Newland & Newland Blog

Latest from Newland & Newland Blog - Page 2

Homeowners may experience financial difficulties that affect their ability to make mortgage payments. The COVID-19 pandemic has led to hardship for many homeowners, and government programs have been implemented to provide homeowners with relief. In some cases, a homeowner may qualify for forbearance, which will allow them to temporarily pause or reduce mortgage payments. Homeowners who have received forbearances will need to understand how this will affect their ability to sell their home
Addressing Forbearances During a Real Estate Transaction
A homeowner can request a forbearance if they experience financial hardship, and a mortgage lender may agree to defer
Continue Reading How Can a Forbearance Agreement Affect the Sale of a Home?

Many families have been affected by the COVID-19 pandemic, and those who have experienced financial difficulties may have struggled to pay ongoing expenses, including rent. To help protect families from losing their homes and being put at risk of infections, the federal government placed a moratorium on evictions, and multiple state governments did the same. A recent Supreme Court decision ended the federal eviction moratorium, but Illinois’ moratorium is still in effect, and Governor J.B. Pritzker has stated that it will be extended through October 3, 2021. Landlords with tenants who have been unable to pay rent will need to
Continue Reading What Options Do Landlords Have After the End of the Eviction Moratorium?

Anyone can encounter financial problems that affect their ability to meet their obligations. Homeowners who are struggling to pay bills may be concerned about what will happen if they get behind on their mortgage payments. Those who are worried about the possibility of foreclosure will want to understand their options, and in some cases, they may qualify for mortgage relief through the Flex Modification Program. 
Eligibility for the Flex Modification Program
To determine whether they qualify for the Flex Modification Program, homeowners will need to understand who owns their loan. This program is available for mortgages owned or guaranteed by
Continue Reading How Can the Flex Modification Program Prevent Foreclosure?

Originally published: November 29, 2015 — Updated: August 10, 2021
UPDATE: In addition to understanding how the dismissal of a bankruptcy case may affect their ability to refile for bankruptcy and address their debts, a person will also need to understand how foreclosure proceedings will be affected. An initial bankruptcy filing will place an automatic stay on any collection actions, meaning that creditors will be required to cease all attempts to collect the debts owed or repossess property. This automatic stay applies to foreclosure proceedings, so by filing for bankruptcy, a person may be able to prevent the loss of
Continue Reading UPDATE: What Happens When a Bankruptcy Case Is Dismissed?

 
Selling or purchasing a home can be a stressful and exciting time. There are several tasks you must remember and several documents you must sign in order to ensure that everything goes smoothly. This is why it is important to make sure that you properly execute the right documents. One such document you must have is the deed. The deed transfers the title of the property to or from you. There are four commonly seen deed categories: Quit Claim, Warranty, Special Warranty, and In Trust Deeds. When buying or selling real estate, it is important to understand the
Continue Reading What Are The Different Types of Deeds?

Many families in the United States face the threat of foreclosure due to financial difficulties related to the COVID-19 pandemic. Fortunately, most of these families have been able to avoid losing their homes thanks to the moratorium on foreclosures that was put in place in March of 2020. This moratorium has been extended several times, and while it was scheduled to expire on June 30, 2021, it has been extended once again. Homeowners may be able to make use of provisions that will allow them to maintain ownership of their homes.
Foreclosure Relief for Federally-Backed Mortgages
The federal foreclosure moratorium
Continue Reading Foreclosure Moratorium Extended Again With Protections for Borrowers

During a residential real estate transaction, all encumbrances on the title of the property will need to be resolved before the transaction can be completed. These encumbrances may include liens by creditors seeking repayment from the homeowner, such as mechanic’s liens. Those planning to sell their home will need to determine how to address any mechanic’s liens and resolve these issues to ensure that they can complete the sale successfully.
What Is a Mechanic’s Lien?
A mechanic’s lien allows a contractor or supplier who performed repairs or made improvements to a home to collect payment for any unpaid work. While
Continue Reading How Can Mechanic’s Liens Affect a Real Estate Transaction?

For many people and families, homeownership is an important goal. Owning your own home not only ensures that you and your family will have a place to live and call your own, but it is also a good investment that can provide you with a number of financial benefits. However, if you are planning to buy a home, you will want to be aware of some mistakes that could affect your ability to obtain a mortgage or make a good offer on a property. These include:

  • Failing to get preapproval for a mortgage – The first step to buying


Continue Reading Mistakes to Avoid When Preparing to Buy a Home

There are many reasons why a family may struggle financially, especially since the onset of the COVID-19 pandemic in 2020. If you are having difficulty making mortgage payments, and you do not expect this to change in the near future, you will likely worry about your ability to keep your home. If you default on your mortgage by missing one or more payments, your lender may begin the foreclosure process. Fortunately, you have options, including seeking a new loan to refinance your home. It is best to take action as soon as possible, because once your lender initiates foreclosure proceedings,
Continue Reading Can I Avoid Foreclosure by Refinancing My Home?

There are many things that need to be considered when selling a home. Sellers will want to make sure all known defects have been repaired, and they may want to make improvements that are likely to increase the home’s value. They will also want to make sure their home is clean and well-organized to present a positive image to prospective buyers. However, there is one issue that sellers should also be aware of that is often overlooked: pests in the home. Understanding how to determine whether pests are present and what should be done to deal with them can
Continue Reading Do I Need to Perform a Pest Inspection When Selling My Home?

If you are planning to buy a home, you will need to consider a wide variety of issues that may affect your transaction. While you may be focused on obtaining financing and meeting all of your requirements before your home closing date, you should also take the time to determine whether there are any issues with your new home that you may need to consider. The potential for flooding is one issue that is often overlooked. By understanding your risks and the options available to you, you can take steps to prevent financial losses in the future.
Understanding Flooding
Continue Reading What You Need to Know About Flooding When Buying a Home

The COVID-19 pandemic has caused financial difficulty for many families throughout the United States. Many businesses have been forced to close or scale back their operations, resulting in widespread job losses or reductions in work hours. Many people who are struggling to pay their regular expenses have defaulted on their mortgage payments, putting them at risk of losing their homes. Fortunately, federal and state governments have placed a moratorium on foreclosures, ensuring that families will not be forced out of their homes in addition to the other difficulties they are facing. While the current foreclosure moratorium lasts through June
Continue Reading CFPB Proposes Extending Foreclosure Moratorium Until 2022

If you are preparing to move to a new home, you may be focused on meeting your requirements to obtain financing for a new home mortgage, packing up your belongings, and getting ready for your move. However, if you will also be selling your current home, you will want to make sure you can receive a good price while also avoiding any complications that could affect the sale.
Preparing Your Home For Sale
As you prepare to sell your home, taking the following steps will help you get the best return on your investment and ensure that you can
Continue Reading 4 Things You Should Do When Getting Ready to Sell Your Home

UPDATE: If you are considering reinstatement as an option for avoiding foreclosure, you will want to be sure to understand your rights, the deadlines that you will need to meet, and what other options may be available. The deadline for reinstating your loan is 90 days after you were served with a foreclosure notice. By this deadline, you will be required to make up the missed payments and pay other fees and expenses. In addition to late fees, you may need to pay other costs related to foreclosure proceedings, such as attorney’s fees, recording fees, court costs, and the costs of
Continue Reading Updated: What Right Do I Have to Reinstate My Mortgage to Avoid Foreclosure?

A residential real estate transaction can be very complicated, and both buyers and sellers will need to meet multiple different types of requirements to ensure that ownership of the property can be transferred on the closing date. In some cases, issues related to the home’s title may be uncovered, and these will need to be dealt with before the transaction can be completed. By working with an experienced real estate attorney, buyers and sellers can determine their best options for addressing these concerns.
Resolving Property Liens
A lien gives a person or organization the right to foreclose on a property
Continue Reading How to Address Title Issues When Buying or Selling a Home

When a family experiences financial difficulties, they may be unable to make mortgage payments, which may cause their lender to begin the process of foreclosure. While the possibility of losing a home can be hard enough for a family, in some cases, they may be required to make additional payments even after the foreclosure process is completed. If the sale of a home during foreclosure does not fully cover the amount owed on the mortgage, a lender may pursue a deficiency judgment against the borrower and attempt to collect the remaining amount. However, borrowers have a number of options
Continue Reading How Can I Avoid a Deficiency Judgment During the Foreclosure Process?