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Libertyville real estate attorneysAs the country slowly begins to open back up in the wake of the coronavirus outbreak, many individuals and families will soon be in the market for a new home. In fact, the spring season is usually one of the busiest times of the year for the real estate industry, and this year is not likely to be an exception.

It is not uncommon for a person to buy a home without the help of a real estate attorney. However, there is value in hiring one to help with your transaction. This is especially true if you run into legal issues along the way. It is important to understand how a real estate attorney can help and when you should absolutely have one on your side.

When a Real Estate Attorney is Necessary

If the property you are purchasing has unique issues, such as a pool, a fence, or other structures that could cause problems with local zoning and building codes, an attorney can help to ensure everything was built according to code and with the proper permits. An attorney can also help ensure that property lines have been adhered to when structures are near property lines. You should certainly hire an attorney if you have any plans to build or expand on the existing structures. Doing so can help ensure that any plans for the house are in compliance with all applicable local zoning laws.

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Libertyville foreclosure defense attorneysAs the nation has struggled financially due to the shutdown caused by the COVID-19 outbreak, the federal government placed a freeze on foreclosure and eviction proceedings by Fannie Mae, Freddie Mac, and other government agencies. Many of the country’s leading mortgage lenders and banks also announced programs designed to assist homeowners facing difficulties making their mortgage payments.

The specifics of the programs offered by the various lenders can vary widely, as not all institutions can afford to go very long without payments from their borrowers. Such inconsistencies have left many homeowners still worried about what will happen in the next few weeks and months. With this in mind, lawmakers in Illinois are working to pass a bill that would offer relief to renters, homeowners, and lenders before the new month begins.

Bill Would Suspend Rent and Mortgage Payments

Last Friday, Representative Delia Ramirez (D-Chicago) introduced the COVID-19 Emergency and Economic Recovery Renter and Homeowner Protection Act. “We have to make housing an absolute top priority,” Ramirez said. She expressed that families should not have to choose between keeping a roof over their heads or buying food.

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Lake County loan modification lawyerWhen you are facing financial distress, you might explore options like modifying your mortgage loan terms or negotiating with your lender to avoid foreclosure. Foreclosure can have a substantial impact on your current and future credit, not to mention the loss of your home. If you are struggling to make your mortgage payments, a loan modification request might be the best way for you to get your debt under control.

Requesting a loan modification does not always result in an approval. Your request can be denied for a variety of reasons. In many of these cases, it is possible to resubmit the request and potentially have it approved with additional information provided. If you are facing this situation, speak with an experienced bankruptcy attorney about your options.

You Have Insufficient Credit or Income

If you are denied due to having credit issues or not enough money to afford the modified loan terms, you will have to make changes in your daily lifestyle and expenditures. For example, if you have outstanding debt, pay at least some of it. If you cannot afford to pay your entire credit card balance, even paying a portion of it can help you. Similarly, if you cannot show that you have a certain amount of available cash, make changes like selling a vehicle or cutting unnecessary expenses like cable or dining out to save money.

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Lake County real estate lawyersIf you are ready to sell your home, you may have several questions and concerns including whether or not you should employ the assistance of a real estate agent. Selling a home is a major undertaking that is full of potential complications, but it is possible to sell your home without the help of an agent. There are both advantages and disadvantages associated with selling a home “for sale by owner” or FSBO. While you avoid paying a listing agent’s commission, you also incur major responsibilities. According to one study, only about ten percent of people selling their homes complete the sale without assistance from a real estate agent. If you want to learn more about your options when selling your home, an experienced real estate lawyer can be a tremendous resource.

What Are the Pros and Cons of an FSBO Sale?

When you sell your home without input and guidance from a real estate agent, you gain total control over the sale. This means that you get to determine the listing price, the selling strategy, and the details on the listing. You will also be in charge of organizing open houses or tours of your home. For many, this level of control is appealing. Individuals who sell their homes on their own also avoid paying the listing agent’s three percent commission fee.  

On the other hand, selling your home without help from an agent can be complicated and time-consuming. Many sellers who attempt an FSBO sale eventually realize that they do not have the marketing expertise or negotiation skills necessary to maximize profits from the sale of their home. It can also be very challenging to ensure that your listing is actually viewed by potential buyers.

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Lake County short sale attorneysIf you are behind on your mortgage payments, you know just how stressful it can be. You may end up losing sleep because you are worried about what will happen to your home. If you owe more on the home than it is worth, you may be a risk of foreclosure. In situations like these, one option that many people find preferable to foreclosure is a short sale.

During a short sale, a home is sold for less than what the owner owns on the home. Additionally, the lender generally agrees to accept less than the amount owed by the borrower by means of a the short sale. This option comes with certain advantages, as well as some disadvantages. If you are concerned that your home may be foreclosed on, a qualified foreclosure lawyer can help you determine whether or not a short sale may be right for you.

Short Selling to Avoid Foreclosure

Research shows that approximately one in every 1,380 Illinois homes is foreclosed on. Foreclosure can be an extremely stressful and embarrassing process to endure. Although foreclosure can happen to anyone, many people feel a great deal of shame regarding foreclosure. The greatest benefit of a short sale is that it can allow you to avoid foreclosure. When a you have a foreclosure in his or her credit history, you will not be eligible for another mortgage for a minimum of seven years. However, this waiting period may be as short as two years if the home is sold through a short sale.

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