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Guidance When Your Mortgage Exceeds Your Home’s Value

Short Sale Attorney in Chicago

If you owe more on your home than it's worth and need to sell, a short sale may provide a practical alternative to foreclosure. Gurney Law Group helps homeowners navigate lender negotiations, mortgage debt issues, required documentation, and the closing process with experienced legal guidance and personal attention from start to finish.
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Experience That Delivers Results

A Smart Alternative to Foreclosure

A short sale allows you to sell your home for less than the amount you owe on your mortgage, with your lender's approval, instead of going through foreclosure. For many homeowners, it offers greater control over how they move forward and may reduce the long-term financial impact compared to a completed foreclosure. Attorney Adam Gurney and his team help homeowners throughout Chicago, the North Shore, and the Western suburbs manage every stage of the process—from evaluating whether a short sale is appropriate to reviewing the lender's final approval before closing.

Key Fact:

Unlike a traditional home sale, a short sale cannot close without your lender's approval. Every purchase offer, hardship letter, financial document, and closing term must be reviewed carefully. Preparing a complete package from the beginning can help avoid unnecessary delays later in the process.

Guidance for Every Stage

Support From Your First Questions Through Closing

Whether you're comparing a short sale to other options or already have a buyer waiting for lender approval, we help you understand the process, avoid common pitfalls, and move forward with confidence.

For Homeowners Exploring Their Options

Understand Whether a Short Sale Is the Right Fit

Many homeowners assume they have to wait until foreclosure begins before considering a short sale. That's not always the case. We help you compare a short sale with foreclosure, loan modification, and other available options so you can choose the path that best fits your financial situation and long-term goals.
Why Homeowners Choose Us:

  • Honest assessment of whether a short sale is the right solution for your circumstances

  • Clear explanation of the potential financial and credit implications

  • Direct access to attorney Adam Gurney and his experienced team

  • Coordination with your real estate agent to help keep your transaction on schedule

  • Compassionate, judgment-free guidance throughout the process

For Homeowners Already Under Contract

Keep Your Sale Moving Toward Closing

Once you've accepted an offer, your lender's review becomes one of the most important parts of the transaction. Missing documents, incomplete financial information, or approval delays can put the sale at risk. We help keep everything organized and moving forward.
What Sets Us Apart:

  • Preparation and review of your lender's short sale package and hardship documentation

  • Direct negotiation with your lender or loan servicer

  • Coordination with your real estate agent, title company, and buyer's attorney

  • Careful review of the lender's approval letter and closing terms before you sign

  • Clear, straightforward updates throughout the process

What to expect

The Short Sale Process

Initial Review

Your lender notifies you that you've missed mortgage payments. This is often the earliest—and one of the best—times to seek legal guidance.

Listing & Offer

Your real estate agent markets the property and secures a purchase offer. Before it's submitted to your lender, we review the contract to help identify any issues that could affect approval.

Response period

We prepare and submit your hardship letter, financial documentation, purchase contract, and supporting materials. Providing complete and accurate information from the outset can help reduce delays during the lender's review.

Lender Review & Negotiation

Every lender follows its own review process. We communicate directly with your lender or loan servicer, respond to requests for additional information, negotiate approval terms, and keep you informed throughout.

Closing

Once your lender approves the transaction, we review the approval letter and closing documents with you before closing. This helps ensure you understand the terms of the agreement—including any provisions related to remaining mortgage debt—before you sign.

Note: Every lender has its own approval process, so timelines can vary. During your consultation, we'll explain what to expect based on your lender and your specific circumstances.

Serving Chicagoland

Where We Help Homeowners

Gurney Law Group represents homeowners pursuing short sales throughout Chicago, the North Shore, and the Western suburbs, including:

  • Chicago

  • Oak Park

  • Wilmette

  • Naperville

  • Evanston

  • Glencoe

  • Surrounding communitites

Award-Winning Legal Excellence

Recognized For Outstanding Service

Attorney Adam Gurney has been recognized by Super Lawyers®—an honor reserved for the top 5% of attorneys through a rigorous peer-review process. Whether you're pursuing a short sale or weighing your options against foreclosure, you deserve a proven advocate in your corner.

Getting the answers you need

Frequently Asked Questions About Foreclosing

Have questions about the shortsale process or what to expect when working with a real estate attorney? We've answered some of the most common questions our clients and realtors ask to help you feel confident and informed.

In a short sale, you sell the home with your lender’s approval for less than what’s owed, and you control the process alongside your attorney and realtor. In a foreclosure, the lender takes the property back through the court system. A short sale is generally less damaging to your credit and gives you more control over the outcome.

Yes. Your lender must approve the sale price and terms before closing, since they’re agreeing to accept less than the full loan balance. We handle that negotiation on your behalf.

It depends on your lender, loan type, and state law. In some cases, lenders waive the remaining balance (deficiency); in others, they don’t. We’ll help you understand what to expect and negotiate favorable terms wherever possible.

Timelines vary based on your lender’s responsiveness, but short sales often take longer than a traditional sale due to the approval process. We keep things moving and set realistic expectations from the start.

Often, yes. Many homeowners pursue a short sale after a foreclosure has been filed, as a way to resolve the matter before a foreclosure sale occurs. Timing is important, so it’s worth talking to us as soon as possible if you’re in this situation.

Absolutely. When you work with Gurney Law Group, you get direct access to attorney Adam Gurney—not just staff or paralegals.

Still have questions?

Still have questions? Call (312) 929-0974 or schedule a consultation today.

Considering a Short Sale? Let's Talk Through Your Options.

Gurney Law Group helps you weigh a short sale against foreclosure and other paths, then manages the process from lender approval to closing.

Schedule a Consulation
Open hours

Mon – Fri: 8:00 AM to 6:00 PM

Location

150 S. Wacker, Suite 2400
Chicago, IL 60606

Contact us

adam@gurneylawgroup.com
(312) 929-0974