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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.

To qualify for a loan modification, a borrower must usually have missed at least one payment, and they must have experienced financial hardship that has made it difficult or impossible to meet their obligations. Applicable forms of hardship may include an illness that has resulted in significant medical expenses, a long-term disability, the death of a family member who provided income used to pay ongoing expenses, or a natural disaster that has resulted in catastrophic property loss.

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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:

  1. Demand letter - At least 30 days before filing a foreclosure lawsuit, the lender must send the homeowner a notice that they are in default. This letter will provide details about how the borrower has failed to meet their obligations, describe what needs to be done to become current on mortgage payments, and provide a deadline for when payments must be made.

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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:

  • Home appraisals and inspections - A lender will usually require a home to be appraised to verify that its value is similar to the amount of the loan. Buyers can perform an inspection to determine whether there are any defects on the property or repairs that will need to be made. Fees for appraisals and inspections will often be several hundred dollars.

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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:

  • Longer and more complicated closing process - It can often take six months or more to receive approval for a short sale from the current owner’s mortgage lender and other creditors who may have an interest in the property. In some cases, lenders may reject an offer, or they may make a counteroffer that would require you to pay a higher purchase price. The home closing process for short sales will often be more complicated, adding additional time before the transaction can be completed.

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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:

  • Mold - Different types of toxic mold can grow in areas of a home where moisture is present. These may include areas with leaks or which have flooded, or bathrooms, attics, or crawl spaces where steam builds up if it is not properly vented. Mold remediation may need to be performed to remove existing mold and ensure that the proper measures are in place to prevent mold from growing in these areas in the future.

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