Avoid Bankruptcy: Chicago Area Upside Down Mortgage Relief
Like many people in the Chicago area that are upside down in their mortgages, we found a client who was clearly in trouble and searching for relief. His first mortgage was ok, but his second mortgage made him financially inverted with respect to his property value. Prior to meeting with the real estate team at Kathcon, he wasn’t aware that there was a program that could offer a real solution to help him sell his property, even being upside down in his mortgage, without having to pay thousands of dollars out of pocket. Kathcon’s RECOUP marketing plan was an ideal fit in his case that offered a real solution and relief.
By employing Kathcon Real Estate Services, he was able to lower the sale price of his home sufficiently to attract buyers, we were able to convince the bank to take less to satisfy his second mortgage, and we sold the home. Our client was able to move and avoiding bankruptcy.
This was accomplished by disclosing to the bank that Kathcon’s RECOUP (Real Estate Commission Options Underwriting Program) was being deployed and that the funds coming from the RECOUP marketing plan were going to be used to eliminate the costs associated with selling the property. The RECOUP cash benefit to this seller was more than sufficient. The owner was completely reimbursed for the commission, title fees, revenue stamps, attorney fees, and satisfied some repairs that were specified by the buyer in order to close the property.
Another Kathcon Real Estate RECOUP success story! How can we help you?