Our "investment" property didn't work out, and we're currently in the short sale/deed in lieu process with CitiMortgage. My problem is that I can't find a real estate agent willing to list the property because they've all heard horror stories about Citi never getting back to them on offers. The disabled family member that lived there is now somewhere safe, so we're perfectly willing to turn the deed over the the bank, but need to meet the required 90 days of being listed. The renter did not keep the place up, so the chances of it selling are low. I need advice for the Chicago Northwest Suburbs - what are my options? The HUD Counselor said I shouldn't need an attorney unless Citi sues for the balance owed, but the property is in the name of my permanently-disabled husband, so it wouldn't make sense for the bank to pursue his assets. Thanks for your ideas, Mamas.
After getting jerked around by CitiMortgage for about a year, a short sale finally (and suddenly) took place. They wouldn't consider a Deed in Lieu. Thank you, Sloan, for recommending Michael Sorenson and his legal team! My husband is getting 1099ed for the difference on what was owed, and clean-out of the place was extremely challenging, but I believe this went about as well as it could have, under the circumstances.
Michael Sorenson specalizes in short sales. He is a realtor in the Chicagoland area and is teamed up with an attorney to handle the legal issues of a short sale. His phone numbers are ###-###-#### or ###-###-####. Good luck!!
Try Janice Weiner of ReMax Suburban. She goes to many different towns, we've worked with her before. Her number is ###-###-####.
I can sympathize with your situation!! I just went through a short sale process that was stressful and long.
I'm not sure if the agent we used specializes in the process of a Deed in Lieu, but she was knowledgeable and extremely helpful. Her name is Cathy Hoffman ###-###-####. She works for Prudential and travels in the NW suburbs of Chicago. We live in Schaumburg. Hope this helps!
I wish you the best!
I"m a local real estate attorney that has handled many short sales, and our office handles tons of foreclosures. The chances of the bank coming after you for the deficiency (the difference between what is owed on the note and what the bank gets for the property) is pretty low. Is the property in Cook County? If so, then the chances of a court granting the bank the deficiency judgment is even lower. Cook County judges simply aren't granting them, which is good news for borrowers. Good luck.
