After a parent or relative passes away and property is inherited by more than one person, it is very common for the co-owners to disagree about what to do with the property. One adult sibling may want to keep a beloved family home, while another may see the matter more practically and wish to sell. 

In cases like this, something known as a “partition action” may be brought before an Illinois court. If you are wondering whether a partition action may be helpful to you, speak with an Illinois real estate attorney with experience handling complex real estate matters. 

What is a Partition Action in Real Estate Law? 

A partition action is a court proceeding that allows two or more parties to divide one jointly owned property. The goal is for everybody to walk away with fair ownership of their share of the property. 

North Chicago tenants may be wondering what happens if you break a standard lease agreement. The answer to this question depends on a number of factors, including the terms of the lease agreement, the laws of the state of Illinois, and the specific circumstances of your situation.

In general, if you break a lease agreement, you are still liable for the rent payments that you would have owed had you not broken the lease. This is true even if the lease agreement has been modified.

Is it Ever Okay to Break a Lease Agreement?

The laws of the state of Illinois do allow tenants to break a lease agreement without a penalty in certain circumstances, even if the lease has been modified. For example, tenants may be able to break a lease without penalty if they are a part of the uniformed services (i.e. military), if they or their children are victims of domestic or sexual violence, if the rental property is uninhabitable, or if they are being harassed or have had their privacy rights violated by the landlord.

In 2008, the U.S. housing market “bubble” burst. Essentially, the housing market had become overinflated and then rapidly crashed. The bursting of the market’s bubble was caused by a host of significant factors, including the following:

• The subprime mortgage crisis

• Rapidly falling home prices

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If you have received a notice that your mortgage lender intends to foreclose your home or you anticipate this news because you are behind on your mortgage payments, you may be wondering if giving them a call and negotiating with them could be beneficial. While this approach may have been a viable strategy if you needed to miss a payment, if you are already behind on your mortgage, it is time to engage the services of a legal professional who can negotiate with your lender on your behalf. 

The Stakes of Your Situation

The primary reason why it is important to seek legal representation if your home is already at risk of foreclosure is that the stakes of your situation are so high that you cannot afford to make even a single misstep. Unless you are a trained negotiator, chances are that you are unsure of exactly how to achieve the most favorable outcome via direct negotiation with your lender. As a result, you may unintentionally say something that could compromise the strength of your legal and financial position. Furthermore, banks hire skilled negotiators whose job is to maximize the bank’s profits, even at the cost of the bank’s clients such as yourself. Having an attorney in your corner can make all the difference in achieving a fair deal.

Knowledge of Your Options

Additionally, most homeowners are unaware of all the options available to them in the event of financial hardship. By connecting with our team, you can learn about the various approaches that are used to respond to a foreclosure risk so that you can make a truly informed decision concerning how you would like to proceed.

Most Americans do not have the luxury of waiting to sell or purchase a home when the real estate market is ideal. A growing family, employment opportunities in a new area, or a significant change in circumstances may warrant a move regardless of whether market conditions are what one would wish. Current aspiring homebuyers, for example, may need to make a purchase even though interest rates are particularly high and inventory is low in many areas. Thankfully, if it is time to commit to buying a new residence, there are safeguards that can be put into place to better protect the interests of a new homebuyer who is navigating a challenging market.

To Buy or Not to Buy?

It is true that when the market is less than ideal, some aspiring homebuyers would do better to wait – if possible – for better conditions before making such a large investment. Specifically, due to very high-interest rates, homebuyers who would need to max or exceed their budgets in order to make a purchase and those whose income streams are uncertain may want to wait, if they can, to make a purchase.

However, there are benefits to navigating an imperfect market for those who are in a position to buy. For example, houses are not generally being snatched off the market in a matter of hours or days, as they were not so long ago. It is, therefore, easier to take one’s time deciding whether a property is a good fit and to better ensure that proper protections are in place before a homebuyer commits to a specific house. Additionally, home prices are finally trending lower, which means that it may soon be possible to get a “good deal” on a property that may have featured a hyper-inflated asking price last year.