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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…
Illinois foreclosure law requires a judge to follow a number of steps before approving or confirming a property sale. One of these steps is to ensure that the mortgage lender or their representative has published a proper notice of the sale. Even in the Internet age, the law requires publication of this notice via newspaper advertisements. More precisely, the notice of sale must be published for three consecutive weeks in a “newspaper circulated to the general public in the county in which the real estate is located.” In counties with more than 3 million people–i.e., Cook County–the notice must be…
When an adult has a severe disability, he or she may be unable to make competent decisions on his or her own. The disability may leave him or her unable to function independently or stay out of harm’s way. If your loved one is disabled and you worry that he or she may not be capable of making responsible, safe decisions, you may be interested in learning about adult guardianships. Being someone’s guardian is a major responsibility that must be granted by the court. An experienced estate planning attorney can help you pursue guardianship of a disabled adult. When Can…
Foreclosure is the legal process during which a home is sold to settle an unpaid mortgage debt. When a homeowner falls behind on his or her mortgage payments, the home may go into foreclosure, and the mortgage lender may seize the property. In Illinois, all foreclosures are “judicial” which means that the process is carried out through the court system. In other states, non-judicial foreclosures may be an option, but Illinois law only permits judicial foreclosures. The legal process of foreclosing on a home can take several months to several years in Illinois. If you are concerned that your home…
As the country slowly begins to open back up in the wake of the coronavirus outbreak, many individuals and families will soon be in the market for a new home. In fact, the spring season is usually one of the busiest times of the year for the real estate industry, and this year is not likely to be an exception. It is not uncommon for a person to buy a home without the help of a real estate attorney. However, there is value in hiring one to help with your transaction. This is especially true if you run into…
As the nation has struggled financially due to the shutdown caused by the COVID-19 outbreak, the federal government placed a freeze on foreclosure and eviction proceedings by Fannie Mae, Freddie Mac, and other government agencies. Many of the country’s leading mortgage lenders and banks also announced programs designed to assist homeowners facing difficulties making their mortgage payments. The specifics of the programs offered by the various lenders can vary widely, as not all institutions can afford to go very long without payments from their borrowers. Such inconsistencies have left many homeowners still worried about what will happen in the next…
When you are facing financial distress, you might explore options like modifying your mortgage loan terms or negotiating with your lender to avoid foreclosure. Foreclosure can have a substantial impact on your current and future credit, not to mention the loss of your home. If you are struggling to make your mortgage payments, a loan modification request might be the best way for you to get your debt under control. Requesting a loan modification does not always result in an approval. Your request can be denied for a variety of reasons. In many of these cases, it is possible to resubmit…
If you are ready to sell your home, you may have several questions and concerns including whether or not you should employ the assistance of a real estate agent. Selling a home is a major undertaking that is full of potential complications, but it is possible to sell your home without the help of an agent. There are both advantages and disadvantages associated with selling a home “for sale by owner” or FSBO. While you avoid paying a listing agent’s commission, you also incur major responsibilities. According to one study, only about ten percent of people selling their homes…
If you are behind on your mortgage payments, you know just how stressful it can be. You may end up losing sleep because you are worried about what will happen to your home. If you owe more on the home than it is worth, you may be a risk of foreclosure. In situations like these, one option that many people find preferable to foreclosure is a short sale. During a short sale, a home is sold for less than what the owner owns on the home. Additionally, the lender generally agrees to accept less than the amount owed by…
You did not plan to fall behind on your mortgage. In fact, when you bought your home (or refinanced), you probably assumed that you would have more than enough income to make your payments each month. Unfortunately, things do not always go according to plan, and suddenly, you might now be several months behind and facing the possibility of foreclosure. The good news is that if your lender has not initiated foreclosure proceedings yet, you have a number of options that could keep you in your home. Once the proceedings have begun, you will probably have fewer options, but…
When a homeowner cannot afford to make his or her mortgage payments, the home may go into foreclosure. In short, this means the homeowner’s mortgage lender takes possession of the home. However, this is not an instantaneous or even a quick process. The foreclosure process can take well over a year to complete in Illinois and early in the process, a homeowner has some options that can allow him or her to keep the home.  In the state of Illinois, all foreclosures are judicial foreclosures, which means that the lenders must go through the courts to complete the foreclosure…
Evaluating the legality and validity of your home loan documents is a critical first step in the foreclosure process. During the housing boom, many mortgage lenders cut corners and failed to properly comply with securities laws in their pursuit of maximizing profits during the boom. If you have received a notice of foreclosure, your loan documents should be reviewed and evaluated for legitimacy by legal counsel as soon as possible. Lenders And Banks Originated Invalid Documents At the height of the boom, many lenders were doing so much business, so quickly, that what resulted were work process failures that…