, pay the sale amount to the lender and then walk away without mortgage debt. It is not a sure thing, because it requires that the mortgage lender approve the sale of a property at a lower price than the mortgage balance.

Some lenders will not do this, but others will. Why? Because they understand that something is better than nothing. The lender gets the money, the buyer gets the home and the former owner is free and clear of impossible debt.

Is A Short Sale Right For You?

Is a short sale the answer to the many foreclosures that are occurring? No, it is not right for every situation. You are probably selling your home at a lower price than you paid. Sometimes, the price is a lot lower. And short sales are complicated — I have seen even lenders become confused by short sale opportunities.

Short sales are one of the creative approaches — along with lien stripping and others — that I use to help clients free themselves from overwhelming debt.

How To Contact Me

Is your house underwater? Call me, Lake County bankruptcy law attorney Paul R. Idlas, at 847-986-8862, or contact me online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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