Legal Question in Real Estate Law in Illinois

I suggest meeting soon with a reputable loan officer to review your options. Likely, some steps can be suggested to put you in the best position possible to consider transaction options after the completion of your bankruptcy. Follow that meeting with a consultation with a real estate closing attorney handling matters in your area.

Be careful not to move too quickly or let someone talk you into doing so. Your best course to financial stability may be to extend the stay at the condominium for some time. Maybe, maybe not, and I understand other factors may be involved, but be certain that you are getting advice that is in your best interest, looking out for the long-term.

The short sale would impact your credit, but the loan officer should be able to help you consider to what extent and whether it matters. Your current credit score is already impacted by your financial past and therefore a hit on your credit may not be as significant as it may be for someone else. There are too many scenarios to work through on a page like this. Perhaps you could complete a purchase and then consider whether to rent or try the short sale to free yourself from the liability (at a point when a drop may not matter as much).