The Illinois Law Group

Why do I need an attorney?

Attorneys are necessary in any cases where potential law suit our other legal repercussions may apply to an individual. Such as defaulting on your mortgage payments, late payments, condo association issues, etc. Attorney are held to the strictest ethical standards to respond to each of their clients need. Consumers need to make sure that they are protected for large judgements on them from their lenders. In todays market most homes are worth less then the homeowner owes on their mortgage, this means that if an individual is foreclosed on the bank has a right to sue them for the difference in what the bank gets from the sale of the home and what the home owner owes on their loan. In some cases this could be hundred of thousands of dollars.

What is a deficiency judgement?

A deficiency judgment occurs following a judicial sale of real estate.  Should the judicial sale of your property net a lesser amount than what you owe on your promissory note(s), then you remain liable for the difference.  We, at ILG, can utilize our services to avoid the devastating consequences of a deficiency judgment.

What are the taxable consequences of a short sale?

Should any portion of your debts be forgiven by the lender, then the I.R.S. deems the forgiven debt taxable income to you.  Under certain circumstances, the I.R.S. will grant you reprieve from this taxation.  ILG can work with you and your tax professionals to ensure that any forgiven debt remains not taxable to you.

How does a short sale effect my credit?

Yes, a short sale will affect your credit; however, a short sale has a much lesser impact on your overall credit score than a bankruptcy or foreclosure judgment.  Regardless of how your credit score is affected, we can ensure that you are placed back on road to obtaining healthy credit again.

Do I have to be late on my payments to short sale my home?

No, you do not have to be late to utilize any of ILG’s services including, without limitation, short sales negotiations and loan modifications.

How long does the process take to complete?

Clients who seek a loan modification should expect a resolution within 90-120 days.  Short sales typically take approximately 90 days, while a deed in-lieu of foreclosure usually requires a property to be listed with a realtor for 60-90 days before ILG can begin negotiating one.  While ILG can produce results in a more expedient manner, these time frames represent the average time these processes require depending on the circumstances.

After a short sale is finished is there any chance for the lender to come after me for the deficiency?

ILG will negotiate your short sale to ensure that your lender does not have any rights to collect the deficiency left on your promissory note after the sale of your property.  However, if a short sale is not otherwise handled property, the lender may retain the right to collect the deficiency following the short sale.

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If I don’t use a lawyer to get the bank to waive a deficiency judgement on a short sale then how long does the bank have the right to come after me fro the deficiency?

Depending on the state that you live in, a bank has a long time to collect the deficiency left on your promissory note after the sale of your property.  For instance, in Illinois, a lender has ten (10) years to collect on the deficiency.  In Arizona, on the other hand, a lender has six (6) years to collect on the deficiency and a lender in California has four (4) years.

What are the cost for ILG’s services?

ILG recognizes that its clients have encountered financial obstacles.  Depending on the circumstances, ILG will work with its clients to ensure that you receive the most effective services at a price that you can afford.