Are you having a difficult time making your monthly mortgage payment? If so, the first thing you need to know is that you are not alone. At any given time, thousands of homeowners are encountering situations in which they have trouble meeting their mortgage obligations, and for a myriad of reasons. For many homeowners, 2020 has been especially difficult, as the economic impact of the COVID-19 health crisis continues to cause problems even now.  If you are struggling with your current mortgage payment, you have a few options. Two of the most common are refinancing your loan or modifying your …

Across the country, moratoriums have been placed on eviction and foreclosure proceedings as a result of the COVID-19 crisis. At the end of August, the Federal Housing Finance Agency (FHFA) announced that it was extending the foreclosure moratorium for federally-backed single-family home mortgages until the end of the year at the earliest. The moratorium was set to expire on August 31, but the FHFA recognized that many homeowners still face serious struggles when it comes to making their mortgage payments. While non-federally-backed mortgages are not directly affected by the moratorium, most private lenders have followed suit and are holding off…

Have you missed a few mortgage payments because of COVID-19 or for any other reason? If so, you might be inching ever closer to defaulting on your loan, which means that foreclosure could soon become a possibility. While many lenders—including most federally sponsored lending programs—put a moratorium on foreclosures during the COVID-19 health crisis, these moratoriums will soon be coming to an end. With this in mind, you will need to address any payments that you might have skipped, regardless of the reasons. The good news is that you will almost certainly have options that can help you get your…

Are you substantially behind on your bills and so far in debt that you are considering bankruptcy? Is a large portion of your debt money that you owe to the IRS in back taxes? If you answered “yes” to both of these questions, you probably have a question of your own: Will bankruptcy help with my tax debt anyway? Under the United States Bankruptcy code, not all debts can be discharged by filing for bankruptcy. Some debts, such as student loan obligations, will remain your responsibility even if your bankruptcy is successful in wiping out most of your other…

As the Chicago region begins to emerge from the lockdown caused by the COVID-19 pandemic, the housing market is flooded with prospective buyers looking to get a great deal on their next home. If you are searching for a new house, family members and friends may have suggested the possibility of buying a foreclosure property. A foreclosure property is real estate—in this case, a home—that is for sale by a lender because the current owner defaulted on the mortgage. Most defaults and foreclosures are caused by a failure to make the required payments. A foreclosure sale is usually an…

In March of this year, the U.S. Department of Housing and Urban Development (HUD) issued a moratorium on foreclosures for all single-family mortgages insured by the Federal Housing Administration (FHA). The moratorium was in response to the anticipated financial effects of the COVID-19 pandemic on households across the country. The move was shortly followed by a similar directive from the Federal Housing Financial Agency (FHFA), which ordered the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Company (Freddie Mac) to suspend foreclosures for at least 60 days. Shortly thereafter, federal lawmakers passed the Coronavirus Aid, Relief,…

Over the last few months, the lockdown and the slow reopening caused by the COVID-19 pandemic forced many families to spend countless days and weeks in close proximity to one another. In many cases, the extra family time has been a blessing. In others, the time together served as a notice that the family home is starting to feel a bit small—or perhaps a little too big. If you are in the latter group, you may be thinking that it is time to start looking for your next home. Or, maybe you were already in the market for a…

is one of the biggest financial decisions a person can make in their lifetime. The process can already be complicated if the seller is buying a home at the same time, having to relocate by a certain date, or if the seller is downsizing because of trouble making mortgage payments. The COVID-19 crisis adds complicating factors, from uncertainty about the real estate market in the future, leading sellers to accept low offers quickly; to concerns about strangers walking in and out of the seller’s home, creating personal safety concerns. There is no definitive answer to the question of whether or…

can often be mutually beneficial, but tensions caused by adverse goals can arise from time to time. If you are a commercial landlord in the Lake County area, there are several things to consider when deciding whether or not to evict a commercial tenant. In any event, consult an experienced commercial real estate attorney before taking eviction action. It will save you time, energy, and money in the long run. Lease Modification and Changes to Rental Agreements If you find yourself at odds with a commercial tenant, stop to consider whether a lease modification or change to a rental agreement…