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Is It A Good Time For A Home Loan Modification?

While the Covid-19 pandemic is ending, homeowners are still falling behind on mortgage payments as they build back their finances. Foreclosures hit record low rates in 2021 due to government relief efforts, but will that trend end as the housing market normalizes? A home loan modification is a good idea for homeowners who face foreclosures down the road despite these relief programs. What Is A Home Loan Modification? A home loan modification is ideal for homeowners who want to leave forbearance but are not eligible for refinancing. If your fina...

What Will Rising Interest Rates do to the Real Estate Market?

Rising real estate interest rates impact sellers and buyers in the market. Hypothetically, house prices and property value are directly proportional to mortgage rates. However, the phenomenon is far from clear-cut. An Illinois real estate attorney will tell you that the economy’s health ultimately determines what rises and what falls. The Link between Economy Health and Interest Rates Rising mortgage rates will not affect house prices and property value much if the economy improves fast. So if, say, mortgage rates increase by a single po...

What Are The Benefits Of Buying A Short Sale In Illinois?

If you are in the market for a new home, but money is tight, consider a short-sale property. These properties are sold for less than market value and less than the amount owed on their mortgage. Banks and lenders agree to short sales to recover some of the loans owed to them. Top Benefits of Buying a Short Sale in Illinois Here are some of the main benefits you can enjoy with a short sale: Get A Home Below Market Price Short sales can give you more value for your money, and you will also have some leftovers. These are never offered at market va...

Chapter 7 Bankruptcy vs. Chapter 13

Declaring bankruptcy can be one of the hardest decisions you can make. Besides the emotional blow, it can have a long-term and negative impact on your credit and future finances. If you choose to declare bankruptcy, make sure you have experienced Illinois bankruptcy attorneys that can help you through the complex legal process. Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy The first thing they will do is ask you to choose between Chapter 7 and Chapter 13 bankruptcy. What is Chapter 7 Bankruptcy? If you file for Chapter 7 bankruptcy, creditors ...

Are Foreclosures in Illinois on the Rise?

The Covid-19 pandemic has wreaked havoc on the real estate market. As people lost their jobs and companies shut down in the hundreds, many found their properties go into foreclosure as they failed to make timely payments. The State Of Foreclosures in Illinois According to a Foreclosure Market Report from ATTOM, foreclosures in Illinois were at an all-time high in 2021. It had the highest foreclosure rate in the country. According to the report, one in every 3,848 housing units had a foreclosure filing per month. Besides Illinois, other states t...

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