1512 Artaius Parkway, Suite 300,
Libertyville, IL 60048

Call for a FREE Phone Consultation

847-549-0000

Video Consultations Also Available

Recent blog posts

gurnee real estate attorneyThere are a wide variety of legal issues that can affect people who are involved in real estate transactions or who are looking to determine their options for receiving debt relief through bankruptcy. Understanding these issues can often be difficult, but our firm strives to provide people with helpful information by regularly publishing blogs that cover these topics. The following blogs were most popular with our readers in 2021:

  1. What Happens When a Bankruptcy Case Is Dismissed? - This blog looks at reasons why a bankruptcy case may have ended, affecting a person’s ability to discharge their debts. The blog was recently updated with additional information about how foreclosure proceedings may be affected by a dismissal.

  2. How Do I Get Information About an Illinois Bankruptcy Case? - This article provides helpful information about how public records related to a bankruptcy case may be accessed.

    ...

    Continue Reading...

grayslake real estate lawyerUnfortunately, there are many cases where people may experience financial difficulties that make it impossible for them to continue owning a home. To make matters worse, economic downturns have caused many homes to lose value, and this means that a homeowner may be in a situation where they owe more money on their mortgage than their house is actually worth. If you are in this situation, you may be able to complete a short sale, which will allow you to sell your home and find new living arrangements that you can afford. By understanding whether doing so will provide you with benefits, you can prepare to make the necessary arrangements to ensure that you will be able to regain financial stability.

Advantages and Disadvantages of Short Sales

In many cases, a short sale will need to be approved by the mortgage lender. While lenders may be understandably reluctant to allow a home to sell for less than what is owed, this may be the best option for them, since it may allow them to minimize their financial losses and avoid the costs and legal requirements of a foreclosure. In order to demonstrate that a short sale is necessary, a homeowner will usually need to provide their mortgage lender with a hardship lender detailing the reasons why they are unable to continue making mortgage payments, such as the loss of a job or increased medical expenses. They will also need to provide supporting documents showing their income and the assets they own, as well as a comparative market analysis showing the expected purchase price of the home.

Completing a short sale can provide a number of benefits for a homeowner. It will allow them to avoid the difficulty of going through a foreclosure, and in most cases, a lender will agree to forgive a deficiency, or the amount remaining on the mortgage after selling the home. The fees and closing costs involved in selling the home will be paid by the lender, providing the homeowner with some savings that can be used to secure new living arrangements. While a short sale will have some effect on a person’s credit score, it will not be as harmful as a foreclosure, and a person may be able to obtain a new home loan within a few years.

...

Continue Reading...

grayslake real estate closings attorneyWhether you are happy in your current home or believe that it does not fully meet your family’s needs, the time may come when you will be ready to pick up your roots and move to another home in your city, a neighboring area, or somewhere else entirely. To be able to move, you will not only need to find a new home, but you will need to put your current home on the market and begin showing it to potential buyers. Since moving can be expensive, you will want to avoid unexpected expenses whenever possible. As you prepare to sell your home, understanding the various costs involved will help you make sure you will be able to maintain financial success as you begin the next phase of your life.

Costs Involved in Selling a Home 

You will want to fully understand expenses that may apply as you prepare your home to be sold, list it for sale, and complete the home closing process after accepting an offer from a buyer. These expenses may include:

  • Inspections and repairs - While a buyer will perform a home inspection during the closing process, you may also choose to perform your own inspection to determine whether there are any issues that will need to be addressed or repairs that will need to be made. By addressing these issues before selling your home, you can avoid unexpected costs for repairs requested by a buyer. 

    ...

    Continue Reading...

round lake foreclosure defense lawyerLandlords need to be able to earn sufficient income through the property they own in order to make sure they are receiving the appropriate returns on their investments. To protect their financial interests, there are some cases where landlords may need to take action to evict tenants. While a moratorium on evictions was in effect for much of 2020 and 2021 due to the COVID-19 pandemic, this moratorium ended in October of 2021. While there are some cases where landlords may be able to help tenants apply for emergency rental assistance or negotiate lease modifications that will allow tenants to make affordable rent payments, if a workable solution cannot be found, evictions may be necessary. In these situations, landlords will need to make sure they are following the proper procedures during the eviction process.

Steps Followed When Evicting Residential Tenants

In most cases, the eviction process will begin when the landlord sends a termination notice to the tenant. In cases involving non-payment of rent, a tenant may be served with a notice that the lease will be terminated in five days if rent is not paid. In cases where a tenant has violated the terms of the lease, such as by damaging the property, a tenant must be served with a notice that the lease will be terminated in 10 days if the issue is not corrected. In cases where a landlord wishes to end a month-to-month lease or a lease that was created through an oral agreement, they will usually be required to provide the tenant with 30 days’ notice.

After the termination of a lease, a landlord can formally begin the eviction process by filing a complaint in court. A hearing will be scheduled where a judge will review the facts of the case and determine whether the eviction should be allowed to proceed. The complaint must be served to the tenant along with a court summons, and the tenant must be served at least three days before the date of the scheduled hearing. After September 13, 2021, a summons must be accompanied by a notice informing the tenant about the availability of Court-Based Rental Assistance. If the tenant does not appear at the eviction hearing, a default judgment may be issued, although the tenant may be able to file a motion to vacate a default judgment within 30 days.

...

Continue Reading...

Gurnee Bankruptcy LawyerHomeowners who have encountered financial difficulties may be unable to make mortgage payments while also paying other debts and covering their ongoing expenses. If a person defaults on their mortgage by missing one or more payments, they may receive a notification from their lender stating that if they do not address this issue, the lender will begin foreclosure proceedings. In these situations, a homeowner will want to understand whether there are any options that may help them avoid losing their home. In some cases, bankruptcy may be used to address an impending foreclosure or put a halt to foreclosure proceedings that have already begun. 

How Bankruptcy Will Affect a Foreclosure

When a homeowner files a bankruptcy petition, an automatic stay will apply to their case. This stay will prevent creditors from taking any actions to collect debts, and they must cease any collection proceedings that have already been initiated. The automatic stay applies to foreclosure proceedings, and it will prevent a lender from beginning the foreclosure process or stop them from putting a home up for auction or attempting to evict the homeowner from the property.

While the automatic stay will provide a homeowner with some breathing room, it will not be a permanent solution. As the homeowner proceeds with the bankruptcy process, they can determine their best options for addressing their past-due mortgage payments, becoming current on their loan, and ensuring that they will be able to make ongoing payments.

...

Continue Reading...

  • Top 100
  • AFDA
  • BBB
  • IRELA
  • Illinois State Bar Association
  • Illinois Trial Lawyers Asscociation
  • Manta Member
  • NACBA
  • North western suburban bar association
  • Top One
  • Expertise
Back to Top