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CGG Law | Foreclosure support | Path two

Review a possible sale

A sale is one way some people resolve a mortgage that has fallen behind. Reviewing it means collecting written numbers instead of guesses, understanding what a sale may and may not settle, and getting independent legal and tax review before signing anything.

A court or sale deadline may continue while you use this page. Do not wait for this page or a reply if a deadline is approaching; seek prompt legal help.

One path, not a verdict. Reading about a sale does not mean a sale is required, or that selling is the right path for you. The three paths on these pages are choices to read about, and no number from the calculator points to any of them.

Request the numbers in writing

The calculator works with whatever you type. A sale decision deserves written figures:

  • A written payoff statement from each mortgage lender, with the date it is good through.
  • Balances for anything else attached to the home: other liens and judgments, property taxes, water and other municipal charges, association dues.
  • A supported value: a broker’s written opinion, recent comparable sales or an appraisal, rather than a guess.
  • The costs of selling: commissions, transfer taxes, repairs or preparation, and closing costs.
  • A moving plan with its costs, so that any remainder is compared with what comes next.

What a positive estimate does and does not mean

The calculator’s sale range subtracts the amounts you enter from a low and a high sale assumption. A positive remainder is arithmetic on assumptions. It is not confirmed equity, not a listing price, not an appraisal and not what a sale would net. Only written figures and a real, accepted offer replace the assumptions, and even then the closing statement is the number that counts.

If a sale might not cover what is owed

  • Compare what a sale would bring in, after the costs of selling, with the amount owed on the home. When the proceeds would be less than the amount owed, the sale usually needs the lender’s written approval; that is called a short sale, and the lender decides whether to agree.
  • A short sale may leave debt behind. The amount still owed afterwards, called a deficiency, is not automatically forgiven. Before closing, have the lender’s written approval and any statement about remaining debt reviewed, and get any agreement about the remaining debt in writing.
  • Forgiven debt may have federal and state tax consequences. Tax treatment depends on the debt, the cancellation date, and any applicable exceptions or exclusions. IRS Publication 4681 explains the federal treatment; nothing on these pages promises that any amount would be excluded from income or be tax-free.
  • Get independent legal and tax review before signing a listing agreement, a short-sale agreement or a deed.

Sale, debt and tax information

Plain-language public sources on the options a servicer may offer, what a short sale is and how canceled debt is treated for federal tax. These links lead to independent providers, which have their own eligibility rules and privacy practices.

Budgeting around a sale

A sale changes the monthly picture. A cash-flow worksheet shows what the months around it look like.

Emotional support

Deciding about a home is stressful. Support for that is ordinary, and worth having.

  • NAMI Chicago helpline

    Emotional support and mental-health navigation for Chicago and suburban Cook County.

    Weekdays 9 a.m. to 8 p.m., weekends 9 a.m. to 5 p.m. This is ordinary support, not an emergency service and not a diagnosis. For immediate physical danger or a medical emergency, call 911.

Optional faith and community support

If faith is part of your life, a trusted faith leader or community can be a source of support alongside the secular help above. You do not need a religious belief to use these CGG resources. Faith-based support is optional and offered alongside secular resources.

Optional next step

A foreclosure assessment, if you want one

Assessment-only fee: $750

CGG Law offers a standard foreclosure assessment for $750. The fee covers the assessment only. It does not include court representation, court filings, negotiations with a lender or servicer, or any other service. It does not buy or guarantee foreclosure relief or any particular result.

Carolina Garza-Gongora, the firm’s attorney, reviews whether CGG can accept the matter, including conflicts, and performs the assessment. Accepted clients receive the same standard assessment scope and engagement terms in writing. Any additional service would require a separate written agreement if the firm offers it.

If you choose to proceed and the firm accepts the matter, the assessment terms and payment arrangements are discussed during the call. No payment is collected on this website. You can use these CGG pages and calculator, and contact the listed providers, without purchasing an assessment.

Using this planner does not itself establish an engagement; CGG will confirm any accepted scope in writing. Applicable duties to prospective clients are not waived.

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Before you rely on anything here

  • These pages are educational information, not legal advice; they are not individual legal or tax advice about your situation.
  • Do not upload confidential documents here. These pages accept no files and ask for no personal details.
  • Using this page does not pause a court or sale deadline. Neither does requesting a consultation or contacting a provider.
  • These CGG pages and the calculator are free to use, without an account. You do not need to hire CGG Law or pay its assessment fee to contact the listed providers. Each provider sets its own eligibility, intake requirements and any fees.
  • These links lead to independent providers, which have their own eligibility rules and privacy practices. Resource web information was checked on October 26, 2026. The numbers listed have not been called, and availability is not guaranteed.