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Deed in Lieu of Foreclosure: Is It a Good Option for Homeowners in Illinois?
As foreclosure defense attorneys representing clients across Illinois, we often speak with homeowners who are overwhelmed by the possibility of losing their homes. When mortgage payments become unmanageable and foreclosure seems inevitable, one legal option to consider is a deed in lieu of foreclosure. This path allows homeowners to voluntarily transfer ownership of their property back to the lender, avoiding a full foreclosure proceeding. But while this option can bring relief, it also comes with important legal and financial considerations. A...
When Buying a Short Sale, What Should a Buyer Be Aware Of?
When we assist clients considering the purchase of a short sale property in Illinois, we always take the time to walk them through the unique legal and financial risks involved. Short sales appear attractive because of the potentially lower purchase price. However, there are significant legal implications that every buyer must understand before making a commitment. This type of real estate transaction is more complex than a traditional home sale and often involves additional parties, including the mortgage lender and sometimes multiple lienhold...
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...
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