Posted on April 21, 2020 in Loan Modification

You did not plan to fall behind on your mortgage. In fact, when you bought your home (or refinanced), you probably assumed that you would have more than enough income to make your payments each month. Unfortunately, things do not always go according to plan, and suddenly, you might now be several months behind and facing the possibility of foreclosure.

The good news is that if your lender has not initiated foreclosure proceedings yet, you have a number of options that could keep you in your home. Once the proceedings have begun, you will probably have fewer options, but some almost certainly still exist. Depending on your situation, your best bet may be to seek a mortgage loan modification.

Know Your Options

If you are like most homeowners, speaking with your lender about modifying your mortgage loan may be extremely intimidating. While laws have been passed and programs have been introduced to help struggling homeowners, the reality is that your lender holds most of the cards when it comes to the terms of a modification. There are, however, some ways to help the process go smoothly.

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 Posted on April 13, 2020 in Arlington Heights Foreclosure Attorney

When a homeowner cannot afford to make his or her mortgage payments, the home may go into foreclosure. In short, this means the homeowner's mortgage lender takes possession of the home. However, this is not an instantaneous or even a quick process. The foreclosure process can take well over a year to complete in Illinois and early in the process, a homeowner has some options that can allow him or her to keep the home. 

In the state of Illinois, all foreclosures are judicial foreclosures, which means that the lenders must go through the courts to complete the foreclosure process. If your lender has filed a foreclosure action against you, or is preparing to do so, here are three ways that you can stop the proceedings and possibly remain in your home. 

Modify Your Mortgage Loan

One way to steer yourself away from foreclosure is to modify your mortgage loan so it becomes easier for you to make your monthly payments. This can be done by lowering the interest rate, lowering the amount of principal for the loan, or extending its term. Sometimes, the borrower can make a single balloon payment to cover his or her missed payments or add them to other payments through the loan's life to catch up.

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 Posted on April 06, 2020 in Foreclosure

Evaluating the legality and validity of your home loan documents is a critical first step in the foreclosure process. During the housing boom, many mortgage lenders cut corners and failed to properly comply with securities laws in their pursuit of maximizing profits during the boom. If you have received a notice of foreclosure, your loan documents should be reviewed and evaluated for legitimacy by legal counsel as soon as possible.

Lenders And Banks Originated Invalid Documents

At the height of the boom, many lenders were doing so much business, so quickly, that what resulted were work process failures that caused invalid loan documents to be originated and issued to consumers and other lenders. Potential cases of lender misconduct include robo-signing, predatory lending, inaccurate documentation and defective transfers.

Robo-Signing Paperwork

Robo-signing is the practice of documents being signed and notarized by a computer. Unfortunately for the banks, in the case of mortgage documents robo-signing is illegal. By law, mortgage documents must be signed by an actual person, not a computer program. Additionally, mortgage documents must be witnessed and signed in front of a notary.

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 Posted on March 27, 2020 in Real Estate

By now, virtually every person in the United States has been affected in at least some way by the outbreak of the novel coronavirus known as COVID-19. Here in Illinois, businesses that are considered non-essential have been closed for several weeks, and millions of people are staying home in compliance with the “shelter-in-place” order issued by Governor J.B. Pritzker last week.

There is no question that this public health crisis is already having a significant financial effect on the businesses and business owners who were forced to close. However, there is a specific group of people who have seemingly gone overlooked in news stories and reports. Many commercial landlords—or those who lease space to businesses—are facing a possible economic disaster of their own as they try to figure out their options during this unprecedented series of events.

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 Posted on March 24, 2020 in Foreclosure

As efforts continue to halt the spread of the coronavirus, millions of Americans have been prevented from going to work as usual. Some are able to work from home and maintain at least some level of income, but many more do not have the opportunity or ability to do so. This means that in addition to the fears associated with contracting the virus itself, many families also fear the reality of not being able to pay their bills. To address such fears, President Trump issued an order this past weekend that effectively halts foreclosure and eviction proceedings for a large number of American families.

Freezes and Forbearance Options

On Saturday, March 21, Housing and Urban Development Secretary Ben Carson announced that the president ordered the “immediate cessations” of evictions and foreclosures. The order was intended to help the millions of Americans who might soon be struggling to make their rent and mortgage payments.

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 Posted on March 05, 2020 in Real Estate

There are countless reasons that you might wish to sell your home. Maybe you are moving to a new city, or maybe you have just had your offer accepted on a new home in a different part of Northern Illinois. You might also need to sell your house due to the circumstances surrounding your divorce. In many divorce cases, selling the marital home is part of the equitable division of marital property that is required under Illinois law. If you are selling your home due to a divorce, a qualified real estate attorney can help you do so while avoiding potentially costly mistakes.

Take Your Time

If you are like most people, you want the divorce process to be completed as quickly as possible while protecting your rights and best interests. Rushing the sale of your home, however, could cause problems. Selling a home involves many steps, and you will have a number of responsibilities before and during the transaction, and your soon-to-be ex-spouse will probably need to be involved as well. With the help of your attorney and your real estate broker, you should compile a checklist that includes everything that needs to be done, including but not limited to:

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 Posted on March 05, 2020 in Real Estate

Homeownership is a primary part of the American dream for many people. Those who are planning to buy a house will often put months or years of preparation into this process, including saving money for a down payment, building good credit, and meeting the requirements to obtain a mortgage. Unfortunately, the COVID-19 pandemic has forced many people to delay these plans, and the fluctuating real estate market has caused some to wonder whether now is a good time to buy a home at all. Those who have the means to commit to this type of large transaction may be able to take advantage of certain benefits in the current market, but they should also be aware of pandemic-related issues that could affect them.

Buying a Home During COVID-19

One advantage that potential homeowners can realize during the pandemic is a low interest rate. The Federal Reserve has lowered these rates to boost the economy, and this means that home buyers may be able to obtain more affordable mortgages than they could before. However, many mortgage lenders are currently hesitant to offer new loans, since job losses or other economic issues may cause unexpected problems that could affect a homeowner’s ability to make ongoing payments. Those who are preparing to buy a home may want to work on building their credit to ensure that they can qualify for a mortgage.

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 Posted on February 27, 2020 in Foreclosure

There is no question that it can be extremely scary to face an imminent foreclosure. If you are substantially behind on your mortgage, you probably know that foreclosure is a possibility, but things will get all too real when you receive notice that your lender has initiated foreclosure proceedings. Unfortunately, the seriousness of the situation leads many homeowners to become overwhelmed—which often leads to avoidable mistakes. A qualified foreclosure defense lawyer can help you avoid some of the most common mistakes and protect your family’s future.

Mistake #1: Ignoring Notices

Perhaps the biggest mistake that you could make if you are delinquent on your mortgage is to ignore attempts at communication by your lender. Your lender will most likely call and send notices in the mail as soon as you miss a single payment. You might be embarrassed by your situation, but avoiding communication will not get you anywhere. There is a good chance your lender has options available for rehabilitating your loan or other avenues to help you avoid foreclosure altogether.

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 Posted on February 20, 2020 in Foreclosure

There are many ways to measure the overall health of the housing market in the United States. For example, you could look at trends in home sales, sale prices, and other considerations linked with individuals and families buying new homes. On the other side of the coin, however, it is also important to look at the rate of foreclosures around the country, as foreclosure rates are often indicators of people struggling to afford their homes.

Earlier this month, ATTOM Data Solutions released a report that examined foreclosure filings across the nation in January 2020. The report looked at total foreclosure filings, which include default notices, bank repossessions, and scheduled auctions, as well as foreclosure “starts” and overall foreclosure rates. As it turns out, Illinois homeowners did not fare particularly well in January, as foreclosure continues to be an issue for many throughout the state.

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 Posted on February 13, 2020 in Foreclosure

There are so many avenues for buying a home that deciding what route is best for you can sometimes be overwhelming. While researching your home-buying options, you may have found information about foreclosed properties. When a homeowner cannot make his or her mortgage payments, the mortgage lender may foreclose on the property and put the home up for sale. These homes are often sold at foreclosure auctions, so it is possible that you could buy a foreclosed home for price much lower than it would otherwise be.

If the home does not sell during the auction, the home returns to the lender and becomes a “real estate-owned” property, also called an REO property. The institution will then look for ways to sell the home and recoup the money lost due to the foreclosure. If you are thinking about buying an REO property, make sure you fully research the potential advantages and disadvantages associated with this option and discuss your plans with a real estate attorney.

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