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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. 

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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.

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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.

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Grayslake Foreclosure Defense LawyerOriginally published: July 19, 2019 -- Updated: November 8, 2021

UPDATE: A consent foreclosure, as described below, may be a beneficial way for a person to relinquish ownership of their home and avoid a deficiency judgment. However, homeowners who are considering a consent foreclosure should be sure to understand how this will affect their credit. The completion of a foreclosure will be included in a person’s credit report, which could affect their ability to secure a mortgage in the future. If this will be a concern, a homeowner may need to determine whether completing a short sale or using a deed in lieu of foreclosure will be a more beneficial option.

Homeowners should also understand how junior liens such as a second mortgage or home equity line of credit may affect their ability to complete a consent foreclosure. A consent foreclosure will remove all liens from the title of the home, and a mortgage lender will waive their right to pursue a deficiency judgment to collect any additional amounts owed on a mortgage. All lenders who have an interest in the property must consent to this type of foreclosure. Because junior mortgage lenders may not be able to recover what is owed, they may object to a consent foreclosure. If objections prevent a homeowner from completing a consent foreclosure, they may need to consider other options. In some cases, a judicial foreclosure may be completed, and a person may need to file for bankruptcy to address deficiency judgments by one or more mortgage lenders.

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Gurnee Real Estate AttorneyDuring a residential real estate transaction or another situation where ownership of a home is transferred from one party to another, the parties will use a deed to complete the transfer. A deed is a legal document in which a grantor who owns or has a claim to the property will transfer their ownership interests to a grantee. There are multiple types of deeds that may be used, and in some cases, a grantor may be looking for a simple release of their ownership claim. In these situations, a quit claim deed may be used, but when doing so, the parties should be sure to understand how this type of deed will affect their rights and obligations.

Situations Where a Quit Claim Deed May Be Used

Typically, ownership of real estate is transferred using a warranty deed, which will provide the grantee with protections and ensure that they are not liable for liens on the property or other encumbrances. A quit claim deed will not provide a grantee with these types of protections. Instead, it simply releases the grantor’s claim on the property. It will not affect the mortgage on the property, and a grantor may still be liable for paying off the amount due on the home loan. 

Since quit claim deeds allow for the simple transfer of property without any warranties, they are usually only used in a few specific situations, including:

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