Foreclosure & Short Sales Tips by Sarah Leonard

Understanding the Situation: Short Sales vs. Foreclosure Before diving deeper, it's essential to understand the distinction between a short sale and a foreclosure. As Sarah Leonard explains, a short sale occurs when a homeowner sells their property for less than the remaining balance on their mortgage. A foreclosure, on the other hand, is when the bank takes possession of a property due to the homeowner’s inability to make mortgage payments. Many homeowners today find themselves in financial distress, despite having significant equity in their homes due to the rapid appreciation of property values since the COVID-19 pandemic. For those in such a situation, Sarah Leonard stresses the importance of taking action sooner rather than later. Don’t Let Your Home Equity Slip Away "Would you agree or disagree," says Sarah Leonard, "that to let late mortgage payments, late fees, and credit-crushing debt pile up without taking any action is a debilitating decision?" Leonard points out that doing nothing can severely damage your credit score and diminish your home equity, which could otherwise be a financial lifeline. For instance, if you bought your home for $250,000 in 2008 and it's worth $400,000 today, but you find yourself unable to make payments due to a job loss, sickness, or divorce, the financial burden can quickly escalate. Sarah Leonard explains that late fees, unpaid taxes, insurance delinquencies, and other expenses can accumulate rapidly, eroding your hard-earned equity. "The key," she advises, "is not to let things get so far out of hand that you lose most of your equity by waiting too long to address the problem." The Real-Life Scenarios Sarah Leonard shares stories from listeners and clients who face similar dilemmas. One listener, who went into forbearance during COVID-19, has not made a mortgage payment in six months. Rather than allowing the situation to spiral into foreclosure, she worked proactively with her servicer to enter forbearance again. This move prevented her credit score from taking a hit and gave her a chance to catch up financially. But, as Sarah Leonard highlights, this situation is still precarious. If the listener cannot get an extension or fails to make the necessary payments, she must decide whether to let the mortgage fall further into delinquency or sell the property and retain the equity that remains. The Critical First Step: Communication Sarah Leonard emphasizes the importance of communication: "The first thing you need to do is call your servicer – the company you write your mortgage payments to – and tell them you're having hardships. Have documentation ready to show your hardship." Whether it’s due to job loss, sickness, or another life event, documenting the situation is crucial for negotiating with lenders and making informed decisions. Why a Short Sale Might Be the Best Option For some, selling the home and starting over might be the best way out. Sarah Leonard explains, "Sometimes, the weight of carrying around a heavy financial burden is too much, and selling can be the answer. If you have equity in the property, don't let the bank take those fees and strip that away from you." She also points out that if you bought a home in 2021, when prices were high and mortgage rates were low, but are now facing job loss or another hardship, a short sale could be a viable option. "If the home is worth less than what you owe, and you don't have the money to cover the shortfall, a short sale might allow you to walk away from the property without further debt," Leonard advises. What Defines a Hardship? According to Sarah Leonard, qualifying for a short sale requires proving a genuine financial hardship. Common hardships include: Divorce Death of a spouse or partner Job loss or significant income reduction Major medical expenses If you're uncertain whether your situation qualifies as a hardship, Sarah Leonard encourages reaching out for guidance: "Call, and I'll be happy to talk you through what might qualify." Rebuilding After a Short Sale While a short sale can be an emotional and financial setback, Sarah Leonard reminds listeners that it’s not a permanent mark on your financial record. "If you do a short sale, it’s typically three years before you can buy another home," she notes. "It's like having a temporary setback but being able to start fresh after some time." She continues with an analogy: "It's like having terrible acne in high school. You graduate, see a dermatologist, and after three years, your skin is clear again. Time heals all wounds." Moving Forward: Proactive Steps to Take Now To avoid foreclosure and maximize your options, Sarah Leonard advises: Call your mortgage servicer: Discuss your situation, and explore your options. Consider a short sale: If keeping the property isn’t feasible, selling it before foreclosure might be the better option. Stay informed: Learn about the alternatives and what makes the most sense for your unique situation. If you’re feeling overwhelmed or unsure of what to do next, Sarah Leonard reassures, "There's no reason to be uncomfortable or embarrassed talking about it. It happens to good people all the time. If you're in a situation where you just don't know what to do, call us. We're happy to help." If you need further assistance or want to discuss your options, Sarah Leonard is here to help. Call her at 224-239-3966 or visit her website at sarahleonardsells.com.

Find Your Oasis: Exceptional Home at 58 Overbrook Rd, South Barrington, IL 60010

A Dream Family Home in Huntley's Most Desirable Neighborhood: 10128 Compton Dr

If you've been searching for the perfect family home in a serene and well-connected neighborhood, look no further than 10128 Compton Dr, Huntley, IL 60142. Listed at $454,900, this expansive Starling model home offers an impressive 4,531 square feet of finished living space, featuring 5 bedrooms plus a loft, 3.5 baths, and a fully finished walkout basement. Situated on a charming tree-lined street just steps from multiple parks and Southwind Lake, this home promises both tranquility and convenience. Imagine starting your day with a cup of coffee on the cozy screened front porch, soaking in the fresh morning air. Upon entering, you'll be greeted by an open floor plan that boasts fresh neutral paint and abundant natural light. The living room seamlessly flows into the formal dining area, complete with a butler's pantry for added convenience. The chef’s kitchen is a standout feature with its granite countertops, center island with outlets, and high-end stainless steel appliances including a Viking gas range. The adjacent eating area leads to an elevated deck overlooking the sprawling backyard—ideal for outdoor entertaining. The family room is equally inviting with its stone fireplace, creating a warm atmosphere perfect for gatherings. The main level also includes a laundry room and half bath for added functionality. Upstairs, the double doors open to an impressive owner's suite featuring a vaulted ceiling and private master bath equipped with a double sink vanity, whirlpool tub, and separate shower. The additional three bedrooms are bright and spacious, sharing access to the full hall bath. The versatile loft can be transformed into an extra bedroom or serve as a den or playroom to suit your needs. The fully finished walkout basement is another highlight of this home. It offers even more living space including a fifth bedroom and full bath—perfect for guests or in-law arrangements. The spacious rec/game room features brand new luxury vinyl plank flooring and opens to the fenced backyard. Additional amenities include an attached two-car garage, irrigation system, wireless fence, and tankless hot water heater. Located on a quiet street in one of Huntley's most sought-after neighborhoods, this home is just minutes away from schools, shopping centers, dining options, downtown Huntley attractions like Sunset and Diecke Parks, Sting Ray Bay Aquatic Center, and offers easy access to I-90. With all these features and more recent upgrades like new luxury vinyl plank flooring on the first floor—this house is ready to welcome you home! Don’t miss out on making 10128 Compton Dr your new address! Discover the charm of Compton Dr in Huntley, where historic landmarks, vibrant parks, and convenient shopping come together to create the perfect community for families and individuals alike! 1. Huntley Historic Village Hall This charming building, located in the heart of Huntley, offers a glimpse into the town's history. The Historic Village Hall often hosts community events and serves as a cultural touchstone for residents interested in local heritage. 2. Deerfield Historic Village A short drive from Compton Dr, this attraction offers a look into Huntley's past with its collection of preserved historic buildings. It's a great spot for history buffs and families looking to learn more about the area's origins. 3. Talamore Golf Club For golf enthusiasts, Talamore Golf Club is a premier destination featuring an 18-hole course, a driving range, and a well-regarded clubhouse. The course provides a challenging experience for golfers of all skill levels and a great place to unwind. With its blend of historical charm, recreational opportunities, and modern conveniences, Compton Dr in Huntley truly offers something for everyone, making it a delightful place to call home.

Find Your Ideal Home: Experience Modern Elegance in the Sprawling Ranch at 1400 S Luther Ave, Lombard, IL 60148

Are you in search of a home that combines modern elegance with comfortable living? Look no further than 1400 S Luther Ave, Lombard, IL 60148. Priced at $525,000, this updated sprawling ranch is more than just a house; it's a lifestyle waiting to be embraced. Situated on over a 1/3 acre corner lot in the heart of Lombard, this property offers an unparalleled blend of luxury and convenience. From the moment you step inside this three-bedroom gem, you'll be captivated by its open concept floor plan and abundance of natural lighting. Skylights and vaulted ceilings add to the airy ambiance, making every room feel spacious and inviting. The living room is a true highlight, featuring a vaulted ceiling adorned with a wood beam, recessed lighting, and skylights. Imagine cozying up by the stone wood-burning fireplace on those cool evenings—pure bliss! The kitchen is nothing short of spectacular. Completely updated with modern cabinetry and stainless steel appliances, it boasts not one but two ovens (electric and gas), catering to all your culinary needs. The island/breakfast bar is perfect for quick meals or social gatherings, while the granite counters add a touch of sophistication. The vaulted ceiling and skylights continue into the kitchen, ensuring that even meal prep feels like a luxurious experience. Adjacent to the kitchen is the formal dining area, which also features a vaulted ceiling with wood beam accents and a slider that opens to the outdoor space. This seamless indoor-outdoor flow makes entertaining a breeze. The main level also includes a convenient laundry room equipped with cabinets for storage and a sink—no detail has been overlooked. The large primary bedroom is your personal retreat within this stunning home. It features a vaulted ceiling with wood beam accents, dual closets for ample storage, and a slider that leads to the deck. The en-suite bath is equally impressive with double sinks, a whirlpool tub, and a separate shower—your own private spa. Two additional bedrooms and a full bath complete the main level, offering plenty of space for family or guests. But that's not all—the finished basement adds even more living space. Here you'll find a family/rec room with another fireplace, a bonus room that could serve as a fourth bedroom or home office, a half bath, and additional storage area. Step outside to relax on the composite deck with Pergola overlooking your large private fenced yard—a perfect setting for summer barbecues or simply unwinding after a long day. Located across the street from soccer/baseball fields and just blocks away from Knolls Park and York Center Park District, outdoor activities are always within reach. Convenience is another hallmark of this property. You're close to shopping centers, restaurants, and major highways, making daily errands or commuting easier than ever. In summary, 1400 S Luther Ave in Lombard is more than just an address; it's where your dream lifestyle begins. With its blend of modern updates and timeless charm set in an ideal location, this home offers everything you need to live comfortably and luxuriously. Don't miss out on this incredible opportunity—make 1400 S Luther Ave your dream home today! Discover the Best of Lombard: Top 3 Must-See Attractions Near Luther Ave! 1. Lilacia Park Located just a short distance from Luther Ave, Lilacia Park is one of Lombard's most beloved attractions. This 8.5-acre botanical garden is known for its stunning collection of lilacs and tulips, making it a picturesque spot for nature lovers. The park offers beautiful walking paths, seasonal flower displays, and even a cozy picnic area, providing a peaceful escape in the heart of the village. It's also a popular venue for local events, such as the annual Lilac Time festival, which celebrates the community's heritage and brings together residents for fun activities and entertainment. 2. Lombard Historical Museum A hidden gem in the neighborhood, the Lombard Historical Museum offers a unique glimpse into the area’s rich past. Located in a quaint 1882 cottage, the museum showcases exhibits on local history, including the life of Lombard’s early settlers and the fascinating stories behind the village’s development. It’s an excellent spot for history enthusiasts or anyone interested in learning more about the heritage of Lombard. With its charming architecture and engaging displays, the museum is a cultural highlight just a stone's throw away from Luther Ave. 3. Yorktown Center For those looking for shopping, dining, and entertainment, Yorktown Center is a major attraction near Luther Ave. As one of the largest shopping destinations in the region, it boasts a wide range of stores—from popular retail chains to specialty boutiques. Beyond shopping, Yorktown Center offers a variety of dining options, from casual eateries to upscale restaurants, and hosts live events, fitness classes, and seasonal markets throughout the year. It’s the perfect spot for a day out with family or friends. These attractions make Luther Ave not only a great place to live but also a gateway to enjoying all that Lombard has to offer!