How it works
Foreclosures are at an all
time high. Unfortunately, most homeowners facing foreclosure do not have enough equity to sell their property and have no
way out. Chicago Empire has been helping people in these situations and offering them a way out. The process is fairly complicated
and involves tough negotiations with the bank. Our company will handle all of these negotiations and will take care of all
the hard work for the realtor and the homeowner. There are only a few simple items that need to be provided by the real estate
agent and homeowner. These are listed below. If you know someone in need of help please contact us.
What we need from the Realtor
1.
Listing Agreement- Most banks and mortgage companies require that an attempt has at least been
made to sell the property. They usually require a listing agreement be sent to them. This does not mean the property necessary
needs to be listed on the MLS. A copy of the listing agreement between your broker and the client should be sufficient.
2.
Comparative Market Analysis- Please provide a market analysis estimating, as closely as possible,
the true value of the property in its current condition. A list of necessary repairs would be helpful. If possible, an estimation
of the value of the property in good condition, after all repairs are made, would also be helpful.
What we need from the Homeowner
1.
Authorization to Release Information Form- Privacy laws mandate that banks must get permission
from the homeowner to discuss details of the loan with anyone other than themselves. At your request, I can send you a simple
form by email or fax for the homeowner to fill out so that I may communicate with the bank on the homeowner’s behalf.
2.
Hardship Letter- An important part of the package is a letter from the homeowner explaining how
their financial situation has led them into a foreclosure situation. I can provide the homeowner with a special instruction
sheet as well as samples of other hardship letters to help them with this task.
