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A recent Newsweek poll reveals that nearly six out of every 10 Americans are either “very” or “fairly” concerned that the U.S. housing market is going to crash within the year. Certainly, the nation’s economic news is not particularly bright, especially because the nation’s top leaders have not yet resolved serious budgetary and debt ceiling concerns. However, there are other reasons why both aspiring homebuyers and current homeowners hoping to sell soon are getting concerned.
For example, one recent Business Insider feature is entitled “The Housing Market’s Ice Age,” and its subtitle reads, “If you don’t already own a home,
Continue Reading Navigating the Housing Market’s New “Ice Age” 

Oftentimes, it is possible for homeowners who want to save the equity they have invested in their homes to avoid foreclosure, even if they have missed multiple payments. Speaking with an attorney about their options is usually a good place to start “fighting back” against the risk of foreclosure. Yet, there are times when fighting back against this risk might not be in a homeowner’s best interests. Due to the nature of their circumstances, engaging in a so-called consent foreclosure may be preferable.
Safeguarding the Interests of Homeowners in Specific Ways
In the event of a “traditional” judicial foreclosure, a
Continue Reading What Is a Consent Foreclosure?

The real estate market is not a static influence. It ebbs and flows nationally, at the state level, locally, and even within neighborhoods on a fairly regular basis. The constantly changing nature of the market means that some aspiring buyers, aspiring sellers, and current homeowners do not care to “keep up” with how the market is trending. Some find this effort to be too complicated and frustrating to be worth their time. Others assume that what will be will be. Yet, it remains important to understand what the market is doing so that anyone who is interested in engaging in
Continue Reading Illinois Housing Market Cited Among the Nation’s Most Vulnerable

All too often, homeowners are under the impression that there is no way to respond to a foreclosure notice effectively. They assume that if their lender has announced its intention to foreclose upon a property, nothing more can be done. In truth, the foreclosure process involves a complex series of steps. At virtually any point during the foreclosure process, a specific kind of response from a homeowner has the potential to yield positive results.
This is one of the reasons why it is so important to seek legal guidance if a homeowner’s investment is in jeopardy due to non-payment of
Continue Reading Most Lenders Prefer to Avoid Foreclosure

When a homeowner is at risk of foreclosure, there are a number of ways that they can potentially respond. If their finances are solid but repayment could be made more manageable via a loan modification, this adjustment could mitigate the issues that led to missed payments in the past. Other homeowners file for bankruptcy to catch up on missed payments or pursue short sales to avoid foreclosure when they can no longer afford to remain in possession of their property.
Under a very specific set of circumstances, there is one additional opportunity that makes sense for some individuals who
Continue Reading What Is a Strategic Default?

If you are a homeowner who is facing a genuine risk of foreclosure, you may have heard that conducting a “short sale” could serve as a viable way to resolve your circumstances. When circumstances are dire, it can be tempting to jump at any suggestion that could land you back on your feet. However, it is important to understand what you are getting into before committing to a short sale.
Our firm offers free consultations to anyone who is facing foreclosure and could benefit from a confidential, no-cost case assessment. Before you attend your session, consider looking over answers to
Continue Reading Short Sales: Answers to Frequently Asked Questions

While most people know that buying a home is an expensive process, few people realize that selling a home comes with its fair share of expenses as well – especially if they are doing it for the first time. Not anticipating the true expense of selling a home can lead to unpleasant surprises at best, with many people suddenly realizing that they have put themselves in a desperate financial situation. 
If you are considering selling your home, an Illinois residential real estate lawyer can help you plan carefully and avoid situations where you are responding to unexpected expenses or having
Continue Reading What Are The Costs Involved in Selling a Home?

Getting ready to move to a new home only to find out you have a lien against your current house can be surprising and frustrating. In addition to everything else you need to do to get ready to move, figuring out how to remove or contest a lien can be time- and resource-intensive. Liens on a home can prevent people from making offers and can seriously delay the selling and buying process. If you are looking to sell your home and need to learn more about how to remove a lien, an Illinois residential real estate attorney can help. 
What
Continue Reading How Can I Remove a Lien From My Home? 

Nationwide foreclosures are highest in California, New Jersey, and Illinois. Lake County in Illinois has some of the greatest numbers of foreclosures. Most homeowners will do everything in their power to save the home they worked so hard to purchase. At Newland & Newland, LLP, we offer a variety of creative ways to modify your existing loan through firm negotiation with your lender. An experienced real estate attorney can guide you through the process of a loan modification.
Modification Options
Before you reach any sort of agreement with your lender, you should consult with a real estate attorney who
Continue Reading Creative Ways to Avoid Foreclosure Through a Loan Modification

During this time of economic uncertainty, foreclosure activity is up 57 percent nationwide. If you find yourself financially strapped, it may be necessary to do away with what you own and that includes property. Selling your home for less than what it is worth through a short sale is one way to avoid foreclosure. But will your entire mortgage debt be wiped clean after a short sale?
What is a Short Sale?
When your home is sold for a lower price than the amount remaining on the mortgage, it is considered a short sale. Many mortgage lenders will accept
Continue Reading Is My Mortgage Debt Erased after a Short Sale?

The economic downturn could force many homeowners into foreclosure as many people continue to struggle with inflation and the impacts of the pandemic. Some homeowners may be able to fall back on equity or sell their homes and pay off their mortgages. However, we have already seen a decline in the sale of existing homes for nine consecutive months. In just the third quarter of 2022, there were nearly 93,000 foreclosure filings and parts of Illinois had some of the greatest numbers of foreclosures filed.
Missed Payments
Foreclosure judgments in 2023 could increase and if you do not take action
Continue Reading Foreclosures Nearing Pre-Pandemic Levels: What are Your Options?

Interest rates on home loans in Illinois are double what they were a year ago. This has created less competition for buyers, and many markets are seeing frequent price drops and fewer offers, giving buyers the upper hand in negotiating the best price. So maybe you are ready to take the plunge and use your savings for a down payment on your first home. If you are a first-time buyer it can be a bit nerve-wracking and overwhelming. But an experienced Illinois real estate attorney can guide you through the home-buying process and make sure that you thoroughly understand everything
Continue Reading Avoid Common First-Time Buyer Mistakes with a Real Estate Attorney

Purchasing a home is probably the biggest investment you will make in your life, and when you find your dream home you are probably going to be excited about locking it in with a big down payment. But online scam artists are ready to take your hard-earned money. Wire fraud is now the fastest-growing scam in the United States, up more than 1,000 percent between 2015 and 2017. If you are buying a home a skilled real estate attorney can guide you through the process and help you avoid any pitfalls.
The Scam: Fake Wiring Instructions
The FBI reports there
Continue Reading Online Money Scams Target Home Buyers: Ways a Real Estate Attorney Can Help   

“Zombie foreclosures” in Illinois are haunting homeowners well into the holiday season and  Illinois has the fourth overall number of zombie foreclosures in the United States. Perhaps you are facing this situation and need a real estate attorney to avoid losing your home to foreclosure. Or worse, maybe you already lost your home to foreclosure and are just finding out that outstanding debts on the property are still your responsibility. At Newland & Newland, LLP, we work tirelessly to keep you from losing your home in the first place by finding solutions to try to prevent foreclosure.
What is
Continue Reading Zombie Properties on the Rise: Two Ways to Avoid Foreclosure 

“Zombie foreclosures” in Illinois are haunting homeowners well into the holiday season and  Illinois has the fourth overall number of zombie foreclosures in the United States. Perhaps you are facing this situation and need a real estate attorney to avoid losing your home to foreclosure. Or worse, maybe you already lost your home to foreclosure and are just finding out that outstanding debts on the property are still your responsibility. At Newland & Newland, LLP, we work tirelessly to keep you from losing your home in the first place by finding solutions to try to prevent foreclosure.
What is
Continue Reading Zombie Properties on the Rise: Three Ways to Avoid Foreclosure 

Buying your home is probably one of the biggest investments you have made. As life would have it, things happen, and you have fallen behind on your mortgage payments. You may be in default or foreclosure proceedings are underway. You should seek out help to protect your home and your credit.
Foreclosure Spike
The foreclosure process often starts when you receive a default notice from the lender after missing three mortgage payments in a row. In just the last quarter, lenders have started the foreclosure process on 67,249 properties across the United States. That is a 167 percent jump from
Continue Reading Are You Facing Foreclosure Due to Lender Errors?