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Recent Blog Posts

How Can I Qualify for a Mortgage Loan Modification?

 Posted on March 04, 2021 in Loan Modification

Lake County loan modification attorneyAny family can experience financial difficulties that cause them to be unable to pay some or all of their ongoing expenses. Those who are struggling to make ends meet may face the possibility that they could default on their home mortgage, which could result in foreclosure. Fortunately, families in these situations have options, including applying for loan modifications that may reduce the amount of their payments and ensure that they can cover these and other regular costs. Homeowners will want to understand their options for modifying a mortgage loan and the steps they can take to ensure that these modifications will be approved by their lender.

Applying for Mortgage Modifications

There are multiple types of modifications that may be available to ensure that a homeowner can continue making mortgage payments. The loan’s interest rate may be lowered, or a loan may be converted from an adjustable-rate mortgage to one with a fixed interest rate. The term of the loan may be extended, allowing it to be paid off through lower payments over a longer period of time. In many cases, it is in a lender’s best interests to work with a borrower, since they will be likely to suffer financial losses if they need to foreclose on a home and place it up for sale.

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What Is the Process Followed During a Home Foreclosure?

 Posted on February 25, 2021 in Foreclosure

Libertyville IL foreclosure attorneyHomeowners who encounter financial difficulties can sometimes struggle to make mortgage payments. Unfortunately, if a person defaults on their mortgage, their lender may begin foreclosure proceedings, which could ultimately result in the loss of their home. Those who are having trouble meeting their financial obligations will want to understand the foreclosure process and the potential defense strategies that may be available.

Steps Followed in a Foreclosure

A homeowner will be considered to have defaulted on their mortgage if they fail to make payments on time or in full. After the first missed payment, a person may receive notification from their lender that they will be charged late fees, and after a second missed payment, the lender will usually advise the borrower that they may face legal action if they do not become current on their payments. After a third missed payment or delinquency of at least 90 days, the lender may contact the homeowner letting them know that they will be beginning foreclosure proceedings. This process will involve the following steps:

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What Closing Costs Will I Need to Pay When Buying a Home?

 Posted on February 19, 2021 in Real Estate

Lake County residential real estate lawyerIf you are planning to buy a new home, you will need to address a wide variety of issues, including securing financing and resolving any concerns uncovered during a home inspection. As you work to complete the necessary requirements to obtain approval for a home loan, you should be sure to understand the various costs that you may be required to pay at the time of your home closing. This can help you avoid any unexpected financial issues and ensure that you will be able to move into your new home without any problems.

Understanding Closing Costs

There are a variety of services performed when finalizing a mortgage, and homebuyers will usually be required to pay the related costs before they can complete the closing process and take ownership of the property. Closing costs may include:

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What You Need to Know When Buying a Home Through a Short Sale

 Posted on February 18, 2021 in Real Estate

Lake County real estate attorneyIf you are planning to buy a home, you will be looking for the best ways to find a property that meets your needs and that you can afford. In some cases, sellers may be looking to complete a short sale in which they will sell their home for less than the total amount owed on their mortgage. While this type of arrangement may provide some savings, buyers should be aware of the potential issues that may arise during this type of transaction, as well as the unexpected costs or delays they may encounter.

3 Potential Drawbacks of Buying a Short Sale Home

While you may be able to save some money when purchasing a home sold through a short sale, this does not mean that you will pay less than the property is worth. During a short sale, a lender will usually perform an appraisal of the property, and the purchase price of the home will be based on the fair market value as compared to other homes in the area. You should also be aware of the following issues that may arise during a short sale:

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How to Address Hazardous Materials and Substances When Selling a Home

 Posted on February 11, 2021 in Real Estate

Libertyville IL home closing attorneyIf you are planning to sell your home, you will need to deal with a wide variety of financial and personal concerns. In addition to looking for a new home, preparing to move, and obtaining financing, you will want to make sure your house is in a good condition so it can fetch an appropriate price when it is placed on the market. While you may be prepared to perform some repairs and make some improvements, you should also be aware of any safety issues, toxic substances, or hazardous materials that may need to be disclosed or remediated during the home closing process.

Resolving Issues Related to Hazardous Substances

You may already be aware of certain safety concerns in your home, or some of these issues may be uncovered when a home inspection is performed. You are typically required to disclose any known health hazards, and you and the buyer may determine how to address any concerns that are found during an inspection. Some hazardous substances or materials that may affect the sale of your home include:

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Are Tenants and Landlords Eligible for Emergency Rental Assistance?

 Posted on January 29, 2021 in Real Estate

Waukegan commercial real estate attorneyThe COVID-19 pandemic has had a huge impact on the U.S. economy. In addition to affecting the real estate market, it has led to job losses and reduced income for many people. This has caused some residential tenants to be unable to pay rent, which has also led to difficulties for many landlords, since they may not be able to make mortgage payments or cover other expenses. While lease modifications may help landlords and tenants address these issues, they may also be able to receive government aid to assist in paying the rent that is owed.

Emergency Assistance for Tenants and Landlords

The federal government and multiple states have placed a moratorium on evictions for residential tenants, and this moratorium has been repeatedly extended as the coronavirus pandemic has continued to affect people and families. While landlords are currently unable to evict tenants, any unpaid rent will continue to be owed. To address this issue, a recent economic stimulus bill passed by the federal government created the Emergency Rental Assistance Program, setting aside $25 billion to be used to help tenants pay past-due rent and address ongoing difficulties in making rent payments.

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What Should Be Included in a Real Estate Purchase Contract?

 Posted on January 25, 2021 in Real Estate

Libertyville IL home purchase agreement attorneyA residential real estate transaction usually begins when a prospective buyer places an offer on a home and the seller accepts their offer. Once a purchase price is agreed upon, the parties will sign a purchase contract, and they will then work to complete all requirements that must be met before the closing date on which the transaction will be completed. Those who are buying or selling a home will want to understand the terms that will be included in their purchase contract, and by working with an experienced real estate attorney, they can make sure their rights will be protected throughout their transaction.

Terms of a Real Estate Purchase Agreement

A purchase agreement is a legally binding contract between the buyer and seller. It will include identifying information about the parties, a description of the property being purchased, and the planned closing date, as well as any details about when the buyer will take possession of the property. The parties may also negotiate other terms that should be included in the contract, such as:

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Are COVID-19-Related Financial Issues a Defense Against Foreclosure?

 Posted on January 15, 2021 in Foreclosure

Lake Forest IL foreclosure defense attorneyAfter nearly a year, the COVID-19 pandemic is continuing to affect people across the United States. Even though vaccines are currently being administered, they are being rolled out slowly, and it will most likely be several more months before enough people can be vaccinated to allow a return to the activities that people enjoyed before the pandemic. Unfortunately, this means that those who have been struggling financially may continue to face difficulty and uncertainty for the time being. However, federal and state government organizations have offered a variety of different forms of relief, and programs may be available to help homeowners who have been affected by COVID-19 avoid foreclosure.

Foreclosure Moratorium Extended

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which went into effect in March of 2020, placed a moratorium on foreclosures and evictions for single-family homes with mortgages backed by the Federal Housing Administration (FHA). While this moratorium was initially intended to last through July 24, 2020, it has been extended several times as the pandemic has continued to affect people and families. Most recently, the FHA announced that the moratorium will extend through February 28, 2021. The moratorium applies to new foreclosure proceedings and any foreclosures which are already in process.

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How Do Easements Affect a Real Estate Transaction?

 Posted on January 08, 2021 in Real Estate

Libertyville IL real estate property easement attorneyThere are a wide variety of issues that can play a role in a real estate transaction. One factor that both buyers and sellers should be aware of is whether there are any easements that apply to a property. Since easements are considered encumbrances that affect an owner’s ability to use their property, they should be addressed during the home closing process, and the parties should be sure to understand their rights and whether any changes to these agreements will be necessary.

Types of Easements on Illinois Real Estate Property

An easement is an agreement that provides someone other than a property’s owner with the right to use a portion of the property. Easements may be affirmative, meaning that they grant a party the right to use a specific part of a property for specific purposes, or they may be negative, meaning that they prohibit a property from being used in certain ways. Affirmative easements may include agreements that allow neighbors to use shared driveways or the rights of utility companies to place or maintain items such as power lines, gas lines, or water mains. Negative easements may restrict a property owner from erecting structures on a part of a property that is environmentally protected or from making additions to a home that would block a neighbor’s view.

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Can a Default on a Second Mortgage Result in Foreclosure?

 Posted on December 15, 2020 in Foreclosure

Libertyville IL foreclosure defense lawyerOver the past decade, the threat of foreclosure has been ever-present for many homeowners. Those who are struggling financially may be concerned that missed or late mortgage payments will result in the loss of their home. However, many homeowners who have refinanced their homes or obtained additional mortgages may be unsure about how these loans will affect their financial situation, including whether mortgage lenders may foreclose if a person is in default on a second mortgage. By working with an attorney to understand these issues, homeowners can determine their best options for defending against foreclosure and managing their debts.

Defaulting on a Second Mortgage

A mortgage is a secured debt, and this means that if a homeowner defaults on the debt, the lender can foreclose and repossess the house. This is true not only for the initial mortgage on a home, but also for any subsequent mortgages or home equity loans. However, during foreclosure, the first mortgage will take priority, and lenders of second or subsequent mortgages will only receive payments if the amount obtained through a foreclosure sale exceeds the amount owed on the first mortgage.

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