Erica Crohn Minchella’s Answers

Erica Crohn Minchella

Skokie Foreclosure Attorney.

Contributor Level 14
  1. Should my Condo Association certify as FHA?

    Answered over 4 years ago.

    1. Erica Crohn Minchella
    2. Robert M Diamond
    2 lawyer answers

    With the new requirements by HUD, all association certifications will need to be redone every two years. What this means is that if your Association is not currently FHA certified, purchasers of units in you building WILL NOT be able to finance using FHA. Since FHA financing already accounts 70 to 90% of financing of sales of condos, this means those owners of units where associations are not FHA approved will eventually have virtually no ability to sell their homes to buyers who need a...

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  2. My husband had a house just with the deed only in his name. He sold it to his son in a quit claim. Should I have signed also

    Answered over 4 years ago.

    1. Erica Crohn Minchella
    2. Henry Repay
    2 lawyer answers

    If you were not a resident in that home, it was not necessary for you to sign the deed for a home solely in your husband's name. If you were a resident, you had homestead rights that were not transferred to his son. It might create a title issue, (if you were a resident). It would be the Title Company's obligation to sort this out at the time of a transfer out of his name. This answer does not constitute legal advice and does not and is not intended to create an attorney-client...

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  3. I am concerned about being sued and protecting my house.

    Answered almost 4 years ago.

    1. Erica Crohn Minchella
    1 lawyer answer

    You can put your house in a trust, but that just makes it more difficult for the creditor, it doesn't necessarily stop them. If there is a judgment against you, the creditor can ask you to appear for a "Citation to Discover Assets" at which time you would be sworn to testify. So let's say you appear for the Citation hearing. You are asked the question - "Have you owned any real estate in the past two years?" Since you would be answering under oath, you would have to say "Yes", and then...

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  4. Short sale with chase and a 2nd lien holder

    Answered almost 5 years ago.

    1. Erica Crohn Minchella
    2. Shawn B Alexander
    2 lawyer answers

    My experience with short sales where Chase has been the lender is that they will accept the offer provided the following steps are taken: Look at their website. They have documentation you will need to download and fill out. You will need to provide them with your last two years tax returns and your last two months bank statements, a hardship letter explaining why you need the short sale and cannot afford to continue paying your mortgage the listing agreement, the contract and, if you are...

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  5. Real Estate question

    Answered almost 5 years ago.

    1. Erica Crohn Minchella
    2. Ahmad Tayseer Sulaiman
    2 lawyer answers

    When a foreclosure is filed, you will be named in the foreclosure, so that your interest in the property is wiped out. The foreclosure may show up on your credit report as a foreclosure filed against you, however there will not be any negative reporting as far as your bill payment ability. The credit reporting agencies will not share what information goes in to determining credit ratings. So, if the foreclosure shows up on your credit report it might tweak your credit score, but it shouldn'...

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  6. What is the likelihood that a lender will pursue the deficincy in a short sale when there is only one primary mortgage ?

    Answered over 4 years ago.

    1. David M von Beck
    2. Erica Crohn Minchella
    2 lawyer answers

    My experience negotiating short sales with BofA in two states has been that they do not pursue a deficiency. They issue a 1099 at the end of the year. My assumption is that they cannot both write off the debt - and tell the IRS that they have done so by issuing the 1099 - AND try to collect it. So despite the language in the Short Sale Approval, there is a good chance you will not be pursued. If the short sale is on your personal residence, the forgiveness of debt does not create a tax...

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  7. I had a short sale on my house. now I have a colection co. wanting money.can they lean my retirement home. I am retired

    Answered over 4 years ago.

    1. Erica Crohn Minchella
    1 lawyer answer

    In order to make a "claim" against your current home, the owner of the debt for the mortgage on your other home would have to get a judgment against you and record the judgment with the recorder of deeds to create a judgment lien against your home. Once the lien is created, they can levy to collect against the lien. That action would take the retirement property out of your name. If and when they sue you, you should talk to an attorney about whether you have any defenses to the amounts...

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  8. Can I get a construction loan and build a home on my parents property?

    Answered over 4 years ago.

    1. Erica Crohn Minchella
    2. Gust G Sarris
    2 lawyer answers

    It seems to me that it would be difficult to get a loan without having title to the property you are building on because the bank's lien would not attach to the ground, only to the building. The owner's of the land could require that the building be removed. Although your parents own the land now, having it left to 3 siblings - yourself included - when they die, does not solve this problem. The only way that a lender would likely feel comfortable with this transaction is if your parents gave...

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  9. Land survey pricing

    Answered almost 4 years ago.

    1. Alan James Brinkmeier
    2. Ranjeev Sanjay Mohip
    3. Erica Crohn Minchella
    3 lawyer answers

    The survey should cost between $200 and $250. If you are quoted more than that for a single family lot, then you are paying too much. The only way to get an earlier survey is to talk to a prior purchaser of that property as surveys are not part of a public record. This answer does not constitute legal advice and does not and is not intended to create an attorney-client relationship. The law may vary depending on the state in which you reside. It is intended only to give some direction...

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  10. On my mortgage document, it says "borrower grants to MERS (and it's successors and assigns)....?

    Answered about 4 years ago.

    1. Erica Crohn Minchella
    2. Stephen Samuel Messutta
    3. Sandra Margaret Emerson
    3 lawyer answers

    If you are looking at this by way of defending a foreclosure, you should know that the Judges in Cook County - and the Appellate Court of Illinois, will accept MERS as a servicer and acknowledge that whatever entity gets an assignment of the Mortgage and Note has standing to bring the foreclosure. Although in states like Ohio and Kansas and New York are much more protective of mortgagors (borrowers) with the assignments of Mortgages, Illinois is not that enlightened. This answer does not...

    1 person marked this answer as helpful