Montgomery, IL (PRWEB) September 10, 2007
According to recent statistics, Kendall County, Illinois ranks third nationwide for pre-foreclosures per capita. Homeowners often feel that they have no one to turn to during time of financial distress.
Fox Valley Property Solutions now offers help to homeowners, even if they have no equity in their home.
Fox Valley Property Solutions purchases homes throughout the Chicagoland area. Foreclosures not only hurt the credit of the homeowner, they cause strain upon banks, are a major reason for our current economic problems, and bring down home prices within affected areas. Having multiple options in dealing with a pre-foreclosure allows the homeowner the opportunity to stop foreclosure before the property hits the auction steps. A short sale is a technique in which the bank or mortgage company accepts less than what is owed on the property. Fox Valley Property Solutions now offers short sales as one part of its overall foreclosure avoidance tools.
A short sale involves the bank or mortgage company accepting less than the current principal balance as full payoff of the loan. It allows an investor to step in and purchase the home at a discount. By doing so, the homeowner avoids foreclosure. In other words, if a homeowner owes $210,000 after late fees and attorney costs and their property is worth $200,000, the homeowner would generally not be able to sell the home on the open market. In a short sale, an experienced investor negotiates a lessor payoff amount with the bank and the homeowner walks away from a potential foreclosure. It is a win-win situation.
With foreclosures at an all time high within the Fox Valley area, Paul Tomlinson, president of Foxvalleypropertysolutions.com recommends that homeowners take a proactive approach. "We realize that many subprime mortgages will readjust in 2007 and homeowners will not be able to keep up with their mortgage payments," he said. "At the first sign of financial trouble, you must take action. Call the bank and explain your situation. Realize that you do have options. If your mortgage company won't work with you, give us a call. A short sale is an excellent tool to help homeowners avoid foreclosure, save their credit, and move on with their life. It must be noted that not all short sales will be approved by the bank but it is certainly an option worth looking in to."
For help with your specific situation, fill out the Quick Offer Form below.
Foxvalleypropertysolutions.com was founded in 2006 to provide homeowners a number of options in which to sell their home in the quickest manner possible, including their guaranteed offer within 72 hours.
Paul Tomlinson, president
Fox Valley Property Solutions LLC
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