Posted on September 23, 2020 in Loan Modification

Across the country, moratoriums have been placed on eviction and foreclosure proceedings as a result of the COVID-19 crisis. At the end of August, the Federal Housing Finance Agency (FHFA) announced that it was extending the foreclosure moratorium for federally-backed single-family home mortgages until the end of the year at the earliest. The moratorium was set to expire on August 31, but the FHFA recognized that many homeowners still face serious struggles when it comes to making their mortgage payments. While non-federally-backed mortgages are not directly affected by the moratorium, most private lenders have followed suit and are holding off on foreclosure proceedings for the time being.

If you have fallen behind on your mortgage due to difficulties caused by the COVID-19 lockdown, you are probably not going to face foreclosure in the immediate future. You will, however, need to get caught up, as foreclosure will be a possibility at some point down the road. In order to bring your mortgage current, you will most likely need to request a loan modification. Most lenders are willing to work with borrowers who ask for a loan modification, but the application process can be challenging and confusing. In fact, it is not at all uncommon for a borrower’s first request to be denied. The good news is that a loan modification denial is not the end of the story.

Continue Reading ››

 Posted on September 17, 2020 in Mortgage

Have you missed a few mortgage payments because of COVID-19 or for any other reason? If so, you might be inching ever closer to defaulting on your loan, which means that foreclosure could soon become a possibility. While many lenders—including most federally sponsored lending programs—put a moratorium on foreclosures during the COVID-19 health crisis, these moratoriums will soon be coming to an end. With this in mind, you will need to address any payments that you might have skipped, regardless of the reasons.

The good news is that you will almost certainly have options that can help you get your loan back in good standing so that you can keep your home. One of the most common of these options is a loan modification, and an experienced Libertyville attorney can help you with your application.

Continue Reading ››

 Posted on August 28, 2020 in Real Estate

As the Chicago region begins to emerge from the lockdown caused by the COVID-19 pandemic, the housing market is flooded with prospective buyers looking to get a great deal on their next home. If you are searching for a new house, family members and friends may have suggested the possibility of buying a foreclosure property. A foreclosure property is real estate—in this case, a home—that is for sale by a lender because the current owner defaulted on the mortgage. Most defaults and foreclosures are caused by a failure to make the required payments.

A foreclosure sale is usually an auction, which means that it is possible to score a great deal, depending on the condition of the property. If a foreclosure property is put up for auction but not sold, the property reverts back to the bank and becomes a “real-estate owned” or REO property.

Continue Reading ››

 Posted on August 27, 2020 in Foreclosure

In March of this year, the U.S. Department of Housing and Urban Development (HUD) issued a moratorium on foreclosures for all single-family mortgages insured by the Federal Housing Administration (FHA). The moratorium was in response to the anticipated financial effects of the COVID-19 pandemic on households across the country. The move was shortly followed by a similar directive from the Federal Housing Financial Agency (FHFA), which ordered the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Company (Freddie Mac) to suspend foreclosures for at least 60 days.

Shortly thereafter, federal lawmakers passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide financial assistance to millions of American families. In the months that followed, the foreclosure moratoriums were extended several times. Though they are set to end on August 31, 2020, in Chicago, Gov. Pritzker has extended the moratorium to last an additional 30 days. However, the financial assistance offered by the CARES Act already expired earlier this month, leaving many Illinois residents wondering if there is any other help available.

Continue Reading ››

 Posted on August 14, 2020 in Foreclosure

Even if you have never owned your own home before and do not have a track record of missed payments, the failure to make mortgage payments will eventually lead your lender to file for foreclosure. Foreclosure is the legal process through which a lender can seize a home from a borrower who has failed to live up to his or her obligations set forth by the mortgage agreement. While there are other violations that could lead to foreclosure, the overwhelming majority of foreclosure filings are prompted by the borrower failing to make payments.

The foreclosure process can be intimidating and extremely challenging for the average homeowner. It is very easy to make mistakes under such confusing circumstances, and a single error could end up costing you thousands of dollars. If you are behind on your mortgage, and foreclosure is looming, be sure to avoid these common mistakes that many homeowners make.

Continue Reading ››

 Posted on August 07, 2020 in Real Estate

Over the last few months, the lockdown and the slow reopening caused by the COVID-19 pandemic forced many families to spend countless days and weeks in close proximity to one another. In many cases, the extra family time has been a blessing. In others, the time together served as a notice that the family home is starting to feel a bit small—or perhaps a little too big. If you are in the latter group, you may be thinking that it is time to start looking for your next home. Or, maybe you were already in the market for a new home before the pandemic started. Either way, now could be a good time to buy a house, despite the challenges presented by the “new normal.”

Is It a Seller’s Market?

Many real estate experts suggest that this vague period of reopening after COVID-19 is shaping up to be a seller’s market in the residential real estate industry. The last few months have offered many would-be sellers the chance to tackle projects that they have been putting off, in some cases, for years. By finishing such projects, prospective sellers have been able to add substantial value to their homes, which is likely to be reflected in the asking price.

Continue Reading ››

 Posted on July 31, 2020 in Real Estate

Selling a home 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 not you should move forward with the sale of your home during the COVID-19 crisis. As you weigh the pros and cons of selling your home, remember the best decision you can make includes hiring an experienced real estate attorney before you make a decision about listing your home. In the Lake County area, our attorneys can talk you through the pros and cons of selling during these unprecedented times and will likely have insights into concerns you were unaware of.

Continue Reading ››

 Posted on July 31, 2020 in Real Estate

Commercial landlord-tenant relationships 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 could solve your issue. If a tenant is continuing to pay rent but wants to adjust the space used or other conditions of the agreement, then negotiating and modifying your lease may be more profitable than trying to find a new tenant for the space. When the goals of the landlord and tenant diverge, there is no reason the relationship cannot survive if an experienced attorney steps in to guide the negotiations.

Continue Reading ››

 Posted on July 20, 2020 in Foreclosure

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 of Limitations Has Passed

Has it been a long time since you stopped making payments to when the mortgage lender started the foreclosure? There is a chance the statute of limitations has passed. Your attorney will be able to tell you whether the deadline has passed or not by looking further into the details of your case.

Continue Reading ››

 Posted on July 09, 2020 in Real Estate

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, LLP, we have decades of experience helping Illinois home buyers with their real estate needs. We offer top-quality legal services to Lake County residents and the north and northwest Chicago suburbs. If you are looking to buy a home in one of these areas, do not wait until the purchase is nearly complete before hiring an attorney. Let our legal team help guide you through the entire process so you can be assured that there are no legal issues with your dream home.

Continue Reading ››