Posted on April 20, 2023 in Real Estate

The real estate market is not a static influence. It ebbs and flows nationally, at the state level, locally, and even within neighborhoods on a fairly regular basis. The constantly changing nature of the market means that some aspiring buyers, aspiring sellers, and current homeowners do not care to “keep up” with how the market is trending. Some find this effort to be too complicated and frustrating to be worth their time. Others assume that what will be will be. Yet, it remains important to understand what the market is doing so that anyone who is interested in engaging in a real estate transaction – or keeping their home safe from a risk of foreclosure – can better protect their interests.

What Is Going on?

Uncertainty is not a pleasant reality when individuals are looking to buy, sell, or effectively maintain real estate. Unfortunately, the current housing market in Illinois is being widely cited as among the most vulnerable in the U.S. Essentially, communities are suffering from a high risk of multiple foreclosures due to a variety of factors. This reality affects buyers, sellers, and owners alike. The challenges of this situation have cooled the market and may, in time, effectively chill it.

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 Posted on April 14, 2023 in Arlington Heights Foreclosure Attorney

All too often, homeowners are under the impression that there is no way to respond to a foreclosure notice effectively. They assume that if their lender has announced its intention to foreclose upon a property, nothing more can be done. In truth, the foreclosure process involves a complex series of steps. At virtually any point during the foreclosure process, a specific kind of response from a homeowner has the potential to yield positive results.

This is one of the reasons why it is so important to seek legal guidance if a homeowner’s investment is in jeopardy due to non-payment of mortgage obligations. There are so many checks and balances built into the system that there is almost always a way to remedy a foreclosure risk, regardless of how many steps forward a lender has taken in pursuit of repossessing someone’s home. Some of these opportunities exist because of safeguards within the legal system. Others exist simply because most lenders like to avoid foreclosure whenever they can.

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 Posted on March 24, 2023 in Arlington Heights Foreclosure Attorney

When a homeowner is at risk of foreclosure, there are a number of ways that they can potentially respond. If their finances are solid but repayment could be made more manageable via a loan modification, this adjustment could mitigate the issues that led to missed payments in the past. Other homeowners file for bankruptcy to catch up on missed payments or pursue short sales to avoid foreclosure when they can no longer afford to remain in possession of their property.

Under a very specific set of circumstances, there is one additional opportunity that makes sense for some individuals who can no longer afford to remain homeowners. This opportunity is referred to as strategic default. It involves intentionally halting payments on a mortgage tied to a home that is worth significantly less than what the homeowner owes their lender.

Important Considerations

One of the reasons it is critical to seek professional guidance before engaging in a strategic default is that the consequences of this action are significant. While committing to a short sale will affect a homeowner’s credit score for a time, a strategic default will affect it significantly because this opportunity serves as an abdication of responsibility for the mortgage debt.

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 Posted on March 15, 2023 in Real Estate

If you are a homeowner who is facing a genuine risk of foreclosure, you may have heard that conducting a “short sale” could serve as a viable way to resolve your circumstances. When circumstances are dire, it can be tempting to jump at any suggestion that could land you back on your feet. However, it is important to understand what you are getting into before committing to a short sale.

Our firm offers free consultations to anyone who is facing foreclosure and could benefit from a confidential, no-cost case assessment. Before you attend your session, consider looking over answers to some of the most frequently asked questions that we field from distressed homeowners who are seeking solutions. Making this effort can help you to become more familiar with one of the primary ways to resolve an impending foreclosure.  

What Is a Short Sale?

“Short sale” is a real estate term that involves offering to sell a home for less than what an owner owes on their mortgage.

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 Posted on February 15, 2023 in Real Estate

While most people know that buying a home is an expensive process, few people realize that selling a home comes with its fair share of expenses as well - especially if they are doing it for the first time. Not anticipating the true expense of selling a home can lead to unpleasant surprises at best, with many people suddenly realizing that they have put themselves in a desperate financial situation. 

If you are considering selling your home, an Illinois residential real estate lawyer can help you plan carefully and avoid situations where you are responding to unexpected expenses or having to make last-minute accommodations. To learn more about what you should anticipate paying for when you sell your home, read on and then contact Newland & Newland, LLP for help. 

What Do I Need to Pay For When I Sell My House? 

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 Posted on February 09, 2023 in Real Estate

Getting ready to move to a new home only to find out you have a lien against your current house can be surprising and frustrating. In addition to everything else you need to do to get ready to move, figuring out how to remove or contest a lien can be time- and resource-intensive. Liens on a home can prevent people from making offers and can seriously delay the selling and buying process. If you are looking to sell your home and need to learn more about how to remove a lien, an Illinois residential real estate attorney can help. 

What is a Lien On a House? 

“Lien” is a word that means somebody has a legal right to some portion of your property because you owe them money. Not all liens are bad - for example, your mortgage is a lien against your home - but liens can prevent you from doing what you want with your house. For example, some types of liens that could get in the way of selling your home include: 

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 Posted on January 11, 2023 in Mortgage

Nationwide foreclosures are highest in California, New Jersey, and Illinois. Lake County in Illinois has some of the greatest numbers of foreclosures. Most homeowners will do everything in their power to save the home they worked so hard to purchase. At Newland & Newland, LLP, we offer a variety of creative ways to modify your existing loan through firm negotiation with your lender. An experienced real estate attorney can guide you through the process of a loan modification.

Modification Options

Before you reach any sort of agreement with your lender, you should consult with a real estate attorney who may be able to attain more favorable terms on your mortgage loan agreement. It is also important to understand your current financial situation and if it is likely to improve in the near future. The following are some creative ways we utilize to modify a mortgage loan:

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 Posted on January 04, 2023 in Foreclosure

During this time of economic uncertainty, foreclosure activity is up 57 percent nationwide. If you find yourself financially strapped, it may be necessary to do away with what you own and that includes property. Selling your home for less than what it is worth through a short sale is one way to avoid foreclosure. But will your entire mortgage debt be wiped clean after a short sale?

What is a Short Sale?

When your home is sold for a lower price than the amount remaining on the mortgage, it is considered a short sale. Many mortgage lenders will accept less than they are owed to avoid the paperwork involved in the foreclosure and then having to turn around and sell the home.

A short sale is a bit more complex than a typical house sale. Not only is the home sold for a lower amount than what you see on your mortgage loan, but the remaining amount of the loan needs to be considered in your decision because it may still be owed after the sale is completed. A short sale is one way to avoid foreclosure and possibly maintain your credit score, depending on the circumstances. However, some homeowners earn too much money or have too much value in their assets to qualify for a short sale. 

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 Posted on December 31, 2022 in Arlington Heights Foreclosure Attorney

The economic downturn could force many homeowners into foreclosure as many people continue to struggle with inflation and the impacts of the pandemic. Some homeowners may be able to fall back on equity or sell their homes and pay off their mortgages. However, we have already seen a decline in the sale of existing homes for nine consecutive months. In just the third quarter of 2022, there were nearly 93,000 foreclosure filings and parts of Illinois had some of the greatest numbers of foreclosures filed.

Missed Payments

Foreclosure judgments in 2023 could increase and if you do not take action your home could slip away. A late payment made during the grace period is not cause for concern. But repeated missed payments are more serious and bring you a step closer to foreclosure. 

Two Options to Avoid Foreclosure

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 Posted on December 08, 2022 in Real Estate

Interest rates on home loans in Illinois are double what they were a year ago. This has created less competition for buyers, and many markets are seeing frequent price drops and fewer offers, giving buyers the upper hand in negotiating the best price. So maybe you are ready to take the plunge and use your savings for a down payment on your first home. If you are a first-time buyer it can be a bit nerve-wracking and overwhelming. But an experienced Illinois real estate attorney can guide you through the home-buying process and make sure that you thoroughly understand everything you sign.

Offer and Negotiation

Once you know how much you can spend, you will tour various homes until you find the right one for you. The official buying process begins when you make an offer in writing. A real estate attorney will help you draft an offer that makes sense financially and protects your rights. The seller could accept the offer, make a counteroffer, or reject the offer. But if there is an agreement, a signed offer becomes a purchase contract. A real estate attorney will review the terms of the contract to ensure they are reasonable and fair to you as the buyer. The attorney will address any issue with the seller's attorney before the sale proceeds.

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