How Retirement Plans Turn into a Short Sale

A vision of multiple retirement streams of income can suddenly go wrong when a person is robbed of their health. Such is the case with this client whereby her vision of a long and happy retirement subsidized with income from her investment property would ease her mind.

Unfortunately, shortly after retirement, Ms Walker was diagnosed with a brain tumor which landed her in the hospital. Multiple surgeries and treatments left her confused and her affairs in ruin. Her daughter was left to pick up the pieces.

Thankfully, her daughter, Angela, jumped in to help and was referred to us by their tax strategist, Stephan Vranek, West Suburban Companies in Oak Brook.

Working together as a team, the issues were quickly sorted and a strategy was formed. Angela was able to obtain power of attorney and the process of liquidation of this non-performing asset began.

“Initially, I had worked for months with the bank to conduct a Deed-in-Lieu”, said Angela. However, when the title search was conducted, the bank found multiple code violations, a water lien ($2,300) and City of Chicago fines in excess of $2000. The bank would not accept the Deed-in-Lieu without clear title. Needless to say, the Deed-in-Lieu was terminated.

In the meantime, the home was stripped of the electrical wiring, the copper pipes, the furnace and water heater. The value of the home plummeted.

That is when Stephen Vranek referred the family to us for help. The property was listed, a purchase contract was received and 4 weeks later, we received bank approval. The property was closed 2 weeks ago.

“Now we can get on with our lives”, said Ms Walker. “We are so appreciative of the work that you have done for us.”

We would like to thank Amir Mohabbat from Chicagoland & Suburban Law Firm, Stephen Vranek from West Suburban Companies, and Jeff Wood from Citywide Title Company. It took a village to resolve these issues.

If you or someone you know needs assistance with their mortgage, please feel free to reach out to us. Initial consultation is free. Peace of mind is priceless.