Because Every Short Sale Is Different, It Is Essential For Both Buyers And Sellers To Work With A Realtor That Is Trained, Certified And Experienced In Doing Short Sales!

I’m Short Sale Certified With Millions Of Dollars In Closed Short Sale Transactions, Offering A Full Range Of Short Sale Services For Buyers And Sellers. Serving in Cook, Lake, McHenry, DeKalb, Kane, DuPage, Kendall, Will and Kankakee Counties in Illinois. For Any Information, Call 773-520-1522

      

Sellers: Click Here to Apply for a Short Sale

If you or someone you know… 

-Has experienced job loss?

-Is behind on their mortgage?

-Has lost their job?

-Is facing foreclosure?

-Is unable to make mortgage payments?

-Can’t sell their home because of market conditions?

CALL ME TODAY. It’s overwhelming to be caught in a situation where you can’t even bear to look in the mailbox because the mortgage letters never seem to stop. I can help. As a Short Sale Specialist, I’ve got solutions that can help stop the foreclosure action and get your family to a better place.

Chicago Real Estate Agent, Broker, Chicago Short Sale Homes, Illinois Short Sales, Short Sale Specialist and Pre Foreclosure Expert. Chicago Short Sale Agent, Realtor, Specializes In Avoiding Foreclosure And Short Sale

 

 

Short Sale as an Alternative to Foreclosure? A short sale is an alternative to foreclosure and may be an option if: You owe more on your home than it’s worth, You are behind on your mortgage payments, You are facing a long-term hardship, You are ineligible to refinance or modify your mortgage, You can no longer afford your home and are ready or need to leave. Do not hesitate to call me for any questions you have.

Some of my current listings you can see on my websites

 www.ChicagoShortSale-IllinoisForeclosure.com   

 

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. Professional real estate services for buyers and sellers.  VIEW MY SHORT SALE LISTINGS 

Looking for MLS & Short Sale Listings? RE/MAX Northern Illinois  real estate agents lead the industry in experience, professional expertise and production. Whether you need a Chicago real estate agent, a Naperville real estate agent, an Aurora real estate agent, or a Rockford real estate agent, with RE/MAX Northern Illinois you can expect exceptional customer service to both buyers and sellers.

Buying a home again? Things have changed.

Much has changed in the world of real estate in recent years. The influence of Internet technologies has given buyers and sellers new ways to come together. If you’ve been through the home buying process before, it’s more important than ever to pick the right real estate professional.

In the present real estate market, you want an agent who will use the Internet to your advantage. As an action-oriented real estate agent, I fully understand how today’s technology can help you find the right home. My website allows you to search thousands of listings to locate the properties that best fit your needs. It’s a great tool for home buying, and free to use.

Call me today and we can discuss what you’re looking for in a home, and where to begin. I look forward to helping you.

Chicago Real Estate Agent, Regina Zak Tomas RE/MAX  agent can find you an Illinois Property or any property in the Chicago real estate area, including Northwest and Northern Suburbs of Chicago.

Real Estate Agent Why you should use a real estate agent?

 

About Short Sales And Foreclosures

Staying Safe When Showing Your Home

 If you’re considering buying or selling a home, selecting a real estate agent is the first important decision you will have to make. While there are many qualified real estate agents out there, it’s important to decide on a professional who will understand your needs and individual preferences, someone who you can respect and trust. Nearly four out of five homebuyers and sellers enlist in the help of a real estate professional or broker.Whether you’re looking to buy a new home or sell the one you’re in, choosing a professional who best fits your needs is vital.
Selecting a Real Estate Agent

In Real Estate, a Short Sale - What is it?

A Short Sale is when a lender agrees to receive less than the original amount owed on the property, via negotiations, to be able to release the lien.

The Short Sale Process

The first step is to find out if a short sale is an available option for you.

Then the property is put into the market, and  after receiving an offer, the Hardship Package is given to the lender.

 If the lender approves the short sale, the file moves to closing

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 credit 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).

Work with a Real Estate Agent, Broker

A short sale has the potential to become very complicated. As a real estate agent, I am very persistent and patient with the short sale, using my abundant amount of experience to make the process as smooth as possible.

There is no cost for professional representation! The lender covers the costs of the real estate commission. Make sure a qualified real estate professional is representing you! 

 

  

FORECLOSURE VS. SHORT SALE

 

Current or Future Employment

Foreclosure; 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. 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.

Short sale: A short sale is not reported on a credit report and is therefore not a challenge to employment.

 

Deficiency Judgment

Foreclosure: In 100% of foreclosure (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.

Short sale: 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)

Foreclosure: 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 longer time to sell in a declining market. This will result in a higher possible deficiency judgment.

Short sale: In a property 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.

 

Future Loan with any Mortgage Company

Foreclosure: On any future 1003 application, a prospective borrower will have to answer YES to question C in Section 7 of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will affect future rates

Short sale: There is no similar declaration or question regarding a short sale.

 

Credit Score

Foreclosure: Your score may be lowered anywhere from 250 to over 300 points, typically affecting your score for over 3 years.

Successful short sale: 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 a brief as 12 to 18 months.

 

Credit History

Foreclosure: Foreclosure will remain as a public record on a person's credit history for 10 years or more.

Successful short sale is not reported on credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled, paid as agreed'.

 

REO - definition of REO - Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture.

Foreclosure - definition of foreclosure - The legal process by which a mortgaged property may be sold when a mortgage is in default.

Definition: BPOs are often associated with foreclosures and short sales. A BPO, or broker price opinion, is a broker's opinion of the value of a property in the current market.

 

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!

What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Seller Deficit and Mortgage Debt Relief Act of 2007 has been extended to 2012. To qualify for the tax exclusion of up to $2 million of debt forgiven or canceled by a mortgage lender on primary residences, the mortgage proceeds must have been used to buy, build, or make substantial improvements on the property. Both mortgage restructuring and foreclosure qualify.

 Other things to know about short sales:
- The short sales procedure can and does vary from lender to lender.
- Seller will not receive any excess funds.
- Seller may not remain in the property after the sale even with permission of the new owner.
- Seller will not receive a refund of any escrow accounts.
- Seller may be asked to sign a note for the deficiency at closing.
- There can be no substitution or assignment by buyer.
- Even though a short sale is pending, the lender can still foreclose on the property
- Buyers must be patient because the short sale process can take several months. 

In a short sale, your lender takes the loss, on the upside, a short sale is far less destructive to your credit rating than a foreclosure,  

Deed-in-lieu may be your fastest way outbut, on the downside, if the lender eventually sells the home for a price that doesn’t pay off the original mortgage amount, he can get a deficiency judgment and try to collect it from you. 

There are several downfalls to a deed in lieu. As with short sales, you probably cannot get a deed in lieu if you have second or third mortgages, home equity loans, or tax liens against your property. 

In addition, getting a lender to accept a deed in lieu of foreclosure is difficult these days. Many lenders want cash, not real estate -- especially if they own hundreds of other foreclosed properties. 

The sellers shall contact the real estate attorney and or certified  public accountant to obtain qualified counsel relating to implications of selling the property.

Questions and Answers About the Simplified Short Sale Process

What to do if your home won’t sell  Consider lowering price  

 

Pricing, property condition more important to today's buyers Selling in this market is not easy. But, sellers who understand the market can do well selling today. They must be realistic about what they need to do to prepare their home for sale. Sellers also must be committed to the process. There is no margin for error when it comes to pricing. If you can't bring yourself to price to sell, you're not a committed home seller.

 

Simple tips for making your home more energy efficient  Owners-Conserving Energy  

10 tax tips for home sellers  IRS Tax Tips

Chicago Real Estate Agent, Short Sale in Chicago, Foreclosure   

Short sales links  advertising  

 

Find a RE/MAX Northern Illinois Real Estate Agent

When it comes to choosing  and working with your real estate agent, consumers who do their homework can save thousands of dollars and experience a smooth financial and physical transition. So don't waste time and resources - decide what's most important to you, and then find a professional real estate agent. Are you buying or selling a loft? A condo? A rural property? Raw land? An investment property? Short sale? Pre Foreclosures? Foreclosure? Perhaps cost is your main concern or timing. Whatever you decide, please contact Regina at (773) 520-1522 - Chicago Top Agent, Broker.

The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not qualify for a Trial Period Plan; 2) do not successfully complete a Trial Period Plan; 3) miss at least two consecutive payment during a HAMP modification; or, 4) request a short sale or deed-in-lieu. HAFA Policy Updates  

Chicago Real Estate

Bank Foreclosed Properties.  A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage.

Real Estate Foreclosure Listings

IRS Tax Auction

Free credit report    This site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from Equifax, Experian and TransUnion.

Chicago Agent   For the well-informed real estate professional.

 

Cook County Treasurer's Office  Lake County Treasurer's Office  DuPage County Treasurer's Office  Will County Treasurer's Office  Kane County Treasurer's Office  Kendall County Treasurer's Office  McHenry County Treasurer's Office

Chicago N, NW Suburbs: Arlington Heights,  Des Plaines,  Elmwood Park,  Glenview,  Harwood Heights,  Morton Grove,  Mount Prospect,  Niles,  Norridge,  Northbrook,  Park Ridge,  Schaumburg,  Wilmette,  Winnetka. 

 

  

 

Biuro Posrednictwa Obrotu Nieruchomosciami w Chicago. Domy Odebrane Przez Bank w Chicago i Okolicach. Chicago Short Sale Po Polsku, Polski Agent Nieruchomosci, Polski Realtor, Kupno Domu,  Sprzedaz Domu, Kondominia, Nieruchomosci w Chicago,  Domy Na Sprzedaz w Chicago, Pozyczki. Short Sale Po Polsku  

                   

 

 

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 "My husband and I can not say enough about how wonderful it was to work  with Regina.  We always knew that she was in  our corner, trying to get us the most for our money.  We would highly  recommend her to anyone looking for a trustworthy, patient, and  reliable agent.  

Dayna Malow   http://www.daynamalow.com/ "

 

"Regina was very helpful through the whole home buying process. As first time home buyers, we had many questions about the whole process. She offered great advice in selecting a home, ranging from repair and maintenance considerations to the closing process.

Scott Burns,   http://www.scottburnsjazz.com/ "

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I want to thank you for taking the time to visit my website. As a consummate real estate professional, I’m committed to providing the absolute best service to my clients. I feel that by educating my clients I put them in the position to make informed decisions, and I can take care of the details so that any transaction runs smoothly.

If I can be of service to you in any way either now or in the future, please let me know. I’d enjoy the opportunity to help you with any of your real estate needs. Once again, thanks for visiting the site. Don’t hesitate to call or e-mail me with any of your real estate needs.

 

Chicago Real Estate Agent, Chicago Short Sale, Foreclosure, Illinois Short Sale, Re/Max Agent, MLS.

 Direct call, Regina Zak Tomas  773-520-1522

 

The information contained on this Web site is provided for informational purposes only and should not be construed as legal advice on any subject matter. The links are to be accessed at the user’s own risk, and the author of this Web site make no representations or warranties about the content of these links. You may not copy, modify, upload, download, post, transmit, republish or distribute any of the content, including without limitation the code, contained in this Web site without my prior written permission.

Don't Lose Your Home to Foreclosure, As a Licensed Real Estate Broker, Certified Loan Originator, Certified Distressed Property Expert, I Can Help You!

My Service is totally FREE - There is no cost for professional representation! The Lender Covers The Costs Of The Real Estate Commission, Attorney Fees, Title Company Fee, And Any Other Closing Costs. If you will not satisfied with my work, you may cancel the short sale listing at any time without any cost to you!

Whether You Have Missed One Payment or Many Payments, I Have The Skills To Process Your Short Sale Successfully! Twenty-three years of work experience with over 500 sold homes has given me the experience to successfully work with every conceivable selling or buying situation, from the most difficult to the most straightforward.

 Welcome To My Website!

My name is Regina Zak Tomas. I am a Licensed Real Estate Broker with over 23 years of experience, Certified Loan Originator, Certified Distressed Property Expert  -  Short Sale Specialist. A full time agent since 1990, I know the Chicagoland area well and have a wide knowledge of Northern Illinois. A large part of my business is based on referrals, from many satisfied past clients. As your real estate agent, I will work hard for you, whether you are buying or selling, regular sale or short sales. I take your home purchase very seriously and will not let you down. I am available anytime to my clients by phone, email, or in person, 7 days a week. Don’t hesitate to give me a call or email me for any information you might need for your real estate. 

     

Why work with the best? I Do Not Use Other Agents, Teams, Or Assistants!  I personally deal with the listing, buying and selling. Each of my clients is treated personally and with professional care, which combined with my experience and collected certificates, causes former clients to eagerly return to me for business and to recommend me to their friends.

Access My Progressive Property Marketing Plan! My Marketing Plan 

I know that the online marketing is key to real estate success. You can see my website on many front pages like Google, Yahoo, etc. In addition, I  advertise listings in various websites like Craigslist, Oodle, HotPads, Zillow, Backpage, Vast, etc. I am the Top Agent Broker, with many satisfied clients. Why list with me? List With Regina Zak Tomas My Website is on the front of many sites, including Top Agent America’s Most Popular Realtors Online and Lender Lister Top Sites  www.LenderLister.com/topsites/ 

 

Chicago Homes for Sale  Chicago real estate.

Illinois Real Estate  This link can help you find all Illinois homes for sale or short sale.

Tips for First Time Buyers make your home buying process successful

 

Many homeowners don’t have a relationship with a real estate professional unless they have made the decision to sell their home. People often do not realize that a real estate agent can be a great resource for homeowners. As an experienced real estate agent, I’d be happy to help you with any home needs you may have. I have valuable information on home maintenance, remodeling, refinancing, and other related topics. Much of this information can be found on my website. I think you’ll find that a relationship with a real estate agent whom you trust is a great asset. If I can be of assistance now or in the future, please give me a call.

  Elgin Short Sale    3055 Hughsdale Street Elgin, IL 

  Chicago Short Sale Charming Vintage Condo In Austin Area, Excellent Location On A Quiet Cul-De-Sac Street 50 N Menard Ave Chicago, Illinois 

  Absolutely Gorgeous 2 Story Brick Duplex In Oriole - Norwood Park Short Sale  7800 W Balmoral Ave, Chicago, Illinois 60656  

 More Properties For Sale In Norwood Park Area

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More Properties For Sale In Harwood Heights IL

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  Condo, Chicago Short Sale In The Buena Park Neighborhood  732 W Bittersweet Place Chicago-Uptown, IL 60613 

  Park Ridge Short Sale Spacious 1 Bedroom Condo In Excellent Park Ridge Location 1815 Oakton, Park Ridge, IL 60068

More Properties For Sale In Park Ridge, IL

  Short Sale, Spacious And Beautiful Duplex Stainless Steel Appliances, Granite Counter Tops  2057 W Fargo, Chicago

  Spectacular Brick Bungalow Excellent Location In Chicago

  Schaumburg Short Sale  Very Spacious 4 Bedrooms, 1.5 Baths Home And......  1414 Colwyn Drive SCHAUMBURG, IL

  Short Sale, DesPlaines Unique Condo That Everyone Is Looking For!

 Oak Park Short Sale Well Maintained 2 Story Townhouse With 1 Car Garage Space 1409 N Harlem Ave. Oak Park, IL 60302

   Beautiful 1 Bedroom Condo In Desirable Area, In Unit Laundry, Deeded Garage Parking Included In Purchase Price, Pets Allowed!

  Condo, Spectacular Location A Few Steps From Lake Michigan.

Des Plaines Short Sale  Walking Distance To Golf Mills Shopping, Close To Transportation  8654 Gregory Ln Des Plaines 

More Properties For Sale In Des Plaines, IL

  McHenry Short Sale  Absolutely Sensational  Light Brick Home  

  Chicago - Belmont Cragin, Short Sale   Wonderful Single Family Home 2109 N Nagle, Chicago Short Sale

  Morton Grove Short Sale  In Excellent Morton Grove Location.

More Properties For Sale In Morton Grove, IL

 

  Schaumburg Short Sale A Spacious 3 Bedrooms Home In Prime Location, Attached Garage.

  Homer Glen Short Sale  Beautiful Light Brick Ranch, Wood Burning Fireplace, Attached 2 Car Garage.

  2244 W Madison Chicago Short Sale, One Block To United Center, Medical District, Transportation, Etc.

Chicago Short Sale Beautiful Townhouse - Hardwood Floor, Plenty Of Storage, Big Yard. A Great Place To Call Home!

Condominium, Short Sale Building With 24 Hrs Doorman, Fitness Center, Sundeck, Pool-Indoor & Business Center, Floor To Ceiling Windows

  Arlington Heights IL, Short Sale Condo In New Subdivision - Fountains Of Arlington

Chicago Short Sale Absolutely Spectacular View Of Lake And Harbor. Express Bus To Loop From Front Door. Parking Available For Lease.

 Chicago Short Sale  Condo In Old Town And River North Location. Spectacular View Of Chicago Downtown!

 Manhattan IL, Short Sale. 5 Years New, 2 Story Home In Desirable Manhattan Area. Gorgeous Kitchen, Fireplace, Patio. 25441 Abbey Lane  Manhattan, IL Short Sale                    QR Code, Property Report

Glenview Short Sale, Spectacular View Of Riverside Park From The Kitchen And Family Room.         

  Homer Glen IL, Short Sale. Magnificent Home With Spectacular View Of Wooded Area With A Creek    QR Code, Property Report

  Wheeling IL Short Sale. Completely Remodeled Ranch With Private Fenced Yard                QR Code, Property Report    

   Short Sale, Townhouse In Chicago For Sale, Spacious 2 Bedrooms, 2 Baths    3209 N Drake Chicago- Avondale IL

 The Best Value In The Park Place Tower. Spacious 1 Bdrm Unit, Indoor Parking Space Included in the Price! Lake And Harbor Views. 5445 N Sheridan, Chicago Short Sale 

  Short Sale In Schiller Park. Great Location, Residential Area And Close To Schools And Transportation, Very Modern. 

 Condo Short Sale Chicago. Absolutely spectacular view of lake (east and south) see the sunrise and sunset from living room and dining room.

 Elmwood Park, Short Sale Home. Absolutely charming and spacious home, totally updated! New kitchen has granite counter-tops gorgeous family room with wood burning fireplace. More Properties For Sale In Elmwood Park

 

 In Skokie Short Sale Home. Totally updated brick ranch. A must see! Short Sale! 

  Bolingbrook, Short Sale Townhome For Sale, Wonderful Area, Close To Everything!

 Berkeley Short Sale  Spacious And Charming Home For Sale In Desirable Barkeley Location  1039 Richard Ave Berkeley, IL

  Short Sale Bungalow In Galewood Chicago Excellent Location Across From Amundsen Park 1752 N Melvina Chicago I

  Homewood IL, Short Sale The Property Is Located In Wooded Area, Close To Ravisloe Country Club, Dolphin Lake...Ect.      18249 Stewart Ave, Homewood, IL 60430

  Chicago-Austin, Short Sale Condo Excellent Location Close To Cta, Shopping, Restaurants & Metra 2151 N Harlem Chicago IL 60707    

   Matteson Short Sale Newer 2 Story Home In Desirable Matteson Area

   Chicago - Belmont Cragin, Short Sale  Spacious And Well Kept Ranch In Very Convenient Location

  River Grove Short Sale Spacious 3 Bedroom Ranch, Master Bedroom With Half Bath   8006 Greenwood Ter, River Grove Illinois 

Evanston Short Sale Three Levels Townhouse, Big Kitchen, Recreation Room, Private Fenced Back Yard  QR Code, Property Report

Prospect Heights Short Sale Beautiful Townhouse, Excellent Location, Modern Open Floor Plan, Garage      QR Code, Property Report

Mount Prospect Short Sale Modern Open Floor Plan, Kitchen Has Dining Area, Formal Dining Room. Absolutely Gorgeous Private Deck Surrounded By Mature Trees

 Condo, Chicago Short Sale Excellent Location: Walking Distance To School, Close To Transportation, Forest Preserve, Bus, Shopping.

 Chicago Short Sale. Spacious 1Bed Unit, Indoor Parking Space Included In The Price.

 

IRS Publication #4681: Canceled Debts, Foreclosures, Repossessions, and Abandonments

 

Get prequalified, or get preapproved?  Prequalification & Preapproval 

 

Questions and Answers About the Simplified Short Sale Process

 

Buying Foreclosures: Inspect Before You Buy

Chicago Tribune Real Estate, Wall Street Journal Real Estate, Washington Post Real Estate, Forbes Real Estate, Chicago Real Estate, Real Estate News CNN

 

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Cook County Property Tax Portal