839 Madison Street Unit #301, Oak Park
Chicago Short Sale Realtor & Short Sale Expert
If you owe more on your Chicago home than it is currently worth, you may be considering a short sale. A short sale can be an alternative to foreclosure when selling the property for less than the amount owed on the mortgage.
I’m Jose Hernandez, a Chicago real estate broker with more than 20 years of experience helping homeowners sell their properties. I am SFR certified (Short Sale and Foreclosure Resource) and can help you understand your options and determine whether a short sale may be right for your situation.

What Is a Short Sale?
A short sale occurs when a home is sold for less than the amount owed on the mortgage and the lender agrees to accept the proceeds from the sale.
For example, if your home is worth $250,000 but you owe $300,000 on your mortgage, a traditional sale may not be possible without bringing money to the closing table. A short sale may provide another option, subject to your lender's approval.
Every situation is different, so the first step is understanding your home's current market value and your financial circumstances.
When Should You Consider a Short Sale?
A short sale may be worth exploring if:
- You owe more than your home is worth.
- You are struggling to keep up with your mortgage payments.
- You have experienced a financial hardship.
- You are facing foreclosure.
- You need to sell because of a divorce, job loss, relocation, or other major life change.
- You don't have enough equity to pay off your mortgage and closing costs.
The sooner you explore your options, the more choices you may have.
Short Sale vs. Foreclosure
Short Sale
An alternative to foreclosure
- Home is sold with the homeowner's involvement
- Requires lender approval
- Home is marketed to potential buyers
- Seller remains involved in the transaction
- May provide an alternative to foreclosure
Foreclosure
A lender-driven legal process
- Lender pursues the foreclosure process
- Follows a legal foreclosure process
- Home may eventually become lender-owned
- Seller has less control over the process
- Ultimately results in the loss of the property through foreclosure
A short sale does not eliminate all of the financial or credit consequences associated with owing more than your home is worth, but it may provide an alternative to foreclosure. Because every situation is different, it's important to discuss the potential legal, tax and financial consequences with the appropriate professionals.
How Does a Chicago Short Sale Work?
The process generally involves:
- Evaluating your home's current market value.
- Reviewing your mortgage and financial situation.
- Determining whether a short sale is appropriate.
- Preparing and marketing your property.
- Negotiating an offer with a buyer.
- Submitting the required documentation to your lender.
- Negotiating with the lender and obtaining approval.
- Completing the sale.
Short sales can take longer than traditional home sales because the lender must approve the transaction.
Why Work With a Chicago Short Sale Realtor?
Jose Hernandez
Chicago Short Sale Realtor & SFR Certified
More than 20 years of experience helping Chicago-area homeowners navigate difficult real estate situations.
Short sales require more than simply putting a home on the market. Pricing, marketing, negotiations and communication with the lender can all be important parts of the process.
As a Chicago Short Sale Realtor and SFR-certified real estate professional, I can help you understand the real estate side of the process, determine how your property should be positioned in the market, and guide you through the transaction from listing to closing.
I have been helping Chicago-area homeowners navigate difficult real estate situations for more than 20 years.
Facing Foreclosure or Owing More Than Your Home Is Worth?
Don't wait until your options become more limited.
If you're considering a short sale in Chicago, I can help you understand your real estate options and determine what steps make sense for your situation.
Contact Jose Hernandez today for a confidential conversation about your property.
Please note: A short sale involves lender approval and may have legal, tax and credit implications. Consult your attorney, tax professional or financial advisor regarding your individual circumstances.
Current Chicago Short Sale & Foreclosure Opportunities

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