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If you are preparing to move to a new home, you may be focused on meeting your requirements to obtain financing for a new home mortgage, packing up your belongings, and getting ready for your move. However, if you will also be selling your current home, you will want to make sure you can receive a good price while also avoiding any complications that could affect the sale. Preparing Your Home For Sale As you prepare to sell your home, taking the following steps will help you get the best return on your investment and ensure that you can…
UPDATE: If you are considering reinstatement as an option for avoiding foreclosure, you will want to be sure to understand your rights, the deadlines that you will need to meet, and what other options may be available. The deadline for reinstating your loan is 90 days after you were served with a foreclosure notice. By this deadline, you will be required to make up the missed payments and pay other fees and expenses. In addition to late fees, you may need to pay other costs related to foreclosure proceedings, such as attorney’s fees, recording fees, court costs, and the costs of…
A residential real estate transaction can be very complicated, and both buyers and sellers will need to meet multiple different types of requirements to ensure that ownership of the property can be transferred on the closing date. In some cases, issues related to the home’s title may be uncovered, and these will need to be dealt with before the transaction can be completed. By working with an experienced real estate attorney, buyers and sellers can determine their best options for addressing these concerns. Resolving Property Liens A lien gives a person or organization the right to foreclose on a property…
When a family experiences financial difficulties, they may be unable to make mortgage payments, which may cause their lender to begin the process of foreclosure. While the possibility of losing a home can be hard enough for a family, in some cases, they may be required to make additional payments even after the foreclosure process is completed. If the sale of a home during foreclosure does not fully cover the amount owed on the mortgage, a lender may pursue a deficiency judgment against the borrower and attempt to collect the remaining amount. However, borrowers have a number of options…
At Newland & Newland, LLP, we regularly publish blogs that provide people with helpful information about financial issues that may affect them. Whether we are looking at how individuals or businesses can file for bankruptcy, the process of buying or selling residential real estate property, or the options for homeowners who are facing foreclosure, we want to let people know how they can address their legal concerns. We wanted to highlight some of the blogs that were most popular with our readers in 2020: What is Chapter 22 Bankruptcy? – While “Chapter 22” is not an official part…
Any 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…
Homeowners 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…
If 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…
If 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…
If 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 COVID-19 pandemic has had a huge impact on the U.S. economy. In addition to affecting the real estate market, it has led to job losses and reduced income for many people. This has caused some residential tenants to be unable to pay rent, which has also led to difficulties for many landlords, since they may not be able to make mortgage payments or cover other expenses. While lease modifications may help landlords and tenants address these issues, they may also be able to receive government aid to assist in paying the rent that is owed. Emergency Assistance for Tenants…
A residential real estate transaction usually begins when a prospective buyer places an offer on a home and the seller accepts their offer. Once a purchase price is agreed upon, the parties will sign a purchase contract, and they will then work to complete all requirements that must be met before the closing date on which the transaction will be completed. Those who are buying or selling a home will want to understand the terms that will be included in their purchase contract, and by working with an experienced real estate attorney, they can make sure their rights will be…
After nearly a year, the COVID-19 pandemic is continuing to affect people across the United States. Even though vaccines are currently being administered, they are being rolled out slowly, and it will most likely be several more months before enough people can be vaccinated to allow a return to the activities that people enjoyed before the pandemic. Unfortunately, this means that those who have been struggling financially may continue to face difficulty and uncertainty for the time being. However, federal and state government organizations have offered a variety of different forms of relief, and programs may be available to help…
There are a wide variety of issues that can play a role in a real estate transaction. One factor that both buyers and sellers should be aware of is whether there are any easements that apply to a property. Since easements are considered encumbrances that affect an owner’s ability to use their property, they should be addressed during the home closing process, and the parties should be sure to understand their rights and whether any changes to these agreements will be necessary. Types of Easements on Illinois Real Estate Property An easement is an agreement that provides someone other than…
Homeownership is a primary part of the American dream for many people. Those who are planning to buy a house will often put months or years of preparation into this process, including saving money for a down payment, building good credit, and meeting the requirements to obtain a mortgage. Unfortunately, the COVID-19 pandemic has forced many people to delay these plans, and the fluctuating real estate market has caused some to wonder whether now is a good time to buy a home at all. Those who have the means to commit to this type of large transaction may be able…
Over the past decade, the threat of foreclosure has been ever-present for many homeowners. Those who are struggling financially may be concerned that missed or late mortgage payments will result in the loss of their home. However, many homeowners who have refinanced their homes or obtained additional mortgages may be unsure about how these loans will affect their financial situation, including whether mortgage lenders may foreclose if a person is in default on a second mortgage. By working with a bankruptcy attorney to understand these issues, homeowners can determine their best options for defending against foreclosure and managing their debts.…