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What To Do If You Receive A Foreclosure Notice In Illinois
Receiving a foreclosure notice can be overwhelming, but it is important to act quickly to protect your rights. Illinois follows a judicial foreclosure process, which means that lenders must go through the court system to foreclose on a property. This process provides homeowners with opportunities to defend against foreclosure and explore alternatives. Ignoring the notice will not make it go away and may lead to losing your home sooner than necessary. Understanding your legal rights and options is the first step in determining how to proceed. Un...
Dealing with Unpaid Property Taxes: Protecting Your Home from Foreclosure in Chicago
Falling behind on property taxes will put homeowners at risk of losing their homes. In Illinois, unpaid property taxes can result in a tax sale or foreclosure proceedings. These situations can force homeowners out of their properties if they fail to take action. Under 35 ILCS 200/21-90, county governments have the right to sell delinquent property taxes to investors, who may eventually obtain ownership of the home if the homeowner does not redeem the debt. Homeowners facing tax delinquency in Chicago and across Illinois need to understand their...
Common Mistakes to Avoid When Pursuing a Short Sale in Illinois
Pursuing a short sale in Illinois can be a practical solution for homeowners struggling to keep up with their mortgage payments. A short sale permits you to sell your home for less than the remaining balance on your loan, potentially avoiding foreclosure and the lasting impact it can have on your credit. While this process may seem straightforward, it is filled with legal and financial complexities. Making mistakes along the way can delay the process or even jeopardize your ability to complete the sale successfully. At Covert Marrero Covert LLP...
How A Deed-In-Lieu Of Foreclosure Can Help You Avoid Long-Term Credit Damage
Facing foreclosure is an overwhelming experience, especially when the future of your financial stability is at stake. Many Illinois homeowners feel trapped between their inability to keep up with mortgage payments and the damage a foreclosure can do to their credit score. However, a deed-in-lieu of foreclosure offers a potential solution to avoid the lasting harm foreclosure can cause. This process allows homeowners to transfer ownership of their property to the lender voluntarily, effectively resolving the mortgage debt. While it’s not the r...
Key Strategies For Defending Against Business Property Foreclosure In Illinois
Facing foreclosure on your business property is a stressful experience. Losing a valuable asset doesn’t just threaten your livelihood—it also impacts your employees and customers. We understand how vital it is to protect your investment and keep your business operating smoothly. Fortunately, in Illinois, there are legal strategies that can help you fight foreclosure and retain your business property. Our goal is to guide you through these options so you can make well-informed decisions during this difficult time. The Illinois Mortgage F...
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