The Stone Team

Broker, CDPE, SFR, ePro

Certified Distressed Property Expert (CDPE)

Worried About Losing Your Home To Foreclosure?

Sometimes, bad things happen to good people.  You are not alone.  Nationwide, almost 1 in 10 homes are at some stage of the foreclosure process, meaning they are 30+ days late with their payment.  Illinois foreclosures are carried out solely through court proceedings.  The typical timeline for an Illinois foreclosure is approximately one year.

There are many different reasons for someone to be unable to make their mortgage payment, and regardless of what yours may be, there is most likely a way to avoid foreclosure!

The Stone Team is a Certified Distressed Property Expert (CDPE), and can help you find a solution.  Whether your solution will keep you in your home, or allow you to sell your home in what is called a "short sale," our goal is to negotiate with your lender and help you avoid a credit-destroying and emotionally-damaging foreclosure.

To see our Frequently Asked Questions About Short Sales, click here.

To speak confidentially with The Stone Team about what your options are, simply contact me TODAY!.

There is light at the end of the tunnel, and I can help you reach it.

Why Not Just Let It "Go Back To The Bank?"

While it may not seem like it now, there will come a time when your current financial troubles will pass.  You will feel much better knowing that you did everything you could to avoid this devastating financial consequence.  The chance at avoiding foreclosure takes only effort and cooperation on your part.  As your agent, I will do all the rest, and invest my time, money, and effort.

Reasons To Avoid Foreclosure:

Successful Short Sale
Future Fannie Mae Loan ? Primary Residence (Effective May 21, 2008)
A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.
Future Fannie Mae Loan ? Non Primary Residence (Effective May 21, 2008)
An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.
An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.
Future Loan with any Mortgage Company
On any future 1003 Application (Standard Loan Application), a prospective borrower will have to answer YES to question C, in Section VIII, that asks, ?Have you had property foreclosed upon, or given title or deed in lieu thereof?? This will affect all future rates.
There is no similar declaration, or question regarding a short sale.
Credit Score
Score may be lowered anywhere from 250 to over 300 points. Typically, this will affect score for over 3 years.
Only late payments on mortgage will show, and after sale, mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points, if all other payments are being made.  A short sale?s effect can be as brief as 12 to 18 months.
Credit History
Foreclosure will remain as a public record on a person?s credit history for 10 years or more.
A short sale is not reported on a credit history. There is no specific reporting item for ?short sale.? The loan is typically reported as ?Paid in full, settled.?
Security Clearances
Foreclosure is the most challenging issue against a security clearance, outside of a conviction for a serious misdemeanor or felony. If a client has a foreclosure, and is a police officer, in the military, a government employee, a security officer, or any position that requires a security clearance, in almost all cases, clearance will be revoked and position will be terminated.
A short sale, on its own, does not challenge most security clearances.
Current Employment
Employers have the right, and are actively and regularly checking the credit of all employees who are in sensitive positions.  A foreclosure, in many cases, is grounds for immediate reassignment or termination.
A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.
Future 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 is not reported on a credit report, and is, therefore, not a challenge to employment.
Deficiency Judgment
In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.
In some successful short sales, it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.
Deficiency Judgment Amount
In a foreclosure, the home will have to go through an REO process if it does not sell at auction.  In most cases, this will result in a lower sales price, and a longer time to sell in, a declining market. This will result in a higher possible deficiency judgment.
In a properly managed short sale, the home is sold at a price that should be close to market value, and, in almost all cases, will be better than an REO sale, resulting in a lower deficiency amount.

I am here to help.  Simply contact me

What Is A Certified Distressed Property Expert?

Eighty-five percent of homeowners experiencing financial distress say their first contact will be to a licensed agent.  Yet, fewer than 1 percent of agents consider themselves foreclosure or distressed property experts.  I have taken the time and money to invest in the education necessary to allow me to help people in this most difficult and stressful situation.

The developers of the Certified Distressed Property Expert Designation (CDPE) believe that in almost all cases the best person for a homeowner in distress to speak with is a well-informed, licensed Realtor? that has the tools needed to help that homeowner find the best solution for their situation.

Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without guidance of any kind, and therefore never recover financially.

Through extensive and ongoing education, The Stone Team has earned the CDPE Designation, and has dedicated her time and effort to understanding the issues distressed homeowners are dealing with.  She understands the full range of solutions and is always ready to help.

While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn't be.  Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs.

I am here to help, and will use the utmost discretion!  Contact Me Now! Frequently Asked Questions About Short Sales

"Short Sale" is a relatively new expression to many homeowners, yet this type of sale has been part of the real estate market for many years.  Unfortunately, most Realtors aren't familiar with the process, which has caused a lot of confusion in the community, with homeowners and even other Realtors.  Because I am a Certified Distressed Property Expert, I thought it would be prudent to explain and dispel some of the misunderstandings.

What Is A Short Sale?

A Short Sale is when:

The seller won't get any money at closing, yet they will avoid the financial and emotional damage that a foreclosure can cause.  During our negotiations with the bank, we work to include a favorable wording for the forgiven debt of the mortgage, which can help the recovery of the homeowner.  And I am able to do so in many circumstances.

Why Would A Lender Agree To Lose Money?

How Does A Short Sale Help Me?

I've Already Received My Foreclosure Notice.  Is It Too Late For A Short Sale?

I Haven't Missed Any Mortgage Payments.  Can I Still Do A Short Sale?

How Do I Pay The Realtor Commissions, Taxes And Other Expenses Associated With A Home Sale?

To speak confidentially with The Stone Team about your options, simply click here 

Source:  CDPE Designation Informational CD