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The foreclosure process can be confusing and overwhelming for homeowners facing financial hardship. An Illinois attorney focused on real estate and foreclosure law can provide some guidance on the steps in the foreclosure process and your options as a homeowner.
Understanding the Foreclosure Timeline
The foreclosure timeline lays out the sequence of events from initial default on your mortgage through to a foreclosure auction of your home. This process is governed by Illinois law and real estate regulations. Some important milestones are the following:

  • Notice of default: The first step after you miss payments. The lender sends you written notice


Continue Reading Navigating the Foreclosure Process in Illinois

You’ve successfully closed on a loan and are prepared to make payments for the foreseeable future. However, life can throw unexpected curveballs, and suddenly, your once-affordable loan payment becomes a financial burden.
In such situations, the loan modification can become a saving grace, allowing you to retain your loan even when faced with altered circumstances. It isn’t limited to just one type of loan; it can extend its helping hand to various loans, including student loans. Additionally, mortgage servicers often provide modifications as a lifeline to homeowners, ensuring they can avoid the looming threat of foreclosure.
This blog will detail
Continue Reading What Is Mortgage Loan Modification?

Trusts play a vital role in estate planning and wealth preservation. They provide a flexible framework for managing and distributing assets while often offering significant tax benefits.
Let’s have a look at the fundamental concepts of trust taxation, helping you understand how they work together to secure your financial legacy.

Types of Trusts
Learning about the various types of trusts is fundamental to comprehending their role in estate planning and trust taxation.

Revocable Trusts
These trusts, often referred to as living trusts, offer flexibility and control during the grantor’s lifetime. The grantor can amend, revoke, or dissolve the trust anytime.
Continue Reading Understanding the Basics of Trusts and Taxes

Understanding real estate agreements is paramount when buying or selling a property in the United States. These legal documents are the foundation of any real estate transaction, outlining buyers’ and sellers’ rights and responsibilities.
This comprehensive guide delves into the critical aspects of real estate agreements, shedding light on what every buyer and seller should know to navigate the complex world of real estate transactions effectively.
The Core Elements of a Real Estate Agreement
A real estate agreement, often called a contract, is a binding document laying out a property transaction’s terms and conditions. Here are the key elements commonly
Continue Reading Things Sellers and Buyers Should Know about Real Estate Agreements

When the time comes for estate planning, a will is not the only way to ensure that your assets and property are passed on according to your wishes. Probate – the legal process of settling an estate after death – can be successful with or without a validly executed will. It’s worth understanding what it involves to know what happens when you pass away and how best to protect yourself and your belongings in all eventualities.
This blog post explores what dealing with probate entails, how it works with or without a legally binding document such as a will, and
Continue Reading Probate: What it Is and How it Works With and Without a Will

The legal process of foreclosure has been historically inclined towards banks and lenders. This process demands homeowners to relinquish their homes to lenders upon defaulting on their mortgages. Despite the COVID-19 pandemic, with the government stepping in to retain homeownership, over 214,000 foreclosure lawsuits were filed in the US in 2020.
However, many homeowners now resist foreclosure by delaying or completely stopping the proceedings using a legal strategy called foreclosure defense.
What Is Foreclosure Defense?
The primary objective of foreclosure defense is to establish that the bank doesn’t have the legal right to foreclose. The likelihood of success heavily depends
Continue Reading Foreclosure Defense: Everything You Need to Know to Fight Back

Facing foreclosure and bankruptcy can be an overwhelming and distressing experience. These situations can have far-reaching consequences on financial stability and peace of mind.
However, it’s crucial to remember that you have rights and legal options to help navigate these challenges. To ensure you are well-informed, let’s explore your rights when facing foreclosure and bankruptcy, so you know how to protect your interests if needed.
What Is Foreclosure and Bankruptcy?
Before delving into the legal aspects, let’s start by understanding what foreclosure and bankruptcy entail:
Foreclosure
Foreclosure is the legal process where a lender can take possession of a property
Continue Reading Facing Foreclosure and Bankruptcy? Know Your Rights

Estate planning is a critical aspect of financial management, ensuring that your assets are managed and distributed per your wishes after your passing. Two primary tools in estate planning are wills and trusts.
Let’s observe the difference between will and trust, their benefits, as well as considerations when choosing between a will and a trust for your estate planning needs.
What Are Wills and Trusts?
Before we explore the distinctions, let’s clarify what wills and trusts entail:
Wills
A will is a legal document that presents your wishes to distribute your assets after your death. It appoints an executor to
Continue Reading Estate Planning: Will vs. Trust

Purchasing a home is one of the most significant financial decisions most people make in their lifetime. For most homebuyers, securing a mortgage is an integral part of this process. While it may seem straightforward, numerous legal intricacies are involved in buying a home with a mortgage.  
Let’s shed light on these complexities and ensure your home buying experience is smooth and legally sound.
Some Mortgage Basics
Before we dive into the complexities of the legal aspects of purchasing a home with a mortgage, it’s crucial to build a solid foundation by understanding the fundamentals of this financial arrangement.
Continue Reading A Lawyer’s Guide: Purchasing a Home with a Mortgage

After a parent or relative passes away and property is inherited by more than one person, it is very common for the co-owners to disagree about what to do with the property. One adult sibling may want to keep a beloved family home, while another may see the matter more practically and wish to sell. 
In cases like this, something known as a “partition action” may be brought before an Illinois court. If you are wondering whether a partition action may be helpful to you, speak with an Illinois real estate attorney with experience handling complex real estate
Continue Reading Can I Make My Sibling Sell Inherited Property?

North Chicago tenants may be wondering what happens if you break a standard lease agreement. The answer to this question depends on a number of factors, including the terms of the lease agreement, the laws of the state of Illinois, and the specific circumstances of your situation.
In general, if you break a lease agreement, you are still liable for the rent payments that you would have owed had you not broken the lease. This is true even if the lease agreement has been modified.
Is it Ever Okay to Break a Lease Agreement?
The laws of the state
Continue Reading What Happens if You Break a Lease Agreement?

In 2008, the U.S. housing market “bubble” burst. Essentially, the housing market had become overinflated and then rapidly crashed. The bursting of the market’s bubble was caused by a host of significant factors, including the following:

  • The subprime mortgage crisis
  • Rapidly falling home prices
  • High levels of debt among homeowners
  • Inadequate regulation of the financial sector of the economy

The housing market ultimately crashed because all of these factors dramatically impacted buyers, sellers, and developers all at once. When the market is affected by negative forces on a less intense – and perhaps less numerous – basis, a real estate
Continue Reading What Is a Real Estate Market Correction?

If you have received a notice that your mortgage lender intends to foreclose your home or you anticipate this news because you are behind on your mortgage payments, you may be wondering if giving them a call and negotiating with them could be beneficial. While this approach may have been a viable strategy if you needed to miss a payment, if you are already behind on your mortgage, it is time to engage the services of a legal professional who can negotiate with your lender on your behalf. 
The Stakes of Your Situation
The primary reason why it is important
Continue Reading Should I Negotiate with My Lender Directly if They Want to Foreclose?

Most Americans do not have the luxury of waiting to sell or purchase a home when the real estate market is ideal. A growing family, employment opportunities in a new area, or a significant change in circumstances may warrant a move regardless of whether market conditions are what one would wish. Current aspiring homebuyers, for example, may need to make a purchase even though interest rates are particularly high and inventory is low in many areas. Thankfully, if it is time to commit to buying a new residence, there are safeguards that can be put into place to better protect
Continue Reading Wait or Commit? Buying a Home While Interest Rates Are High

According to a prominent real estate data group, foreclosure rates are spiking significantly nationwide. Specifically, the number of foreclosure cases filed in May – which total 35,196 cases nationwide in a single month – is up 7% from the previous month and a staggering 14% from May of the previous year. Given that the job market remains strong, it is understandable that many people are both puzzled and concerned about the risk of foreclosure that is currently plaguing too many Americans.
What Is Going On?
Unlike many other periods of heightened foreclosure activity, the primary economic force driving unfavorable foreclosure
Continue Reading Why Are Foreclosure Rates Spiking?