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The impact of COVID-19 has been widespread, with public health concerns as well as an economic downfall. In response to stay-at-home and quarantine orders issued by local governments, non-essential businesses were forced to close. As a result, many people throughout the United States have lost their jobs. This has resulted in a record-setting number of unemployment claims, but it also left millions of people facing housing insecurity because of lost income. For families, even one parent losing his or her job can be devastating if they rely on that income to pay their rent or mortgage. When too many payments…
Buying a home can be a dream come true for many people. Even if you worked hard and saved a substantial amount for a down payment, you will likely still need to take out a loan, which is known as a mortgage. If you fail to make your monthly mortgage payments, you could be at risk of losing your house. Foreclosure is the legal process by which the lender or bank can repossess your house. This means you will have to vacate the premises within a certain amount of time. If your house is worth less than the amount you…
Buying your first home can be exciting, but it can also be overwhelming to take on such a major responsibility. Regardless if you are single or married, it is important to carefully consider your mortgage and what you can afford in terms of a loan. During the COVID-19 pandemic, many people have been furloughed or laid off from their jobs for an indefinite period of time. Although they may be entitled to unemployment, those funds may not cover their monthly mortgage payment. The federal government has issued protections for tenants and mortgage loan borrowers under the Coronavirus Aid, Relief, and…
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,…
Even if you have never owned your own home before and do not have a track record of missed payments, the failure to make mortgage payments will eventually lead your lender to file for foreclosure. Foreclosure is the legal process through which a lender can seize a home from a borrower who has failed to live up to his or her obligations set forth by the mortgage agreement. While there are other violations that could lead to foreclosure, the overwhelming majority of foreclosure filings are prompted by the borrower failing to make payments. The foreclosure process can be intimidating…
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…
Falling behind on your mortgage payments is stressful for anyone. The thought of foreclosure looming is not a situation that any homeowner chooses to be in. The foreclosure process is handled through the court system, which means you can fight it. There are legal defenses that can be presented to help you keep your home. However, it is a complicated process. That is why you need an Illinois foreclosure defense attorney to represent you. Depending on your circumstances, one or more defenses may be available to you. Below are some common arguments that may be applicable to your foreclosure case. Statute…
Some states mandate that home buyers hire an attorney for the real estate closing while others stay silent on the matter. Illinois is one of the states that does require you to have a lawyer review your purchase agreement before finalizing your home purchase. Buying a home is a significant purchase, probably one of the largest purchases you will make in your lifetime. However, that is not the only reason you should consider using a Lake County real estate attorney. Would you not want legal guidance to make sure your rights and investment are protected? At Newland & Newland,…
When purchasing a condominium, you need to be aware of the various rules and regulations governing the condominium association. For example, if you fail to pay required condominium assessments or common expenses, the association can foreclose on your unit. And if you happened to be the person who buys a condominium at a foreclosure sale, you may also find yourself on the hook for the previous owner’s unpaid expenses. Appellate Court Determines Who is Responsible for Previous Costs A recent case from Cook County, Shannon Court Condominium Association v. Armada Express, Inc., helps to illustrate how these issues work…