• Bankruptcy
• Family Law, Wills and Trusts
• Real Estate, Short Sales
• Civil Litigation
• Personal Injury
• Collections
• Foreclosures

Real Estate, Short Sales

In Illinois, eighty to ninety percent of real estate transactions over the past years are short sales. "Short Sale" is an alternative option to bankruptcy or foreclosure when an owner can no longer afford to keep mortgage payments current. A Short sale in is not always a pleasant transaction; it could be embarrassing to the family and strip an owner of dignity for lack of financial stability.

Pirogovsky Fremderman, Ltd. is sensitive to the hardships of their clients, advising them throughout the process of the short sale and helping them to preserve their credit history. Pirogovsky Fremderman, Ltd. takes charge by contacting lenders on behalf of clients, seeking approvals to sell a property below the loan amount owed at a fair market price to avoid foreclosure. Short Sale offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it releases him or her from most or all of the personal indebtedness associated with the defaulted loan. Another benefit to the borrower is that it hurts their credit less than a foreclosure does. Advantages to the lender include a reduction in the time and cost of repossession.

Another alternative to foreclosure to salvage one's credit is deed in lieu of foreclosure, where an owner conveys all interest in his or her real property to the lender to satisfy a loan that is in default to avoid foreclosure proceedings. This must be done, if at all, before a lender files foreclosure or in the very beginning of the process, prior to a lender incurring substantial legal fees.

Pirogovsky Fremderman, Ltd also offers legal services and expertise in connection with traditional residential and commercial real estate sales or purchases.