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Recent Blog Posts

Probate: What it Is and How it Works With and Without a Will

 Posted on October 09, 2023 in Uncategorized

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Foreclosure Defense: Everything You Need to Know to Fight Back

 Posted on October 05, 2023 in Uncategorized

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Facing Foreclosure and Bankruptcy? Know Your Rights

 Posted on October 02, 2023 in Uncategorized

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Estate Planning: Will vs. Trust

 Posted on September 28, 2023 in Uncategorized

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A Lawyer’s Guide: Purchasing a Home with a Mortgage

 Posted on September 25, 2023 in Mortgage

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Can I Make My Sibling Sell Inherited Property?

 Posted on August 31, 2023 in Estate Planning

IL estate lawyerAfter 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. 

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What Happens if You Break a Lease Agreement?

 Posted on August 14, 2023 in Uncategorized

North Chicago, IL real estate lawyerNorth 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.

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What Is a Real Estate Market Correction?

 Posted on July 27, 2023 in Real Estate

Lake County, IL real estate attorneyIn 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

  • High levels of debt among homeowners

  • Inadequate regulation of the financial sector of the economy

The housing market ultimately crashed because all of these factors dramatically impacted buyers, sellers, and developers all at once. When the market is affected by negative forces on a less intense – and perhaps less numerous – basis, a real estate market correction may occur.

Corrections vs. Crashes

One of the primary reasons why the U.S. does not experience real estate crashes often is that so-called “correction markets” help to redirect market conditions that – if left utterly unchecked – could lead to a bubble at risk of bursting and/or a crash. Correction markets specifically allow pricing trends that have dipped too low or soared too high to normalize.

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Should I Negotiate with My Lender Directly if They Want to Foreclose?

 Posted on July 18, 2023 in Arlington Heights Foreclosure Attorney

Libertyville, IL foreclosure lawyerIf 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.

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Wait or Commit? Buying a Home While Interest Rates Are High

 Posted on June 28, 2023 in Real Estate

IL real estate lawyerMost 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.

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