Real estate short sales in Algonquin

The Algonquin short sale process in Mc Henry County is getting much shorter now. An experianced Huntley Realtor will know what the lender wants to see and how they want to see it. The property still must be marketed properly and once an offer is recieved that is when the experience comes into play. How you package the short sale and how and when you contact the lender can make a big difference. Some lenders need you to use only their forms and others will allow you to use generic forms but they prefer their own and just knowing which ones need what forms filled out can move the process along much quicker. The timeframe to complete a short sale is much lower now than it was in the past. There are now guidelines from Fannie Mae and Freddie Mac that force the banks to handle short sale in a way that shortens the timeframe to get an approval. A good Algonquin short sale agent can make sure you get your approval in the shortest possible timeframe.

home for short sale



Documentetion that a homeowner in Kane County must supply to get a short sale approvedHomeowners in Algonquin need to have the proper documents available to submitt to the lender in order to get their request approved. All lenders will want to see tax returns for the last two years. Anyone that applies for a short sale must supply the two most current checking account statements. You will also need your most current paystubs for the last 30 days. A financial statement showing your lender your monthly income and expenses must be supplied. Every homeowner that wants a short sale must also suppy a hardship letter explaining why they are requesting a short sale. Each lender has certain documents that they have to have in the package to get it approved. A list of all these documents will be generated by you Huntley short sale agent.

Goverment programs to help Algonquin homeowners avoid foreclosureThere are many goverment programs available to help homeowners in Huntley and Algonquin aviod foreclosure. Loan modification programs can be available for some homeowners to possibly keep their home and lower the mortgage payment. There nare even goverment programs to help you refinance your home even if you owe more than your home is worth. Home owners can even recieve moving expenses in th HAFA program of up to $3,000.00 at closing. Some lenders are even offering their own incentive programs that could allow homeowners to walk away with funds at the closing. A good Algonquin short sale Realtor can help make homeowners aware of all the options that are available to help them avoid foreclosure.

How long can it take for an Algonquin short sale process to be completed.Having you short sale lender waive the deficiency is the most important part of the short sale process. Then if the Mortgage Forgivness Act applies, you may not owe any taxes on the foregiven debt also. Their are ways of getting the sale approved without being late on your mortgage so your credit would not suffer as much as someone who has missed 6 to 10 mortgage payments. A homeowner can sometime get a new mortgage within 24 months after a short sale is completed. Homeowners should talk with their CPA and their attorney to find out how a short sale will affect them. When a homeowner is facing foreclosure they need to speak with a certified short sale agent that can explain the process to them.

An Algonquin short sale Realtor can explain how long the entire process takes.In Huntley or Algonquin your short sale will need to be on the market for thirty to sixty days. Once you get an offer and submit it to your lender it will take two to three months to get that approved. Once your lender approves your short sale they would like to see it close in 30 days. The entire short sale process can take between 3 and 6 months to complete. Most lenders will want the homeowners to stay in the property while the sale is being processed. The homeowner staying in the property allows the lender to not worry about many of the problems that come into play when the house is vacant. A good Huntley short sale realtor is a great asset to the homeowner that is trying to sell their home via a short sale. Our Website

