Short Sale Attorney
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.


Do I need a lawyer for a short sale?
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.
How do short sales work?
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:
SUCCESSFUL OUTCOME
Is short sale better than foreclosure?

Skokie Mortgage Foreclosure Attorneys
Have you fallen behind on your mortgage on your Skokie property and you are unsure if the information your lender is providing you is accurate? Erica Crohn Minchella is a foreclosure attorney with more than 12 years of experience defending homeowners in the foreclosure process. There are steps that a foreclosure defense attorney can take to protect your rights and your credit while also helping you keep your dignity during the foreclosure process.

What is a foreclosure?
When you buy a home, that transaction involves two primary elements: 1. the promise to pay back the money, and 2. the creation of a lien against the property to ensure payment. A foreclosure occurs when the lender has not been paid and as a result, seeks to reclaim the property.
Is there anything you can do pre-foreclosure to stop the foreclosure process from happening? First, pre-foreclosure has two meanings. To the lay person, it means what can she or he do after a default is entered but before the sheriff’s sale occurs. However, for an experienced foreclosure attorney, it means what steps can be taken before the foreclosure lawsuit is filed.
In the real estate world – “pre-foreclosure” means that the homeowner still has rights to the property. To a foreclosure attorney “pre-foreclosure” means a foreclosure case has not yet been filed.

Steps you can take Pre-Foreclosure
Either way, experienced foreclosure attorneys – such as those at Minchella & Associates – can help you understand your rights, options and the best solutions for your individual circumstances, including, but not limited to doing a short sale, filing for bankruptcy protection, obtaining a loan modification or forbearance.
Regardless, the foreclosure process can take at least 9 months during which time a solution can often be found.
Steps of the Foreclosure Process
Generally speaking, the foreclosure process is as follows:
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Non-payment of mortgage
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Notice of default
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Legal filing/filing suit
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Getting served with lawsuit
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Defending the lawsuit
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Judgment
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Sherriff’s sale
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Order of Possession for the lender
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Eviction if necessary

SUCCESSFUL OUTCOME
Client had a Home Equity Line of Credit (HELOC) with a lender that had purchased her loan from a prior lender. Instead of giving her enough time to get a new loan, the lender let her know that her loan was coming due and that they would not renew. Not being able to find another loan in the 60 days that they gave her, she wound up in default and in foreclosure. It is virtually impossible to get a mortgage when you are in foreclosure. Erica helped her find a bridge loan that took her out of foreclosure. After 6 months, she was able to refinance into a conventional mortgage with terms that will assure no further defaults.
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