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Recent Blog Posts

Navigating the Foreclosure Process in Illinois

 Posted on March 11, 2024 in Foreclosure

North Chicago foreclosure defense lawyerThe foreclosure process can be confusing and overwhelming for homeowners facing financial hardship. An Illinois attorney focused on real estate and foreclosure law can provide some guidance on the steps in the foreclosure process and your options as a homeowner.

Understanding the Foreclosure Timeline

The foreclosure timeline lays out the sequence of events from initial default on your mortgage through to a foreclosure auction of your home. This process is governed by Illinois law and real estate regulations. Some important milestones are the following:

  • Notice of default: The first step after you miss payments. The lender sends you written notice of intention to foreclose if you do not repay the owed amount. You typically have 30-90 days to respond before further action.
  • Filing of foreclosure case: If the default is not cured, the lender can file a foreclosure case in court outlining the missed payments and requesting permission to auction the home.

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Estate Planning: Will vs. Trust

 Posted on February 23, 2024 in Estate Planning

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10 Estate Planning Must-Haves

 Posted on February 23, 2024 in Real Estate

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Facing Foreclosure and Bankruptcy? Know Your Rights

 Posted on February 23, 2024 in Bankruptcy

Facing foreclosure and bankruptcy can be an overwhelming and distressing experience. These situations can have far-reaching consequences on financial stability and peace of mind.

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

 Posted on February 23, 2024 in Mortgage

Purchasing a home is one of the most significant financial decisions most people make in their lifetime. For most homebuyers, securing a mortgage is an integral part of this process. While it may seem straightforward, numerous legal intricacies are involved in buying a home with a mortgage.  

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Foreclosure Defense: Everything You Need to Know to Fight Back

 Posted on October 23, 2023 in Arlington Heights Bankruptcy Lawyer

Lake County, IL Foreclosure Defense AttorneysThe legal process of foreclosure has been historically inclined towards banks and lenders. This process demands homeowners to relinquish their homes to lenders upon defaulting on their mortgages. Despite the COVID-19 pandemic, with the government stepping in to retain homeownership, over 214,000 foreclosure lawsuits were filed in the US in 2020.

However, many homeowners now resist foreclosure by delaying or completely stopping the proceedings using a legal strategy called foreclosure defense.

What Is Foreclosure Defense?

The primary objective of foreclosure defense is to establish that the bank doesn't have the legal right to foreclose. The likelihood of success heavily depends on a lawyer's ability to question the mortgage industry's operation.

Foreclosure defense seeks to exploit flaws within the system, presuming illegal or unethical behavior from lenders. This legal strategy offers homeowners a fighting chance against powerful financial institutions.

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What Is Mortgage Loan Modification?

 Posted on October 19, 2023 in Uncategorized

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You've successfully closed on a loan and are prepared to make payments for the foreseeable future. However, life can throw unexpected curveballs, and suddenly, your once-affordable loan payment becomes a financial burden.

In such situations, the loan modification can become a saving grace, allowing you to retain your loan even when faced with altered circumstances. It isn't limited to just one type of loan; it can extend its helping hand to various loans, including student loans. Additionally, mortgage servicers often provide modifications as a lifeline to homeowners, ensuring they can avoid the looming threat of foreclosure.

This blog will detail what mortgage loan modification is and how it works.

The Fundamentals of Mortgage Loan Modification

What Is the Definition of Mortgage Loan Modification?

A mortgage loan modification is a procedure that allows homeowners to make important adjustments to their current mortgage arrangements.

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Understanding the Basics of Trusts and Taxes

 Posted on October 16, 2023 in Uncategorized

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Trusts play a vital role in estate planning and wealth preservation. They provide a flexible framework for managing and distributing assets while often offering significant tax benefits.

Let's have a look at the fundamental concepts of trust taxation, helping you understand how they work together to secure your financial legacy.

Types of Trusts

Learning about the various types of trusts is fundamental to comprehending their role in estate planning and trust taxation.

Revocable Trusts

These trusts, often referred to as living trusts, offer flexibility and control during the grantor's lifetime. The grantor can amend, revoke, or dissolve the trust anytime.

While revocable trusts avoid probate and facilitate smooth asset transfer, they don't provide significant estate tax benefits.

Irrevocable Trusts

Once established, irrevocable trusts cannot be altered or revoked without the beneficiaries' consent.

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Things Sellers and Buyers Should Know about Real Estate Agreements

 Posted on October 12, 2023 in Real Estate

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

 Posted on October 09, 2023 in Uncategorized

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