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What You Need to Know About Foreclosure Laws in Illinois

Foreclosure proceedings across the U.S. are based on a complex framework, which works around specific rules, laws and regulations. In Illinois, these are determined by the Illinois Code of Civil Procedure 735 ILCS Article 5, which deems lenders can sue borrowers who do not pay on time. Many issues – including divorce to the death of a loved one, may have prevented you from making your mortgage payments on time, but that doesn’t mean you cannot fight it. As a borrower, you need to understand how the process works, as this will help y...

What to do When Charged With a DUI

Alcohol-impaired driving or driving under the influence (DUI) results in a traffic injury or fatality every 48 minutes, according to the U.S. Department of Transportation, National Highway Traffic Safety Administration (NHTSA) and the Insurance Information Institute. According to the Federal Bureau of Investigation, more than a million drivers were arrested in 2017 for DUI, which is an arrest every 215 licensed drivers across the United States. That’s why drivers should adherence to state laws and a blood alcohol concentration (BAC) level of ...

Reasons Not to Buy Foreclosure Property as Real Estate Assets

When an owner or homeowner defaults on mortgage payments, or when they are unable to repay their debts, their home is sold and considered as a foreclosure property by the bank, or mortgage lender to whom debts are due. To a real estate property investor, a foreclosure home can serve two purposes that include buying at a lower price as an investment and reselling it later at a higher price, or getting a new home at a cheaper price than the market equivalents. However, buying a foreclosure property can come with some pitfalls that need careful a...

Advantages and Disadvantages of Filing Chapter 13 Bankruptcy

Bankruptcy is the inability of an individual to repay their debts in full on time per the repayment schedule. Under federal law, all individuals are allowed to file for bankruptcy to seek an immediate stop on repayment to creditors. It can help avoid immediate foreclosure, eliminate legal debts, help stop wage garnishments, and restore any termination of utility services to both your house and business. Debt adjustment or Chapter 13 bankruptcy helps debtors with a repayment plan that can be used to repay debts and seek a new start. Understandin...

What Happens the Day of Your Real Estate Closing?

Purchasing any real estate is a demanding experience, particularly when you don’t have the services of a competent real estate attorney. You look at many different properties before you find the perfect one. Constant communication between you, the real estate agent and the lenders leads to a final loan. Closing your real estate deal should not be as stressful if you have the right real estate attorney by your side. What to Expect at a Closing In Illinois, the residential real estate closing is generally held at the title insurance compan...

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