Erica Minchella is our Real Estate Attorney member. Erica took the opportunity to describe a real estate situation that results from a foreclosure property that the lender does not want to take back leaving the former owner with the responsibility of the maintenance of the property, yet without being able to do anything with it. City fines for these “zombie properties” can become burdensome.
Erica is currently working with a symposium of real estate professionals who will work with the properties to attempt to get the liens released and put the properties into the hands of developers with the goal of turning the property into a condition that they can be used by perhaps veterans or homeless people who are interested in re-establishing a domicile. Some of this work is being done in conjunction with the John Marshall Law School.
Remember Erica Minchella and Minchella & Associates when you hear your associates mention that they are purchasing or selling real estate or have foreclosure issues and are seeking legal advice.