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There are a wide variety of legal issues that can affect people who are involved in real estate transactions or who are looking to determine their options for receiving debt relief through bankruptcy. Understanding these issues can often be difficult, but our firm strives to provide people with helpful information by regularly publishing blogs that cover these topics. The following blogs were most popular with our readers in 2021:

  • What Happens When a Bankruptcy Case Is Dismissed? – This blog looks at reasons why a bankruptcy case may have ended, affecting a person’s ability to discharge their debts. The

  • Continue Reading Read Our Top 10 Blogs for 2021 About Bankruptcy and Real Estate Laws

    Unfortunately, there are many cases where people may experience financial difficulties that make it impossible for them to continue owning a home. To make matters worse, economic downturns have caused many homes to lose value, and this means that a homeowner may be in a situation where they owe more money on their mortgage than their house is actually worth. If you are in this situation, you may be able to complete a short sale, which will allow you to sell your home and find new living arrangements that you can afford. By understanding whether doing so will provide
    Continue Reading What You Need to Know About Selling Your Home Through a Short Sale

    Whether 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
    Continue Reading Expenses You Need to Be Prepared for When Selling Your Home

    Landlords 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
    Continue Reading What Is the Eviction Process for Residential Landlords in Illinois?

    Homeowners 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
    Continue Reading Can Filing for Bankruptcy Prevent a Home Foreclosure?

    Originally 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
    Continue Reading UPDATE: Understanding a Consent Foreclosure in Illinois

    During 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
    Continue Reading When Is a Quit Claim Deed Used to Transfer Ownership of Real Estate?

    The process of buying or selling a home can be complicated at the best of times, but since the onset of the COVID-19 pandemic, people involved in these types of transactions have encountered additional challenges. In some cases, people may be concerned about safety issues related to the possible spread of infections. At the same time, many people have become used to working from home or holding virtual meetings, and they may find it easier to handle business using online tools rather than meeting in person. Homebuyers and sellers will want to understand the options that may be available to
    Continue Reading Can a Home Closing Be Completed Digitally?

    Homeowners may experience financial difficulties that affect their ability to make mortgage payments. The COVID-19 pandemic has led to hardship for many homeowners, and government programs have been implemented to provide homeowners with relief. In some cases, a homeowner may qualify for forbearance, which will allow them to temporarily pause or reduce mortgage payments. Homeowners who have received forbearances will need to understand how this will affect their ability to sell their home
    Addressing Forbearances During a Real Estate Transaction
    A homeowner can request a forbearance if they experience financial hardship, and a mortgage lender may agree to defer
    Continue Reading How Can a Forbearance Agreement Affect the Sale of a Home?

    Many families have been affected by the COVID-19 pandemic, and those who have experienced financial difficulties may have struggled to pay ongoing expenses, including rent. To help protect families from losing their homes and being put at risk of infections, the federal government placed a moratorium on evictions, and multiple state governments did the same. A recent Supreme Court decision ended the federal eviction moratorium, but Illinois’ moratorium is still in effect, and Governor J.B. Pritzker has stated that it will be extended through October 3, 2021. Landlords with tenants who have been unable to pay rent will need to
    Continue Reading What Options Do Landlords Have After the End of the Eviction Moratorium?

    Anyone can encounter financial problems that affect their ability to meet their obligations. Homeowners who are struggling to pay bills may be concerned about what will happen if they get behind on their mortgage payments. Those who are worried about the possibility of foreclosure will want to understand their options, and in some cases, they may qualify for mortgage relief through the Flex Modification Program. 
    Eligibility for the Flex Modification Program
    To determine whether they qualify for the Flex Modification Program, homeowners will need to understand who owns their loan. This program is available for mortgages owned or guaranteed by
    Continue Reading How Can the Flex Modification Program Prevent Foreclosure?

    Originally published: November 29, 2015 — Updated: August 10, 2021
    UPDATE: In addition to understanding how the dismissal of a bankruptcy case may affect their ability to refile for bankruptcy and address their debts, a person will also need to understand how foreclosure proceedings will be affected. An initial bankruptcy filing will place an automatic stay on any collection actions, meaning that creditors will be required to cease all attempts to collect the debts owed or repossess property. This automatic stay applies to foreclosure proceedings, so by filing for bankruptcy, a person may be able to prevent the loss of
    Continue Reading UPDATE: What Happens When a Bankruptcy Case Is Dismissed?

     
    Selling or purchasing a home can be a stressful and exciting time. There are several tasks you must remember and several documents you must sign in order to ensure that everything goes smoothly. This is why it is important to make sure that you properly execute the right documents. One such document you must have is the deed. The deed transfers the title of the property to or from you. There are four commonly seen deed categories: Quit Claim, Warranty, Special Warranty, and In Trust Deeds. When buying or selling real estate, it is important to understand the
    Continue Reading What Are The Different Types of Deeds?

    Many families in the United States face the threat of foreclosure due to financial difficulties related to the COVID-19 pandemic. Fortunately, most of these families have been able to avoid losing their homes thanks to the moratorium on foreclosures that was put in place in March of 2020. This moratorium has been extended several times, and while it was scheduled to expire on June 30, 2021, it has been extended once again. Homeowners may be able to make use of provisions that will allow them to maintain ownership of their homes.
    Foreclosure Relief for Federally-Backed Mortgages
    The federal foreclosure moratorium
    Continue Reading Foreclosure Moratorium Extended Again With Protections for Borrowers

    During a residential real estate transaction, all encumbrances on the title of the property will need to be resolved before the transaction can be completed. These encumbrances may include liens by creditors seeking repayment from the homeowner, such as mechanic’s liens. Those planning to sell their home will need to determine how to address any mechanic’s liens and resolve these issues to ensure that they can complete the sale successfully.
    What Is a Mechanic’s Lien?
    A mechanic’s lien allows a contractor or supplier who performed repairs or made improvements to a home to collect payment for any unpaid work. While
    Continue Reading How Can Mechanic’s Liens Affect a Real Estate Transaction?

    For many people and families, homeownership is an important goal. Owning your own home not only ensures that you and your family will have a place to live and call your own, but it is also a good investment that can provide you with a number of financial benefits. However, if you are planning to buy a home, you will want to be aware of some mistakes that could affect your ability to obtain a mortgage or make a good offer on a property. These include:

    • Failing to get preapproval for a mortgage – The first step to buying


    Continue Reading Mistakes to Avoid When Preparing to Buy a Home