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libertyville real estate lawyerThe current real estate market is making it harder to find the perfect new home than most people are expecting. Let’s assume, however, that you found the right house, and you are ready to make an offer, but your real estate agent tells you that the home is an FSBO. You might recognize that abbreviation to mean “for sale by owner,” but do you understand the effects that a sale by the owner can have on your homebuying experience? Selling an FSBO property can be tricky, but so can buying one. Here are a few things you should know ahead of time.

Advantages of Buying an FSBO Home

A “for sale by owner” (FSBO) home is sold by the homeowner with no help from a broker or listing agent. This reduces the commission fees for the seller, thereby allowing them to pocket a larger percentage of the sale price. As a buyer, you will still be able to secure a commission for your agent, but there are a few advantages that buying an FSBO property offers you, including:

  • Direct communication with the seller – Since the seller is not using a broker or agent, there will be no intermediary in your conversations with the owner. In some cases, this means that negotiations may be easier, and you could end up with a lower price than if the seller had an agent.

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libertyville real estate lawyerWhile the specifics of mortgage loans—and the associated paperwork—can be quite complicated, one thing is easy to understand: If you do not make your scheduled payments, your lender will eventually file a foreclosure action and take back your home. Just to be clear, foreclosure is the legal process that a lender uses to take possession of a property from a borrower who did not keep up with their obligations as specified in the mortgage loan agreement. Other things could cause a lender to initiate foreclosure, but the vast majority of foreclosures stem from borrowers defaulting on their payments.

The process of foreclosure can be overwhelmingly difficult for many homeowners, and it is extremely easy to make expensive mistakes under such stress. An error in the process could cost you a great deal, but if you are aware of where most people make mistakes, you can be sure to avoid them. A qualified foreclosure defense lawyer can also help.

Do Not: Ignore Your Lender

Under the law in Illinois, your lender cannot start a foreclosure action until you are at least 120 days delinquent on your mortgage payments. More than likely, however, your lender will start calling and sending you letters within a few days of your first missed payment. As you inch closer to defaulting, your lender will probably reach out more often—possibly every day.

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libertyville bankruptcy lawyerDespite its increased use and benefits, there are still misconceptions about bankruptcy. This is perhaps most damaging when it comes to filing for bankruptcy as a small business. Owners may fear it will damage their credit, or that they will ultimately face closure if they file, so they continue to trudge through debt, possibly putting the future of their company at risk. If you are a small business owner in serious debt and considering bankruptcy, the following can help you understand the misconceptions about bankruptcy and assist you in deciding if it might be the right option for your company.

Understanding the Purpose of Small Business Bankruptcy

If you are considering bankruptcy for your small business, you are probably having a difficult time meeting your financial obligations each month. In fact, your company may already be effectively bankrupt. At the very least, it is heading in that direction. To ignore this is not only poor decision-making, but it could potentially lead to personal financial problems and the closure of your business. Bankruptcy could help you avoid such issues. In fact, some companies manage to negotiate the terms of their debts, consolidate, and pay off their creditors while keeping their businesses open and running. When used in this way, bankruptcy could be more of a benefit and less of a hindrance to your company’s future.

Is Bankruptcy the Right Option for Your Small Business?

Bankruptcy is not the best option for every small business. However, companies that are viable and have a future, as well as companies that may go under even after they file, could both benefit from a bankruptcy filing. If nothing else, this legal action may protect the personal assets of business owners or partners. Still, it is encouraged that you have your situation analyzed by an experienced lawyer before making any final decisions. After all, each situation is unique and should be treated as such.

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chicago bankruptcy lawyerSince the housing bubble burst over a decade ago, the thought of foreclosure has become a near-constant concern for homeowners across the country. Those dealing with financial struggles may be worried that late or missed mortgage payments will lead to them losing their homes. For those who have refinanced or obtained a second mortgage on their homes, things are often uncertain, especially as it pertains to what happens if they default on a second or additional mortgage. If you are in such a situation, a qualified foreclosure defense lawyer can help you understand your available options.

What You Should Know About Second Mortgages

Any loan that qualifies as a mortgage is considered a secured debt. This means the loan is secured by collateral, and in the case of a mortgage loan, the collateral is the home itself. If you default on your mortgage, the lender can foreclose on the home and take the house. This applies to the mortgage that allowed you to buy the home as well as any subsequent mortgages. It also applies to home equity loans taken out with the home as collateral.

In the event of a foreclosure on a home with multiple mortgages or home equity loans, the initial mortgage takes precedence. Any subsequent lenders will only get paid if the sale of the home nets enough proceeds to satisfy the initial mortgage and there is money left to distribute.

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Grayslake Real Estate AttorneyOriginally published: October 6, 2021 -- Updated: June 25, 2022

Last fall, we shared some of our thoughts about digital closings for residential real estate transactions and how they started to become popular during the Coronavirus pandemic. As concern about the virus slowly decreases—although it will probably never go back to pre-crisis levels—it appears that electronic real estate closings are here to stay.

The Benefits of eClosings

In most cases, originating a traditional mortgage takes roughly 30 days from the initiation of the application to closing. As more and more digital lending platforms emerge, the use of artificial intelligence and data processing allows lenders and borrowers to remove a number of manual steps from the process of fulfillment.

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