Posted on January 14, 2020 in Real Estate

There 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.

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 Posted on January 07, 2020 in Foreclosure

It 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

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 Posted on December 24, 2019 in Arlington Heights Foreclosure Attorney

Life 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.

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 Posted on December 17, 2019 in Foreclosure

Facing 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.

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 Posted on December 09, 2019 in Foreclosure

Data 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

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 Posted on December 02, 2019 in Foreclosure

While the housing market has largely recovered from its most recent serious crash, many families still worry about money and how they will afford their mortgage payment every month. In some situations, money is always pretty tight, and in others, a serious accident or illness may upset the family’s financial stability. If you are struggling to pay your mortgage, you might have had someone suggest a “strategic default” as an option for you. Before you take any action, however, it is important to know what a strategic default is and what the consequences could be.

What Is a Strategic Default?

A strategic default refers to a situation in which a borrower intentionally allows his or her loan to default. The borrower deliberately falls behind on the loan as a financial strategy, not because he or she could not afford the payments. Strategic defaults are most often used when there is negative equity in the property in question. Negative equity means that the property is valued at less than the amount remaining on the mortgage loan.

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 Posted on November 27, 2019 in Loan Modification

When you default on a loan for a commercial real estate project, it is easy to fear the worst. However, there are often many options for investors looking for assistance with getting a forbearance or a workout agreement with the lender. In order to protect your investment, however, you will need to act quickly.

Alternatives to Bankruptcy

In many parts of the country, the commercial real estate sector has continued to experience its share of challenges, leaving many businesses and investors in a cash crunch and unable to pay their loans. Some people mistakenly believe that the only way out of a default or distressed loan is bankruptcy. However, there are often other options available. 

With the help of a knowledgeable lawyer, you might be able to negotiate an agreement with the lender that avoids a foreclosure and bankruptcy. Lenders often do not want to deal with a foreclosure any more than you do. In fact, if you will eventually be able to get your loan caught up, it will usually make the most financial sense for your lender to work out some type of arrangement with you. With careful representation, you may be able to secure a forbearance agreement with the lender that gives you more time to get current on the loan.

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 Posted on November 21, 2019 in Real Estate

There is no question that spring and summer are the most popular months for buying a home. Therefore, they are also the most popular months for selling a home, since you cannot buy a home unless someone is selling.

While winter does not officially begin for another month or so, the cold season has already made its presence known in Northern Illinois, and we all know that it is here to stay for a while. With this in mind, you might have decided to wait until the spring thaw to put your home on the market. Some experts believe, however, that selling your home during the winter could be very rewarding for several reasons.

Reason #1: Less Competition

Because everyone “knows” that springtime is the season for selling a home, many people choose to wait. If you wait too, there probably will be hundreds of other homes available, including many near your neighborhood. With winter comes fewer available homes, which means your home will be in a better position to stand out. Fewer options will push potential homebuyers in your direction, even if not as many people are looking for new homes. The question is one of supply and demand, and the winter season is often a seller’s market

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 Posted on November 13, 2019 in Real Estate

Buying a new home is an exciting opportunity, but the process can be time-consuming and stressful at times. By the time you have found the right home, secured the necessary financing, and reached an agreement regarding the terms of the deal, you will certainly be ready to move in and relax for a while. Before you can do, however, there is one final step: the closing. If you have never bought a new home before, you should be aware of what goes on at closing and what you will be expected to do.

Your Role at Closing

Before you can get the keys to your new home, you will generally be required to attend and participate in a mortgage closing. Most often, a closing is a scheduled appointment at the office of an attorney, the title company, or your mortgage lender. You should bring any documents that you received or signed in the weeks leading up to closing, along with two forms of identification. You will also need an acceptable form of payment—usually a cashier’s check—if your required payment has not already been wired in advance.

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 Posted on November 07, 2019 in Loan Modification

Are you behind on your mortgage? If so, are you getting to the point where you are worried about the possibility of foreclosure? When you are behind on your mortgage payments, things can spiral out of your control very quickly. It is important to realize, however, that you may have options that could allow you to keep your home and to get back in good standing with your lender. One of these options is a loan modification, and a skilled Lake County lawyer can help you apply.

Your Loan Will Not Be Modified If You Do Not Apply

A loan modification, put simply, is an amendment to the terms of your loan so that you can get caught up and back on track with your mortgage. There are different types of modifications available, such as an extension of the loan’s term to reduce monthly payments, interest rate adjustment, and the capitalization of your missed payments. While each type of loan modification is different, they have one thing in common: you cannot get a modification unless you apply for one.

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