Welcome!
The
attorneys at Reda | Ciprian | Magnone, LLC have created this website to
provide useful information to buyers and sellers involved in short
sales or other distressed property transactions. We are transactional
real estate attorneys who have helped many buyers and sellers across
Chicago, the suburbs of Cook County, DuPage, and Lake County.
Short Sales
In
its simplest form, a "short sale" is a real estate transaction where a
lender allows a property owner to sell real estate for sale proceeds
that are "short" of the outstanding loan balance. Sometimes a short
sale lender will foregive the balance of the borrower's debt while
other times, the lender will require repayment or will seek a
deficiency judgment. To find out more, click here.
Mortgage Debt Relief Act of 2007
The
mortgage debt relief Act may provide certain owners of real property
relief from tax liability on forgiven debt. To find out more, click here
REO transactions
REO
stands for "Real Estate Owned". This means a bank or other financial
institution has already retaken possession of the real estate and is
selling it directly to a buyer, sometimes at a discount. REO sales are
not short sales. To find out more, click here
Disclaimer: This website is a resource of general information
which is intended, but not promised or guaranteed, to be correct,
complete, or up-to-date. This Web site is not intended to be a source
of solicitation or legal advice nor should it be the basis of
legal-hiring decisions. The reader should not consider this information
to be an invitation for an attorney-client relationship, should not
rely on information provided herein, and should always seek the advice
of competent counsel. The owner of this website, Reda | Ciprian |
Magnone, LLC, is a law firm licensed to practice only in Illinois.
Attorney Richard Magnone is responsible for the content. Furthermore,
the owner of this website does not wish to represent anyone desiring
representation based upon viewing this website in a state where this
website fails to comply with all laws and ethical rules of that state.
In a good faith effort to comply with the rules and regulations of the
various states, Reda | Ciprian | Magnone, LLC would like to inform the
readers of this website that it consists of advertising and promotional
materials. Reda | Ciprian | Magnone, LLC makes no representations or
promises that it can obtain the same results as reported in cases on
this website in other legal matters.
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