When to Use an Illinois Land Trust
In Illinois, property owners have access to what is called an Illinois Land Trust. It is specific to the state of Illinois and five other...
Are you facing foreclosure and searching for an alternative to being foreclosed upon? Contact the short sale attorneys at Minchella & Associates. Our firm has more than 37 years of legal experience. Managing partner Erica Crohn Minchella has spent her entire career representing real estate buyers and sellers in a wide variety of real estate transactions including short sales. She can provide you the experience and guidance you need to manage this minefield.
Without question it is in your best interest to work with a short sale attorney throughout this process. Your lender is attempting to foreclose on what is likely the most valuable asset you have in your possession. Our law office can negotiate on your behalf with your lender to obtain the best outcome for you.
Most people facing a short sale have no experience negotiating with banks. Minchella & Associates has extensive experience in this area. We have found that every single lender requires different documentation and plays by different rules. Some lenders are straight forward whereas some lenders will require the same documentation five times. It is critical to know how to present your documentation to the lender in a way that prevents them from taking advantage of you. In addition, once the short sale has been negotiated, you will need a lawyer to close the transaction for you.
The process of a short sale varies depending on which lender with whom you are dealing. Minchella & Associates has dealt with virtually every lender and as such, is uniquely positioned to maneuver the process, help you understand it, and help with strategies for the more recalcitrant lenders. However, generally speaking there are certain steps that your short sale will take, these include:
Is short sale better than foreclosure?