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

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

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?

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?