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How Long Does a Foreclosure Stay on Your Credit Report?

A foreclosure on your assets can be the absolute worst thing that can happen to your credit report. However, if you default on your mortgage one too many times, you will have no choice in the matter. What is devastating is a foreclosure can remain on a credit report for seven (7) years from the date of the first missed payment. It can seriously bring down your credit score as well, which can compromise your ability to get a loan in the future. Typically, a default notice arrives in 60 or 90 days when you fall behind on your mortgage payments. A...

3 Considerations You Should Make Before Buying a Short Sale in Illinois

Short Sale Indiana When a property sells for less than the full amount owed, that means it has been ‘sold short’ or is a short sale. The process is known for being a great option for homeowners who wish to sell a property that has fallen in value. It is a good way to avoid foreclosure as well as all of the problems that come with it. Each short sale is different and has several outcomes. To ensure you benefit from positive ones, here are some things you should do when you are searching for a short sale to buy: 1. Locate the Ideal Prope...

What You Should Know About Chapter 7 Bankruptcy

If your debt is greater than your current income and you appear headed into further debt, declaring bankruptcy is an option you should consider. Chapter 7 can help clear away several unsecure debts, which can bring your finances back on track. While it can have a negative effect on your creditworthiness, filing can be a feasible option if your home is facing foreclosure. Who is Eligible for Chapter 7 Bankruptcy? In order to quality for this bankruptcy you: Need to complete a credit counselling course from an approved agency at least 180 days...

DUI Penalties and Laws That You Should Be Aware Of

You are heading home after a night spent partying with friends and are reasonably drunk and are found behind the wheel by law enforcement, you can expect a hefty fine and even jail time for driving while intoxicated (DUI) However, very few people actually know the repercussions of driving under the influence in Illinois. DUI in Illinois According to Illinois law, the following are ways a person can be considered driving under the influence: Driving with a blood alcohol content (BAC) of 0.8 or higher Driving while you are under the influence of...

Frequently Asked Questions about Illinois Divorce Laws

In Illinois, divorce is referred to as Dissolution of Marriage and the decision should not be taken lightly. Here are some frequently asked questions and their answers about divorce laws in Illinois you should be aware of: Q. Does Illinois Have A Residency Requirement? A. Yes, it does. You can only file for divorce in Illinois if you have lived in the state for the past 90 days. This includes members of the armed forces. Also, if you want the court to get involved when it comes to child custody and visitation rights, you need to make certain yo...

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