Chicago and Suburbs Real Estate Agent, Short Sale and Foreclosure Prevention Specialist, Preforeclosure Expert, Illinois Short Sale,Chicago Short Sale Realtor, Estate sale Specialist, Chicago Short Sale Homes.
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What is short Sale
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Are You in Danger Of Foreclosure?
Is Your Home Worth Less Than You Owe On It?
Are You Having Trouble Making Mortgage Payments?
DID YOU MISSED MORTGAGE PAYMENT?
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Welcome to Short Sale Chicago Experts. I'm a local real estate broker that specialized in helping homeowners that are heading into default on their current loans or are already in foreclosure through the short sale of their home.
I have build the team of Real Estate Agent, Real Estate Attorney, Trust Attorney, Bankruptcy Attorney, Trust Attorney, Tax Processional, Mortgage Specialist and Credit Repair Specialist, to help homeowners that are in danger in foreclosure. We have the knowledge and the experience to help you navigate the rough waters of Today's economy. Defaulting on your mortgage can be very scary and stressful situation. We have counseled many homeowners in the same situation and we have realize that many individuals and families have better alternative before foreclosure.
For lenders, foreclosure is the last resort, one they wish to avoid if at all possible. They may be open to other options-ones that can help you avoid foreclosure and the drastic effect on your credit.
Our goal is to make sure that you fully understand your situation and assist you in making the right decision, the decision fits the best your situation.
If you need an advice from professionals we have the best in any industry, that you may need including Real Estate Broker, Real Estate Attorney, Bankruptcy Attorney, Trust Attorney, Tax Professional, Mortgage Specialist and Credit Repair Specialist.
If you decide a Short Sale is the best option for you, our team will assist you not only in the sale of your property, but we will assist you in the rebuilding process after. We will help you to recover and start new live.
You will have the option of working together with our credit repair specialist to rebuild your credit.
Our mortgage professional will guide you on the steps needed for your next home purchase down the road.
Our attorney will negotiate Short Sale transaction with the lenders.
Please call us for Free Discreet consultation over the phone, at my office, or in your home - and there is never any obligation.
Contact us Today.
You do Not pay us anything out of packet. We (attorney, real estate agent, closing costs...) are paid by the bank when it closes.
Each family has unique situation and we will work with you to prepare the plan specific to your needs.
All of the negotiations are handled by our team Attorney, not a processor or outside third party.
We have been successfully negotiating and closing short sale transactions since this downturn in the market began.
Please take time to go through information's we give you on this side. We hope we provide you with as much information as possible to assist you in making an informed decision.
If you have further questions or would like to further discuss you situation to determine what option will best fit your circumstances, please do not hesitate to contact us. You can call or email, and we will always be happy to take time to discuss your situation. Remember there is no out of packet fees.
Our Team handles the Short Sale listings and negotiations for Cook County, Du Page County, Will County, Kane County, Lake County.
We have experience negotiation Short Sale with most of the lenders. CitiMortgage Short Sale, Citi Bank Short Sale, Chase Bank Short Sale, Wells Fargo Short Sale, Wachovia Short Sale, Harris Bank Short Sale, US Bank Short Sale, Litton Loan Short Sale, Deutsche Bank Short Sale, Bank of America Short Sale, PNC Bank Short Sale
BARBARA RAGO - Re/Max City, Seller's Agent, Buyer's Agent, Chicago Real Estate, Suburban Chicago Homes For Sale, Chicago Short Sale Agent, Illinois Foreclosure Realtor. Chicago Short Sales, Chicago Illinois Foreclosures. Looking to Buy or Sell a Short Sale Home in Chicago and Chicago Suburbs? Do you owe more than the house is worth and need to short sell it asap? Short Sale might be your best option. Chicago ShortSale Pre Foreclosure Help. Chicago's Top Ranked RE/MAX Realty Office Buyer's & Seller's Short Sale Agent. Looking to buy a Short Sale House, Short Sale Condo, Chicago Foreclosures, REO Bank Owned Properties in Chicago or Suburbs..
Work with The Best
BARBARA RAGO - AWARDED TO BE A MEMBER OF
THE 100% CLUB FOR 2009,2010
I sell because I love my job.I'm dedicated to my clients and to the work I do.
I live and breathe real estate. My passion for the business makes it easy for me to make a full-time commitment to my clients. By combining personal, one-on-one attention with dynamic web and e-mail resources, I provide 24/7 market coverage for my clients.My clients never have to ask the question, "Did we make a good choice" That's because they see results - every day.
BARBARA RAGO - REMAX CITY MEMBER - THE #1 REMAX OFFICE IN CHICAGO ILLINOIS IN 2009,
I sell because I know my job. I'm 11 years in the business of selling realestate.I constantly continue my education to better serve my clients.
Short Sale as an Alternative to Foreclosure? www.illinoishomebuy.comProfessional real estate services for buyers and sellers.
Chicago Short Sale, Illinois Short Sales. Real Estate Service Serving in Chicago and Suburbs;Cook, DuPage, Lake, McHenry, Will, Kane and Kendall Counties in Illinois.
We Provide: Free Short Sale MLS Listing Service + Free Short Sale Negotiation Service + Free Short Sale Attorney.
SHORT SALE WITH US
FAST - EASY- FREE
YOU WILL NEVER BE ASKED TO PAY US - or to put down a deposit for any of our Short Sale Service, regardless if the deal closes or not. Realtor's Commissions, Seller's Attorney Legal Fees, Title Company, unpaid property taxes and seller's other closing costs are paid by the seller's lender, from the proceeds of the sale, at closing.
You will not always get full approvals or full release from liabilities.You need an experienced and professional team(agent,attorney, title company) working for you. Don't let some unexperienced part-time agent handle your Short Sale transaction.
BARBARA RAGO -
AWARDED BY REMAX TO BE A MEMBER OF THE EXECUTIVE CLUB FOR 2007,2008,2009
I sell because I work 7 days a week. I have a system and I follow it every day.
RE/MAX CITY - Chicago Top Best Selling Real Estate Agents and Brokers specializing in Short Sale and Foreclosure Prevention. Representing Home Buyers and Property Sellers in Chicago & Suburbs Cook, DuPage, Lake, McHenry, Will, Kane, Kendall, Boone, Dekalb, Grundy County Illinois Short Sales.
Polskie Biuro Posrednictwa. Kupno, Sprzedaz Nieruchomosci w Chicago i Okolicach. Pomoc przy Kupnie domu.Pomoc przy Sprzedazy Domu. Domy, Condominia Zabrane Przez Banki. Pomoc przy Przeprowadzeniu "Short Sale".Polski Agent i Adwokat. Sprzedaze Spadkowe. Domy, Condominia w Chicago i Przedmiesciach. Pozyczki.
Behind on payments? Facing foreclosure? Do not abandon your property! Don't give it to the bank without a fight! Do a Short Sale! Dismiss Foreclosure! FREE Short Sale Representation For Buyers & Sellers! Don't pay a dime to anyone!
SHORT SALE WITH ME-Fast- Easy- Free
We have successfully work with Chase Bank, Washington Mutual, Citi Bank, Wells Fargo, National City Bank (Mid America Bank), Bank of America (Countrywide), Deutche Bank, 5/3 Fifth Third Bank, Wilshire, US Bank, FHA/ HUD, Harris Bank, AHMC ..and many others.
Options To Consider Before a Short Sale.
Refinancing. Short Sale should be your last resort in order to avoid foreclosure. Try to refinance your mortgage loan first.
Sell The Property. Contact me and I will run the numbers to see if it's still possible to get the property sold a regular sale, without doing a Short Sale.
Loan Modification. Notify your lender of your financial hardship, explain why you can't afford to make mortgage payments and ask if they could offer you any assistance to modify or re-structure your existing loan into something that you could live with (reduced mortgage payments, lower interest rate, etc..).
Where do you see yourself in 6 months?
- if you want to keep the property and think you might be able to get back on track with your mortgage payments but need some assistance from the bank, you should contact your lender and ask for a Loan Modification (i.e. interest rate adjustment) or a Forbearance Plan to temporarily reduce, delay or even freeze payments.
Forbearance.
A borrower who is willing but unable to make payments, may request forbearance from the lender. Forbearance allows payments to stop temporarily or decrease in amount for a specific length of time. Some lenders might be willing to temporarily reduce or even freeze your mortgage payments, to help you get back on your feet, financially. The lender may grant forbearance of principal, interest or both. The borrower is responsible for repayment of accrued interest charges.
Deed in lieu of foreclosure.
A deed in lieu of foreclosure occurs when the borrower voluntarily conveys all interest in a real property to the lender to satisfy a loan that is in default and avoid foreclosure proceedings. Deed in lieu requires bank approval and is rarely exercised in Illinois, most lenders don't want to own and maintain properties that will have to be sold eventually anyway. Short Sales make more financial sense to lenders.
Contact me only when you decide that you don't want to keep the property.
Please let us know if you are considering the following: Loan Modification, Forbearance, Deed in Lieu or Bankruptcy, as these may delay the short sale approval process or even make it impossible while they are pending.
If you apply for a loan modification, for example, your bank will most likely not consider a short sale request at the same time. You will have to wait until the loan modification review is completed or withdraw your request, in order to proceed with the short sale.
If you would like to keep your property, then try the options above first. If you are unable to keep the property or your loan modification or forbearance application have been declined by your lender, then a short sale should be the option in order to avoid foreclosure.
Do not hesitate to call me for free service and for more information, or if you have any questions about listing and selling your short sale property for free! I don't charge any fees for short sale listing and service! In a successful short sale your bank pays for the Realtor commission, attorney fees, title company fee, and any other closing costs. Simply list and sell your short sale property for free
WITH ME - Free Short sale MLS Listing Service + Free Short Sale Negotiation + Free Short Sale Attorney.
But I’m not only a short sale specialist. I also work as a listing real estate agent and Realtor who works with many types of transactions. So don’t hesitate to call me for any questions you have. Some of my current listings you can see on my websites;
Welcome to Chicago Top Home Buyer's Realty Website - Illinois Best RE/MAX Real Estate Agents and Brokers Specializing in working with Home Sellers, Home Buyers and Investors.
Selling or buying a Home or Investment Property, Short Sale, Foreclosure,Estate in Chicago or Suburbs Illinois? Work with a Top Producing Real Estate Agent Barbara Rago.
Search Homes For Sale onMy Property Finderand have new Chicago Illinois MLS listings automatically emailed to you when they hit the market.
What is a Short Sale?
A short sale is the process by which a homeowner can sell a house for less money than actually owed on the mortgage(s). There are alternatives to bankruptcy or foreclosure proceedings for homeowners/borrowers who can no longer afford to keep mortgage payments current. One of those options is called a "short sale." Sometimes, to avoid going through the costs of foreclosure, a lender will sanction a short sale by allowing a homeowner to sell (allowing a buyer to purchase) the home for less than the mortgage balance while the home is in pre-foreclosure stage.
Sample steps of a short sale:
Seller signs a listing agreement with a real estate agent subject to selling as a short sale with third-party approval.
The owner, or if the owner has an agent, finds a buyer who makes an offer for less than the amount of the mortgage.
Seller accepts the buyer's purchase offer subject to the lender’s approval.
Seller's lender accepts the buyer's purchase offer.
Transaction closes when the buyer delivers the funds, the lender releases the lien and the seller delivers the deed.The decline in market value of a property below the total debt owed on that property does not automatically qualify a homeowner for a short sale. Banks take several factors into consideration when determining if it will allow for a short sale to occur.
WHAT SHORT SELLER HAS TO KNOW
Do They have to pay taxes on the cancelled mortgage debt?
Mortgage Forgiveness Debt Relief Act (HR 3648)was signed by President Bush on December 20, 2007. Prior to December 2007 any forgiven debt was treated as taxable income. The Bill HR 3648 eliminates homeowner's liability for that income. This Act ensures that any deficiency written off as part of the Short Sale will not be treated as taxable income. The Lender will submit a 1099 form to the IRS regardless if the property is sold as a short sale or foreclosure. The homeowner should report the disposition of the real estate to the IRS along with a form I-982 and attach a copy of the closing statement showing no profit was made on the sale. In a Short Sale, the HUD closing statement should reflect net proceeds to seller: 0.00 (zero).
"When your home is losing value and your family is under financial stress, the last thing you need is to be hit with more taxes. So I'm working with members of both parties to pass a bill that will protect homeowners from having to pay taxes on cancelled mortgage debt."- President George W. Bush.
Mortgage Forgiveness Debt Relief Act (HR 3648) does not apply to investment properties.
You may also consider claiming Insolvency. You are insolvent when your total debts are more than the fair market value of your total assets. When the debt is cancelled, some or all of the cancelled debt may not be taxable to you.
*Assistance of a tax professional is highly recommended.
How a Short Sale affect sellers credit history?
Yes, but not as much as a foreclosure would. You should be able to rebuild your credit within 1 year. Short Sales are not reported on a Credit History. Foreclosures are reported on Credit History (+/- 300 point loss). Foreclosure is the most credit devastating item one could have on their credit report. Foreclosure is a Public Record forever. Short Sale is not a Public Record item. Basically, a Short Sale settles your mortgage debt with your lender. There is no specific reporting item for 'short sale'. The loan is typically reported as 'paid in full', 'legally settled' or 'paid as agreed‘ on credit reports. The negative points on your credit report are from missed or late mortgage payments.
Short Sale vs. Foreclosure - Homeowners Benefits:
GOVERNMENT BACKED LOANS
Effective May 21, 2008. A Homeowner or investor who allows a property to go into Foreclosure is not eligible for a Fannie Mae backed mortgage for a minimum period of 5 years (residence) and 7 years (investment).However, a homeowner or investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed mortgage after only 2 years.
CREDIT SCORE
For someone who loses their home to Foreclosure, credit score will be lowered around 300 points. For someone who successfully completes a Short Sale, credit score will be lowered 20 to 50 points. Provided all other payments are being made on time, a short sale affect can be as brief as 12 months.
CREDIT HISTORY
Foreclosure will remain as a public record on a person's credit history for 10 years or more. There is no specific reporting item for a short sale. The negative points are from missed or late mortgage payments. After a short sale is successfully completed, the loan is typically reported as "paid in full', "paid as agreed" or "settled" which will lower one's credit score 20 to 50 points.
SECURITY CLEARANCE
Foreclosures is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a homeowner has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated. AShort Sale on its own does not challenge most security clearances.
EMPLOYMENT
Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A Foreclosure in many cases is ground for immediate reassignment or termination. Because a Short Sale is not reported on a credit report it is therefore not a challenge to employment.
Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. A short sale however, is not reported on a credit report and therefore isnot a challenge to employment.
DEFICIENCY JUDGEMENTS
In Illinois, in almost 100% of Repossessed Homes (Foreclosures) the bank has the right to pursue a deficiency judgment against the homeowner in order to recover financial loss incurred by foreclosure.
In a Short Sale, many lenders agree to give up the right to pursue deficiency judgments.
SHORT SELLING WITH MULTIPLE LENDERS. If you have two mortgages from two different lenders, both lenders will have to approve the short sale. The 1st lender will most likely cancel the balance owed, but the 2nd lender may reserve the right to pursue deficiency judgements or may ask the seller to sign a promissory note to re-pay the loan (or part of it) in the future, due to the fact that they are left with almost nothing at closing. If you are planning to file for bankruptcy, the promissory note will be discharged (wiped out) in Chapter 7 Bankruptcy, as it is an unsecured debt.
**Secured debts which can not be eliminated during bankruptcy include: taxes, 1st mortgage, child support, student loans, tickets, secured judgements and automobile loans.
WHAT IF A 'SHORT SALE' SELLER IS "TOO RICH" ?
If a Short Sale Seller has liquid assets/ cash, or the lender determines the seller did not provide sufficient proof of his financial hardship, the lender may still allow the short sale to proceed, however the seller may be asked to financially contribute to the deal before the short sale can be approved. The amount the lender will ask vary, for example, it can be a flat fee of $2,000, $5,000, $10,000.$20.000 or a promissory note to re-pay a pre-agreed amount, after the closing.
**If the terms and conditions of the short sale approval are not acceptable to the property seller, the seller has the right to cancel the short sale and pursue other options.
Short Sale Prevents Foreclosure. Are you behind on mortgage payments? Do you owe more than the house is worth? No equity? Facing Foreclosure?
Always seek legal counsel before attempting to pursue a short sale.
The Seller's Benefits, The Buyer's Benefits
The homeowner can eliminate their mortgage debts without financing repairs for the purpose of the selling the property
The lender pays for commissions and closing costs.
The seller’s credi).
t report is not negatively affected by a foreclosure
Bankruptcy can be prevented.
The homeowner can stay on the property until the procedure is finished.
Buyers can buy property that has a below-market price. Also, the short sale properties are usually in better shape than foreclosure properties (don’t need as many repairs
Chicago Illinois Leading ShortSale Experts - Top Selling Team for the #1 RE/MAX Office in Chicago Illinois.
Work with The Best..
Short Sale Sellers! Free Short Sale Representation regardless if the deal closes or not (we are paid by the bank).
RE/MAX CITY - Chicago Top Best Selling Real Estate Agents and Brokers specializing in Short Sale and Foreclosure Prevention. Representing Home Buyers and Property Sellers in Chicago & Suburbs Northern Illinois.
Work with the Best!
> Barbara Rago - Chicago Short Sale Specialist - Illinois Top Real Estate Agent Specializing in ShortSale, Pre Foreclosure, Foreclosed, Bank owned properties REO and Estate Sale.
Barbara Rago Remax City Realtor Norwood Park Chicago,Dunning Chicago, Eddison Park Chicago,Portage Park Chicago, Short Sale Specialist, Polish SpeakingRealtor, Best Realtor, Top Realty, Top Real Estate Agent, Chicago Best Selling Remax Realty Office in Chicago Illinois, Real Estate Agents in Addison, Arlington Heights, Algonquin, Alsip, Antioch, Aurora, Bannockburn, Barrington, Bartlett, Belvidere, Bensenville, Berwyn, Bloomingdale, Bolingbrook, Buffalo Grove, Bridgeview, Burbank, Burr Ridge, Carol Stream, Carpentersville, Cary, Cicero, Crystal Lake, Deerfield, Deer Park, Des Plaines, Downers Grove, Dundee, Edison Park, Elgin, Elk Grove Village, Elmhurst, Elmwood Park, Evanston, Fox Lake, Forest Glen, Franklin Park, Geneva, Genoa, Glencoe, Glendale Heights, Glenview, Grayslake, Great Lakes, Gurnee , , Hanover Park, Harwood Heights, Highland Park, Hinsdale, Hoffman Estates, Ingleside, Inverness, Island Lake, Itasca, Ivanhoe, Irving Park, Jefferson Park, Joliet, Kenilworth, La Grange, Lake Bluff, Lake in the Hills, Lake Forest, Lake Villa, Lakeview, Lake Zurich, Lemont, Libertyville, Lisle, Lincoln Park, Lincolnshire, Lindenhurst, Lombard, Long Grove, Marengo, McHenry, Melrose Park, Morton Grove, Mount Prospect, Mundelein, Niles, Naperville, Norridge, Northbrook, Northfield, North Center, North Chicago, Northlake, Norwood Park, Northshore, O Hare, Oak Brook, Oak Lawn, Oak Park, Old Town, Orland Park, Palatine, Park Ridge, Plainfield, Prairie View, Poland, Portage Park, Prospect Heights, Richmond, River Grove, Riverwooods, Rockford, Rogers Park, Rolling Meadows, Roselle, Round Lake, Schaumburg, Schiller Park, Skokie, Sleepy Hollow, South Barrington, South Elgin, Spring Grove, Spring Grove, St. Charles, Stone Park, Streamwood, Summit, Sycamore, Sugar Grove, Tinley Park, Vernon Hills, Villa Park, Winnetka, Wadsworth, Wauconda, Waukegan, Wayne, Westchester, Wheaton, Wheeling, Willowbrook, Wilmette, Winthrop Harbor, Wonder Lake, Wood Dale, Woodridge, Illinois
SELLERS Are you considering selling your house in the coming months? Ask me about my three-steps to a top-selling price: 1. Monitor the market with "My Property Finder" 2. Obtain a current market value assement. 3. Get my tips for dressing your home for maximun selling price.
BUYERS View ALL the properties listing for sale in your market though "My Property Finder". You will also have access to the advanced research tools available. Note: The MLS Requires registration to see all listings.
Barbara Augustyn-Rago, RE/MAX City | 7020 W. Higgins Ave, Chicago, IL 60656 | 773-775-0600 | Contact by E-mail
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