Perhaps you have found your dream home. It has everything you want and need, and best of all, the price is amazing. Before you rush into a real estate purchase, remember that looks are often deceiving. Also, consider the old adage that if something seems to be too good to be true, it probably is.
Some of the biggest issues in homes – those issues that can suck your bank account dry within the first year – are hiding in plain sight. If you are unsure what you should be looking for, your dream home could end up being a…
Continue Reading What Are Some Real Estate Red Flags When Purchasing a Home?

If you are planning on buying a home, you may have been closely watching mortgage interest rates to see if they could drop. Right now, the interest rate for a 30-year fixed-rate mortgage is 6.76 percent, and for a 15-year fixed-rate mortgage, it is 5.89 percent. These rates are almost double what we saw during the pandemic years. Current housing market data and financial data show little indication of a coming drop in interest rates.
Add to that the fact that tariffs could make building materials considerably more expensive if you consider building a home. With all the uncertainty swirling…
Continue Reading Can You Buy a Home Without Waiting for Interest Rates to Drop?

Unfortunately, Illinois foreclosures are on the upswing, with the state now having the ninth-highest home foreclosure rates in the nation. About one out of every 3,753 homeowners in the state now faces foreclosure actions, and there are few signs that these actions will slow down in the coming months.
If you have been unable to make your monthly mortgage payments due to unforeseen circumstances, you are likely very anxious about whether you will be forced to leave your home. Many people in this situation simply choose not to think about potential foreclosure because it is too frightening. They hold onto…
Continue Reading Where Are You in the Foreclosure Process When You Are Served?

Seasonality is a normal pattern in the real estate market, causing the volume of sales as well as the pricing trends to peak and dip, depending on the time of year. Seasonality is the result of market dynamics, the overall economy, weather, holidays, and even school schedules.
As a seller or a buyer, you can make more informed decisions when you have a solid understanding of seasonal housing sales trends. If you are a new buyer, it can be extremely beneficial to speak to an experienced Gurnee, IL real estate lawyer before you make any decisions that cannot be undone.
Continue Reading How Seasonality Could Affect Buying or Selling a Home

In 2024, Illinois ranked fifth for the number of foreclosures, after California, Florida, Texas, and New York. There were 13,082 foreclosure starts in 2024 across the state. A “start” means foreclosure proceedings were legally begun, but they may or may not have ended in actual foreclosure.
Illinois is a judicial foreclosure state, which means lenders must go through the courts to foreclose a property, which requires a judgment of foreclosure from a judge. Homeowners have the right to defend against that foreclosure and have the right to proper notice. If you are facing foreclosure of your home, speaking…
Continue Reading Can You Be Locked Out of Your Home During Foreclosure?

If you are the legal guardian of an adult with disabilities, you may worry about what would happen to the ward if you could no longer serve as his guardian. Due to great medical advances in caring for people with conditions like Down Syndrome, children with disabilities are now more likely to outlive their parents than ever before. Even if you are younger than the person you serve as guardian for, there is always a chance that something could happen that would prevent you from continuing to fulfill your guardianship responsibilities. One way to prepare for this possibility is to…
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The formal home-buying process begins when the buyer makes a written offer to buy a house. If the seller accepts your offer as it is written and also signs it, it becomes a binding legal contract. You might hear your real estate agent or Libertyville, IL real estate lawyer refer to the house as being “under contract” at this time. This is normally the point where it is too late to back out of a sale without repercussions. However, you may still be able to back out of the purchase if you have a valid reason.
When you make…
Continue Reading When is it Too Late to Back Out of Buying a House?

Illinois is one of the top three states with the highest foreclosure rates, with one in 2,837 housing units in foreclosure as of August 2024. Illinois has a high percentage of underwater mortgages left over from the last housing crisis, plus there are lingering fears about recession and the potential loss of jobs under the new administration.
If you are facing home foreclosure, it can be an extremely difficult time in your life. The thought of you and your family potentially being homeless is a frightening thought, especially if you are behind on your mortgage because of the loss…
Continue Reading Is Bankruptcy a Valid Way to Stop Foreclosure of Your Home?

Estate planning is usually thought of as something older adults do when their health starts to fade. While certainly, people who are becoming elderly should review and update their estate plans, younger adults should establish at least a basic will or trust. No one expects to pass away before they grow old, but life can bring unpredictable surprises.
Few younger adults who pass away unexpectedly have estate plans in place for their families to fall back on. Not having a will or trust to rely on can make an already upsetting time even more difficult for surviving family members. Executing…
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Few things are as stressful for a homeowner as knowing your home needs major repairs you cannot make. Some types of essential home repairs can cost upwards of $20,000 – an amount few people can pay out of pocket. If you were already at risk of foreclosure when you found out about the repairs your home would need, fighting to stay in your home might not be the most beneficial option for you. There are ways a Libertyville, IL foreclosure defense attorney can help you during the foreclosure process when keeping your home is not the ultimate goal. You might…
Continue Reading Foreclosure Defense When Your Home Needs Major Repairs

Most well-designed estate plans include at least one trust. A revocable living trust is usually used when the purpose is simply to distribute estate assets after the trustor’s death. Some plans include an irrevocable trust for asset protection purposes during the trustor’s life. There are many other types of trusts that serve more specialized purposes. You may want to include a smaller trust with a specialized purpose in your estate plan depending on who you want to leave property to and for what purpose. An experienced Lake County, IL estate planning attorney can help you decide if you need…
Continue Reading 3 Types of Specialized Trusts You May Need

If you are thinking about buying a new home for the holidays this year, there are a few things you should know about home sales during the winter months. Spring is normally the busiest season in real estate. Buyers are most likely to be faced with bidding wars in the spring, so you may be able to get a better deal during the winter months when there is less competition. However, there are also some notable disadvantages to buying in the winter. No matter what time of year you are buying a home, you should always be represented by a…
Continue Reading What to Know About Buying a Home in the Winter

Illinois is a judicial foreclosure state, which means a lender must bring a lawsuit and obtain a court order to foreclose on a home. While this might seem like an overwhelming and daunting prospect, the upside is that the homeowner has his or her day in court. This allows the borrower to present a legal defense and potentially prevent foreclosure. The best way to successfully protect your home is to hire an experienced Illinois foreclosure defense lawyer who will evaluate your case and identify possible defenses against a foreclosure lawsuit.
What Defenses Can I Bring in a Foreclosure Case?
There…
Continue Reading What Defenses Can I Bring in an Illinois Foreclosure Case?