Hillside, IL Short Sale and Foreclosure Attorney

Skilled Real Estate Lawyer Serving Oak Park, Maywood, Elmhurst, and Throughout the Area

In recent years, the real estate market in Illinois (and throughout the country) has experienced some setbacks. After the banking collapse, many homeowners found themselves upside down on their mortgages. On top of that, many people have also experienced hard times and have been unable to keep up their payments. When you are behind on your mortgage and see no way of catching up, short sales and foreclosures are two possible ways to get out of your loan.

At the Law Office of Vincent C. Machroli, P.C., we help clients with short sales and foreclosures in DuPage County, Cook County, and all counties throughout the greater Chicago area. For over 30 years, we have provided skilled and compassionate residential real estate guidance for those who need creative legal solutions. We are honest, responsive, well-organized and detail-oriented. As a small firm, we work closely with our clients to provide the highly-personalized representation they deserve.

Short Sales in DuPage County

When a homeowner needs to sell, but owes more on the property than the home is currently worth, the only two choices are to write a big check and bring it to closing, or do a short sale (meaning, convince the bank to accept less than the full amount owed on the mortgage as payment in full). Since most homeowners do not have large sums of money sitting in their bank account, short sales are often the only viable option.

Short sales are highly complex transactions. Essentially, they are two transactions in one. The seller must find a buyer who is willing to pay the "short" amount, and they also must convince the lender that it is in their best interests to accept the reduced offer and write off the remaining balance as a loss, rather than hold out for the entire amount owed. To persuade the lender to accept the offer, the seller typically has to be in default on the mortgage, and must submit a carefully worded hardship letter stating the reasons they are having financial trouble, along with proof of their income and assets. The lender then assesses the offer and conducts a market analysis to decide if accepting it is in their best interests.

Short sales can be time-consuming, depending on the lender. Typically, it can take up to three months (or longer) to complete the sale. A short sale may have tax implications as well, depending on your circumstances. Speak with our office for further details on whether this might be a good option for you.

Foreclosure Defense in Cook County

If you are no longer making payments on your mortgage, the eventual result is foreclosure. In Illinois, it typically takes several months (in some cases well over a year or more) for the process to complete. This gives homeowners lots of time to work out an alternative. Our law office has in-depth knowledge of the Illinois foreclosure laws, and we put that experience to work to develop a strong technical defense. We also help clients negotiate foreclosure workouts (alternatives), such as:

• Manageable Repayment Plans
• Mortgage Modifications (to bring the loan current)
• Mortgage Assumption by a Qualified Buyer
• Pre-foreclosure Sale
• Deed-In-Lieu of Foreclosure

Contact Our Illinois Short Sale and Foreclosure Attorney

When homeowners fall on hard times, a short sale can be a good alternative to a foreclosure. For it to be successful, however, the lender must be persuaded to accept less than what is owed on the mortgage. At the Law Office of Vincent C. Machroli, P.C., we thoroughly assess your entire financial picture and explore all available legal avenues to determine the best path forward to a favorable resolution. For a free initial consultation with our experienced attorney, contact our office today at 708-449-7404.