When people go through tough financial times, some may find it necessary to sell what they own for far less than those assets are worth. When a property is sold for a price that is less than the amount remaining on the mortgage, the transaction is known as a short sale. If you need assistance with a short sale, reach out to a Lake County, IL real estate lawyer today.
At Newland & Newland, LLP, we have decades of legal experience, having helped multiple clients with loan modifications, foreclosure defense, and other sensitive issues. We will advise you of your best course of action during a short sale, keeping your future in mind.
Four Requirements for a Short Sale in 2026
A short sale is often a complex undertaking for several reasons. First, selling a house is almost always complicated. Next, since the sale price in a short sale is less than what the owner owes on his or her mortgage, the remaining amount of the loan must be taken into account. Finally, a short sale can only work if each party involved is on the same page regarding the transaction. The most difficult part of the process is often convincing the lender to allow the sale.