Are We In Another Real Estate Bubble In The US?

Owning a home is one of the most sought-after dreams that anyone can have. While the world is still reeling with a pandemic that seems to grow stronger by the year and the resulting economic recession, they take heart from the favorable real estate market that allows them to buy homes at record low mortgage rates.

While it may seem that a rapid increase in demand may lead to a real estate bubble, the opposite seems to be the case. A Warrenville real estate attorney from Covert Marrero Covert can guide you to the best decision.

Why the US Housing Market Can Avoid Another Real Estate Bubble

As more and more people opt to work from home in 2021, the value of residential properties across the US is increasing. As the world grows hopeful for a return to normalcy during successful vaccination campaigns, economic growth has been positive across the board. There has been a positive increase in high investments in the stock market along with higher consumer expenditures.

Both of these factors have impacted the US housing market amidst a housing boom that outperformed expectations. As of March of this year, the median home prices in the country increased by more than 11%.

The steady growth of the housing market has led many to wonder if we are in the middle of a new real estate bubble. As per market updates, as consumer demands coincide with the real estate season, a reduced number of homes have increased prices.

The news is heartening. While median home prices in the US are expected to be higher than those in 2020, the median mortgage rate is forecasted to remain around 3% at most. This alone should be enough incentive for homebuyers to lock in properties before the rates go up any further.

The expectation of a housing market crash is understandable, but so far, the data has proven that there is nothing to worry about at present. Like other economic sectors, the real estate market is susceptible to several factors. The patchy impact of the Covid-19 pandemic on the employment sector and the country’s overall income level will likely affect the 2021 housing market.

As such, there has been a slow but steady decline in home sales in 2021 on a monthly and yearly basis. This proves that the housing market is cooling down slowly after the buying frenzy of 2020 and 2021. The good news is that the decline is slow enough to prevent a large housing bubble from making a difference.

Contact an Experienced Warrenville Real Estate Attorney for Lucrative Investments

If you are interested in buying a home or investing in real estate, you need to have a dedicated Warrenville real estate attorney in your corner. This is where the real estate lawyers at Covert Marrero Covert can help. We are experienced in guiding clients such as yourself through complex real estate transactions that can result in great investments. Our professional attorneys are skillful in helping our clients with a range of real estate transactions to improve their portfolios. Get in touch with us for a consultation today and see how we can help you.

How Harsh Are DWI Penalties in Illinois?

Illinois courts are pretty harsh when it comes to drunk driving offenses. As such, DWI penalties in Illinois carry both administrative and criminal consequences that can make your life extremely difficult.

The penalties in the state differ per case. The actual amount offenders need to pay will depend on their blood alcohol concentration (BAC), their age, whether they had a child in their vehicle when they were stopped, whether they were driving on the wrong side of the road and whether they had a previous conviction. Any of these factors can increase penalty severity.

DWI Penalties in Illinois

DWI penalties in Illinois are divided into three categories as per severity:

First Offense

A first offense is a Class A misdemeanor. It can result in a year in prison, a fine of up to $2500, and it can also lead to a one or two-year license suspension. If you are under 21 years old, you face license suspension for two years.

Second Offense

In Illinois, a second DWI offense is also considered a Class A misdemeanor that carries a mandatory prison sentence of five days or 240 hours of community service. Additionally, offenders can get their driver’s license revoked for five years if they have a previous charge.

Third Offense

A third offense is considered a Class 2 felony. If charged, offenders can face three to seven years in prison and a fine amounting to $25,000. Their license can also be revoked for ten years following the offense. To get it back, you need to apply for and acquire a Restricted Driving Permit (RDP) and maintain it for at least five years. Additionally, you can only drive to essential locations such as a medical center, school, workplace, etc.

To get an RDP, you also need to install an ignition interlock device, aka a Breathalyzer, in your car for $30 a month. You have to pay the fee out of pocket. If convicted for a third time, offenders cannot apply for a reinstated license, and if they are charged with a DWI offense again, they can face a prison sentence of up to 15 years. In case you are charged with aggravated DWI, the jail time can increase, and you can also face other consequences that can make your life extremely difficult.

Any DWI offense in Illinois can make your life a living hell, so you should avoid them as much as possible. However, if you are charged with a third DWI in Illinois, don’t lose hope. At Covert Marrero Covert, we have experienced DWI & DUI attorneys in Warrenville who can get your penalty reduced and help you secure a driving permit. We provide aggressive representation for all of our clients so you can rest easy knowing that your case is in capable hands.

Retain An Experienced Illinois DWI Lawyer

Schedule a free consultation today at our offices in Warrenville, Naperville, and Schaumburg, IL. We will be happy to sit down with you and discuss how we can help you. Our DUI attorneys have extensive experience defending clients against both misdemeanor and felony charges. As such, they can help you understand the facts surrounding your case and develop an appropriate strategy.

How To Buy A Short Sale Property In Illinois

Do you want to purchase a new home in Illinois for a bargain? If you answered yes, then you should consider getting properties that are on a short sale. A short sale property always sells below the amount the current owners owe on it to their lender. Anything from unemployment to a divorce can force homeowners to sell their home for less than what it would have amounted to, provided they paid their mortgage regularly.

Experienced Illinois short sale attorneys from Covert Marrero Covert will ensure you get the best deal.

How To Buy A Short Sale Property In Illinois

Consult an Attorney

The first thing you need to do is consult an attorney who has experience handling short sale transactions. While you can use MLS listings to find potential ones, experienced Illinois short sale attorneys can help you narrow down your choices to ensure you make a wise decision.

An attorney will also warn you if a property you are interested in is approved for a short sale or is pending reviews from a third party. If the latter is the case, the process can take longer than you think. In some cases, the homeowner may not qualify for a short sale, so you will be wasting your time. A reliable attorney will also tell you if a short sale is worth your time and money or not.

Make an Offer

Once you finalize a short sale property to purchase, your attorney will start negotiations with the lender. If you don’t have a real estate attorney in your corner during this step, you may end up paying way more than the property is worth.

As a general rule of thumb, make sure your offer is competitive. In case of a short sale, it should be close to the property’s market value rather than the list price. Illinois short sale attorneys from Covert Marrero Covert can give you the best advice in this regard.

The offer stage is the longest step of the short sale process. The lender may approve the sale with or without conditions, counter your offer or reject the short sale. If your offer gets rejected, you and your attorney will have to repeat the process.

The Closing

Once negotiations end, you should get an approval letter from the lender and a date for the closing. Most short sale lenders give 45 days before the closing date to give the buyer enough time to secure the mortgage before the approval letter expires.

Get In Touch With Short Sale Attorneys At Covert Marrero Covert LLP

If you are eyeing short sale properties in your area, contact Illinois short sale attorneys at Covert Marrero Covert LLP today. We will work with your realtor and the title company to ensure the transaction goes smoothly for you. We will also go the extra mile and recommend an experienced and trusted realtor if you want.

Our attorneys will also go through and revise the short sale contract as per your needs and advise you on everything from disclosures to potential repairs. We can also prepare the closing documents and handle title issues, so you don’t have to. All of our short sale attorneys are highly skilled negotiators and will ensure you get the best deal possible. Get in touch with us at any of our offices in Naperville, Warrenville, and Schaumburg for a consultation today.

Should I Get A Home Loan Modification In 2021?

If you are having trouble making mortgage payments on time, you should consider getting an Illinois home loan modification with the help of a lawyer.

You should know that you aren’t alone. Due to the Covid-19 crisis, moratoriums have been placed across the nation on foreclosure and eviction proceedings. By the end of August, the Federal Housing Finance Agency (FHFA) extended it to cover mortgages on single-family homes. However, when the FHFA realized that a lot of homeowners may default on mortgage payments after the moratorium expires, they extended the expiration date.

So if you have fallen behind on payments due to difficulties that were caused by the lockdown, chances are you can delay foreclosure as well. However, this does not mean you can delay it indefinitely. To bring your mortgage back on the right track, you should get an Illinois home loan modification as soon as possible.

Why You Should Get A Lawyer For Illinois Home Loan Modification

Most lenders are more than willing to work with borrowers who need loan modifications, but the application process can be quite complex. In fact, a lot of applicants face rejections especially if they don’t have a lawyer by their side.

A lawyer who has experience in loan modifications can be the difference between a loan modification and foreclosure. So hire one if:

You are unsure about how to fill out the loss mitigation application properly.
You are unsure if an Illinois home loan modification can prevent foreclosure.
The servicer violates state foreclosure laws.
The servicer denies your request for a loan modification and you want to appeal.

Additionally, a home loan modification lawyer in Illinois can also do the following for you.

Provide Individualized Attention

Very few loan service providers remain in touch with applicants and are often slow to return calls. A loan modification lawyer will not answer your calls, but he/she will also call back with information that can help your case. In other words, unlike lenders, they will focus on your specific needs.

Negotiate With Lenders

A lender may be persuaded to provide favorable loan terms if you have a lawyer in your corner. That’s because loan modification lawyers update themselves on the latest loan programs that can help borrowers who are in financial distress.

Completing Complex Paperwork

Illinois home loan modification usually requires an extensive amount of complex paperwork that may overwhelm you in your stressed state. A lawyer who has experience going through and completing it can ensure nothing is left out. He/she can also advise you on the information needed to supplement the application and explain the extent of your financial hardships to the lender.

It is imperative that you get legal aid as soon as possible if you don’t want your property to go into foreclosure. If you are in search of an experienced loan modification lawyer, schedule a free consultation with Covert Marrero Covert LLP today. We also accommodate off-site and off-hour appointments for your convenience. Or you can visit us in person at our Schaumburg, Naperville, or Warrenville offices. We don’t back down, ever!

How To Protect Yourself From A Real Estate Market Crash

The stock market is not the only thing that can suffer from a bubble home prices can be affected by a real estate crash. During the notorious housing bubble of 2008, home prices plummeted to an all-time low and a large number of borrowers had to default on payments and foreclosures were at an all-time high. It lead to the greatest credit crisis and recession since the Great Depression.

While the crisis was the result of a series of factors, an Illinois real estate attorney will recommend that you protect yourself from the next crash by following these tips:

Determine When You Can Buy Or Rent A House

Houses are usually bought for long-term ownership. Most people stay in their homes for at least 10 years after they buy them, but the option to rent is available to them as well. So if you think that another real estate crash is imminent, rent especially if you don’t plan on living in the house for more than five years. The money you use to purchase can be recovered during this time but it may be too late to do so for you.

Protect Your Equity

While your home is a valuable asset, avoid borrowing against its equity unless it is completely necessary to do so. While emergencies can warrant a loan, avoid tapping into that solution unless you have no other source of funding. Interest rates can rise with some loans and equity can rise or fall. Paying minimum will become unmanageable down the line and if the market crashes, you may have to foreclose.

Conduct A Rating Analysis Of Your Savings Bank

Once you start earning, start saving some of your money as savings right away. Save the amount in a special account in a bank, a credit union, or a savings account. These establishments can host your account and offer growth in the balance at a specific rate.

Most banks and financial institutions invest extensively in real estate. So if the market crashes, they go down as well. In other words, if you want to save yourself from this crisis, evaluate your account holder with professional analysis ratings. These can let you know if the establishment that is hosting your account can survive a market crash or not.

Why You Should Hire An Illinois Real Estate Attorney

Selling or buying a home is one of the most significant life decisions you can make. Chances are that you will spend all of your life savings on it. As such, knowing and safeguarding your rights as a buyer or seller should be one of your main concerns. This is where an Illinois real estate attorney from Cover Marrero Covert, LLP can prove valuable.

We have experienced real estate attorneys who can guide you in the often complex real estate process. We are determined when it comes to managing real estate transactions and ensuring our clients make the best decisions possible. This includes the large number of tasks that go into a house sale. Get in touch with us for a free consultation in any of our Warrenville, Naperville, or Schaumburg offices today at (630) 717-2783.