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Libertyville real estate attorneysThere is no question that buying a home can be an exhilarating venture. However, it is also a process you should not take lightly. It is important that you do not rush the selection process and that you ensure you are making an informed decision. For help with home purchase contracts and trustworthy legal guidance throughout the home-buying process, contact an experienced real estate attorney. While you are house-hunting, make sure to consider all of the relevant factors. Keep a watchful eye out for the following red flags that could signal that the home you are considering is not the right option for you.

The Owner Will Not Cooperate with the Inspection Process

Getting a home inspection when you are considering buying a new home is essential. There may be major issues with the roof, water damage that is concealed by wallpaper or paint, faulty wiring, plumbing issues, and other problems which are not noticeable without a proper inspection. If the homeowner seems hesitant to allow an inspection or does not want you to use your own inspector, this could be a sign that he or she is trying to hide something.

Missing Permits for Major Work Done to the Home

When you are considering a home, ask to look over the Report of Residential Building Record or the “3R” report. This report should include the permits issued for any major renovations or additions that were done to the home since the home was built. If there has been significant work done to the home and there is no record of it, this could mean that the work was not done to code. It could also mean that the renovations were poorly executed or are now unsafe.

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Lake County foreclosure lawyersIt has been almost a full decade since the housing market crisis was at its lowest point. In late 2009, nearly 25 percent of homes with a mortgage were underwater—meaning that the value of the home was less than the amount remaining on the mortgage. Millions of homeowners across the country were forced to deal with the reality of foreclosure.

Now, it is 10 years later, and across the country, the situation has largely improved. Today, less than 4 percent of the nation’s mortgaged homes have negative equity. In Illinois, however, things have been much slower to recover, and about 8 percent of the mortgaged homes in the state are still underwater—approximately twice the national average. At least one expert believes that the state’s foreclosure laws have contributed to the slower recovery.

High Property Taxes, Slow Foreclosures, and Oppressive Red Tape

The aforementioned numbers were compiled by CoreLogic, a leading provider of property, consumer, and financial analytics. Frank Nothaft is the chief economist for CoreLogic, and he acknowledged his concerns about the health of the Illinois housing market. In the last year, home equity did increase by an average of $1,300 per mortgaged home, but that increase just barely kept pace with inflation, Nothaft said.

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Lake County consent foreclosure lawyersLife can sometimes throw unexpected curve balls our way that prevent us from staying current on mortgage payments. Perhaps you or someone in your family has experienced a job loss, substantial increase in expenses, major health issue, or another surprising life event. Whatever the reason, being behind on mortgage payments can put an individual at risk of foreclosure. If you are facing a possible foreclosure, one option that may be right for you is a consent foreclosure.

What is a Deficiency Judgement?

Illinois law mandates that all foreclosures must go through the court system. The mortgage servicer may begin the foreclosure process when the borrower is four months or more behind on payments. If the homeowner cannot cure the default, the servicer will file a foreclosure lawsuit. If the lender wins the lawsuit, it has the authority to seize and sell your home. The difference between the amount you owe on your home and the home’s sale price is called a deficiency. Deficiencies can often be tens or even hundreds of thousands of dollars. The legal order requiring you to pay this difference is called a deficiency judgment.

Can a Consent Foreclosure Can Help Me Avoid a Deficiency Judgment?

If you want to avoid a stressful negotiations with the bank and a lengthy court process, you may be able to simply return the property to the bank and avoid a deficiency judgment through a consent foreclosure. An experienced real estate attorney can negotiate a consent foreclosure on your behalf. If the lender agrees to accept the consent foreclosure and waives the deficiency, you will be able to move on with your life without the burden of a costly deficiency judgment.

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Libertyville foreclosure defense attorneysFacing a possible foreclosure can be a terrifying ordeal. You may worry that you will have to immediately leave your home or even become homeless. The good news is that the foreclosure process takes several months. Although even one missed mortgage payment could technically be enough to violate a mortgage contract, missing one or two mortgage payments will generally not initiate foreclosure proceedings. The majority of lenders will not start taking actions to foreclose on a home until the borrower is three or more payments behind.

Furthermore, just because foreclosure proceedings have begun does not mean you must immediately vacate your home. Illinois law considers the borrower to be the lawful occupant of the home until a judgement of possession is entered. The process of gaining a judgement of possession in Illinois usually takes nine months or more.

Illinois Homeowner’s Rights Act Gives You Certain Protections

A lender cannot simply choose to foreclose on a home out of the blue. The Illinois Homeowner’s Rights Act was passed in 2009, and it requires certain procedures to be followed before the foreclosure proceedings can begin. First, the lender will send you a notification of its intention to foreclose. Next, the lender will file a lawsuit which explains the grounds for the foreclosure request. At this point, you will have 90 days to pay the outstanding mortgage payments in order to reinstate your mortgage. If you are able to become current on your mortgage payments and resume the agreed-upon payment schedule, you will be able to keep your home.

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Lake County foData shows that approximately one in every 2,453 homes in the United States will be foreclosed on at some point. The problem is even more serious in Illinois, where one in every 1,336 homes will be foreclosed on according to the current foreclosure rate. Having your home foreclosed on can be an absolutely devastating ordeal to endure. Unfortunately, many homeowners do not understand what their rights are when it comes to home foreclosure. They may assume that they “deserve” to lose their home because they have missed mortgage payments. However, mistakes are prevalent in the mortgage servicing industry, and some individuals facing a foreclosure may be the victim of such an error. If you have been threatened with foreclosure, you should know that there are several foreclosure defenses that could  help you keep your home.

Your Mortgage Servicer Made a Serious Error

Although many people do not realize it until it happens to them, mortgage servicers sometimes make huge oversights and errors. If you have been affected by one of the following mistakes, you may have a potential defense against foreclosure:

You were the victim of “dual tracking.” The term  dual tracking refers to a situation in which a mortgage servicer continues to foreclose on an individual’s home while also considering his or her application for a loan modification, short sale, deed in lieu of foreclosure, or other foreclosure avoidance option. Dual tracking used to happen all the time, but federal law now limits the circumstances in which a mortgage servicer can pursue foreclosure while simultaneously negotiating an alternative to foreclosure.

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