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The Law Offices of David Sternfield, LLC
Helping Clients In Chicago and Across Illinois Since 1994.

Real Estate Litigation

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Law Offices of David M. Sternfield, LLC has represented many clients in real estate foreclosures, deeds of lien in lieu of foreclosure, loan modifications, short sales and partition actions. Due to the complex nature of real estate law, it is often necessary to obtain skilled legal counsel such as the Law Offices of David M. Sternfield to represent you in these matters.

Foreclosures

Sometimes in life events occur that are out of your control. You might lose your job. You might get very ill. You may run into credit problems. Often, these events cause homeowners to miss payments on their mortgages. After a while, the bank may come and try to take the house. This action is known as foreclosure.

Illinois law has many protections built in for homeowners facing foreclosure proceedings. Often, one can refinance some of the loans or slow the foreclosure proceedings. Some of the available remedies for a family facing foreclosure are:

  • Stopping the foreclosure process;
  • Drafting a loan repayment plan;
  • Drafting a deed in lieu of foreclosure;
  • Facilitating a short sale;
  • Refinancing potential second or third mortgages;
  • Securing more time for loan repayment;
  • Fixing a beleaguered credit score;
  • Filing suit against the lenders for predatory lending practices in connection with the original loan.

Foreclosure is a difficult process for a family to defend on its own without legal representation. There are many ways that our firm can help a family stay in its home.

Deed of Lien in Lieu of Foreclosure

You may be able to forego the expense and time of foreclosure proceedings by obtaining a deed of lien in lieu of foreclosure. This process will allow you to transfer the title of your home, via a quitclaim deed, to the lender without a costly foreclosure. Foreclosures are time-sensitive requiring immediate action. The Law Offices of David M. Sternfield, LLC will work quickly while representing you in your effort to obtain a deed in lieu of foreclosure.

Loan Modification

Save your home by taking control of your foreclosure proceedings. You may be able to save your home with a loan modification that will make payments more affordable. Law Offices of David M. Sternfield LLC can help you adjust the terms of your loan, lower interest rates and refinance debt owed. Due to the length of time to achieve a loan modification, your home may still end up in foreclosure. In the event that you are eligible for a loan modification, attorneys at the Law Offices of David M. Sternfield LLC will work with your lender to facilitate such a loan modification in a timely manner.

Short Sale

Mitigate your loss with a short sale. A short sale occurs when the value of the property is less than the balance of debt on the lien, and the property holder cannot afford to pay the full amount of debts owed. The lien holder will agree to accept less than the full amount of the debt owed from a buyer. If approved by your lender, a short sale will cause less damage to your credit. Short sales can be a lengthy process that requires several levels of approval. The Law Offices of David M. Sternfield, LLC will represent you through this complex process in an effort to minimize your losses.

Partition Actions

A partition action may arise when co-owners of a property cannot agree in the management of the property. A partition action will then divide the property into individual shares among the owners. This action can be voluntary if all the co-owners agree to the partition, or it can be ordered by a judge.

A partition action will either be a Partition in Kind, where the land is physically split into shares among the owners, or a Partition by Sale, where the land is sold and the proceeds are then divvied between the owners.

Law Offices of David M. Sternfield, LLC can assist you in your effort to achieve a fair and successful partition to protect your interest in your property.

Please call for your free consultation 312-622-6659.

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