If you are struggling to make house payments, I’ll tell you what “The BEST POSSIBLE options” are.

With all the information about the housing market making the news daily, unfamiliar and long forgotten words are surfacing. Terms like foreclosure, auction, notice of default, trustee sale and SHORT SALE are everywhere. Out of all the aforementioned, a “SHORT SALE” results in the best-case scenario for the SELLER, the BANK and the U.S. ECONOMY!

If you have questions or would like to make an appointment
you can reach Agnes Zak at 773-418-0088 or by email

When a homeowner falls behind on his/her payments and he/she is at risk of losing his/her home, there are options. They are:

Option #1 is for the homeowner to walk away and to allow the home go into FORECLOSURE. This results in a worst-case scenario for his/her credit score and his/her future ability to purchase another home. To allow a foreclosure to occur is just crazy when there is the SHORT SALE option.

Option #2 is to do a “Deed in Lieu of” FORECLOSURE. This option is treated like a foreclosure on credit reports and the result affects the FICO score only slightly less. Most banks will not accept this option because it does not pay off junior liens.

Option #3 is to try one of the “work out” programs with the bank. I simply say, “GOOD LUCK!” Ask anyone who has tried dealing with a bank to keep his/her home. The end result is usually a lot of pain, suffering and waiting on phone hold!

Option #4 is the SHORT SALE!!! When your loan(s) is higher than the value of your home, you can sell it to a buyer and ask the bank to accept a pay-off that is less than what is owed. Most banks will consider this option because they know they will usually get much more money this way than they will through a foreclosure. This is especially true in a declining market. This should show up as a SATISFIED DEBT on your credit report (usually with comments like “paid in full, but not as agreed” or “short sale” etc.). No one of these phrases is as bad as foreclosure or deed-in-lieu. This option typically causes your credit score to drop less. And, you will not have to answer questions about having been a party to a foreclosure when you want to buy a home again in the future.

SHORT SALE BENEFITS:

• NO FORECLOSURE
• CREDIT DAMAGED LESS (fewer harassment calls by bank)
• GET TO STAY IN HOME (in some cases without paying) UNTIL IT SELLS TO A BUYER
• BANK SUFFERS LESS LOSSES vs. TAKING BACK IN FORECLOSURE
• LESS DAMAGE TO THE ECONOMY (fewer bank failures)
• BETTER ABILITY TO BUY A HOME IN THE FUTURE (sooner)
• YOU MOVE OUT OF YOUR HOME…YOU DON’T GET EVICTED BY A BANK
• LITTLE CHANCE OF BANK COMING AFTER YOU FOR THE LOSS (they usually waive deficiency judgment rights)
• THERE MOST LIKELY WILL BE NO TAX ON DEBT RELIEF

I cannot think of a single reason why someone would not, if he/she thinks he/she might lose his/her home, at least explore the option of a short sale. I know it is painful to face any of the above options, but I can make it less painful for you. I can analyze your situation and let you know if you are eligible for a short-sale option. These are highly complicated transactions…not for you, but for me. A short-sale transaction requires every ounce of my negotiation skills and my extensive experience. Don’t risk your future with an agent who does not have every aspect of these transactions mastered.

If you or someone you know needs help, please call immediately. I am here to help!! If you are in a home-related distress situation, it is best to act quickly. Any delay may limit your options. Once the “Notice of Default” is filed, the time it takes to make a short sale work gets tight. As soon you know you are going to have trouble making your payment, call me. Remember, this is not your fault, in most cases the bank should have never given out these kinds of loans…they blew it, all because of greed…and nothing else!!! Don’t be embarrassed. You are not alone. There are thousands of short sales occurring daily.

The above comments represent my opinions. You are urged to seek the advice of your accountant and/or attorney regarding your legal, financial, credit and tax related issues in regards to the disposition of your property in this manner.

The above comments represent my opinions. You are advised to seek the advice of your accountant or attorney regarding your legal, financial, credit and tax related issues in regards to the disposition of your property.

Call Agnes Zak 773-418-0088