“Zombie foreclosures” in Illinois are haunting homeowners well into the holiday season and  Illinois has the fourth overall number of zombie foreclosures in the United States. Perhaps you are facing this situation and need a real estate attorney to avoid losing your home to foreclosure. Or worse, maybe you already lost your home to foreclosure and are just finding out that outstanding debts on the property are still your responsibility. At Newland & Newland, LLP, we work tirelessly to keep you from losing your home in the first place by finding solutions to try to prevent foreclosure.
What is…
Continue Reading Zombie Properties on the Rise: Three Ways to Avoid Foreclosure 

Buying your home is probably one of the biggest investments you have made. As life would have it, things happen, and you have fallen behind on your mortgage payments. You may be in default or foreclosure proceedings are underway. You should seek out help to protect your home and your credit.
Foreclosure Spike
The foreclosure process often starts when you receive a default notice from the lender after missing three mortgage payments in a row. In just the last quarter, lenders have started the foreclosure process on 67,249 properties across the United States. That is a 167 percent jump from…
Continue Reading Are You Facing Foreclosure Due to Lender Errors?

Spooky homes and dark tales abound this time of year. But if your dream of homeownership has suddenly left you seeing ghosts, you may feel like someone played a trick on you. Selling and buying real estate can be complex, and disclosure laws can be equally perplexing. But in Illinois, it is your responsibility as the buyer to find out if the house you wish to buy has a tragic history or spirits luring inside.

What is a Stigmatized House?
A seller in Illinois is required to disclose any physical defects the property may have. The law does not require…
Continue Reading Paranormal Activity in a New Home: Illinois Law Regarding Stigmatized Houses

The current real estate market is making it harder to find the perfect new home than most people are expecting. Let’s assume, however, that you found the right house, and you are ready to make an offer, but your real estate agent tells you that the home is an FSBO. You might recognize that abbreviation to mean “for sale by owner,” but do you understand the effects that a sale by the owner can have on your homebuying experience? Selling an FSBO property can be tricky, but so can buying one. Here are a few things you should know…
Continue Reading Pros and Cons of Buying a “For Sale By Owner” Home

While the specifics of mortgage loans—and the associated paperwork—can be quite complicated, one thing is easy to understand: If you do not make your scheduled payments, your lender will eventually file a foreclosure action and take back your home. Just to be clear, foreclosure is the legal process that a lender uses to take possession of a property from a borrower who did not keep up with their obligations as specified in the mortgage loan agreement. Other things could cause a lender to initiate foreclosure, but the vast majority of foreclosures stem from borrowers defaulting on their payments.
The process…
Continue Reading 4 Dos and Don'ts If You Are Behind on Your Mortgage and Facing Foreclosure

Despite its increased use and benefits, there are still misconceptions about bankruptcy. This is perhaps most damaging when it comes to filing for bankruptcy as a small business. Owners may fear it will damage their credit, or that they will ultimately face closure if they file, so they continue to trudge through debt, possibly putting the future of their company at risk. If you are a small business owner in serious debt and considering bankruptcy, the following can help you understand the misconceptions about bankruptcy and assist you in deciding if it might be the right option for your…
Continue Reading Could Bankruptcy Help Your Small Business Get Back on Track?

Since the housing bubble burst over a decade ago, the thought of foreclosure has become a near-constant concern for homeowners across the country. Those dealing with financial struggles may be worried that late or missed mortgage payments will lead to them losing their homes. For those who have refinanced or obtained a second mortgage on their homes, things are often uncertain, especially as it pertains to what happens if they default on a second or additional mortgage. If you are in such a situation, a qualified foreclosure defense lawyer can help you understand your available options.
What You Should Know…
Continue Reading Could Defaulting on a Second Mortgage Lead to Foreclosure?

Investments in real estate can be very lucrative. However, there are a variety of concerns that will need to be addressed when purchasing real property. If a buyer will be assuming ownership of property that tenants currently occupy, they will need to be prepared to assume existing leases and understand any other contracts that are in place. Those who are planning to embark on a real estate development project will need to ensure that they have the proper construction permits and are in compliance with all applicable laws and regulations. To ensure that all of these issues will be addressed…
Continue Reading Due Diligence That Must Done in a Real Estate Transaction

If you are struggling to make your mortgage payments, the threat of losing your home can be a terrifying thought. Once a mortgage is in default, the lender can sue to have the right to sell the property in what is known as a foreclosure sale. In 2021, lenders initiated more than 92,000 foreclosures—the lowest number in many years. In fact, 2009 saw more than 2 million foreclosures initiated by lenders looking to resolve defaulted mortgages. If you are facing the potential foreclosure of your home, you should be sure to understand the procedures that will be followed and the…
Continue Reading Understanding How Foreclosure Works in Illinois

Consider the following scenario: “About nine months ago, my wife and I sold our house in Aurora and moved to Mesa, Arizona. We were just beginning to settle in when we were blindsided by a letter from a lawyer. She wants us to pay the new owners $20,000 to compensate them for some foundation work they had done. What are our options?”
In this situation, the lawyer appears to be threatening to take action under the Illinois Residential Real Property Disclosure Act (RRPDA). When real property is sold or transferred, the current owners must disclose any structural problems or related…
Continue Reading Can a Buyer Sue After the House Is Sold?