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Cook County real estate attorney short sale

No matter how careful you are about managing your money, unexpected financial difficulties can arise that may cause you to be unable to pay your bills and cover your ongoing expenses. Currently, many people throughout the United States are struggling with financial issues due to the COVID-19 pandemic. Those who have lost their jobs or who have faced additional expenses related to an illness may have trouble making mortgage payments, and defaulting on a mortgage may lead a lender to begin foreclosure proceedings. While the federal government has placed a moratorium on foreclosures for the time being, if you are unable to become current on your mortgage payments by the end of this moratorium, you may face the loss of your home. If you are unable to prevent foreclosure, you may be able to complete a short sale that will allow you to avoid owing additional money to your mortgage lender.

What Is a Short Sale?

In a short sale, you will sell your home for less than the total amount that is owed on your mortgage. This can be a good option if your home is “underwater,” meaning that you owe more money on the mortgage than the home is actually worth. Typically, your mortgage lender will need to approve a short sale, and they may do so if you can show that it will be more financially beneficial for them to allow this type of sale rather than pursuing foreclosure proceedings. 

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Cook County real estate attorney home closing

The coronavirus pandemic has impacted the lives of everyone in the United States in a variety of ways. Those who have been lucky enough to avoid getting sick or losing their job are still likely to feel the effects of COVID-19, both in their daily lives and their plans for the future. If you are considering buying or selling a home in Illinois, you will need to be aware of certain issues that may affect you, and you will want to take the right steps to protect yourself and make sure you can complete your transaction successfully.

Legal, Financial, and Other Issues Affecting Real Estate Transactions

One of the first things that home buyers and sellers need to be aware of right now is that they may need to take steps to protect the safety of themselves and others and avoid the risks of contracting or spreading infections. Social distancing concerns have led to restrictions on in-person visits to a home, and in many cases, buyers may be limited to virtual visits or video tours conducted by a real estate agent. Buyers may also be unable to be present for home inspections or appraisals, and they will need to rely on professionals to ensure that any defects are identified and addressed properly.

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Cook County real esate attorney lease modification

The ongoing COVID-19 crisis has affected many individuals, families, and businesses, and it has caused financial struggles for both landlords and tenants. Some residential tenants have experienced job losses, and many businesses have been required to close or scale back their operations. When residential or commercial tenants are unable to pay rent, this can put landlords in a difficult position, since they may be unable to meet their own financial obligations. 

Typically, landlords are able to pursue evictions when tenants do not meet their rent requirements or otherwise violate the terms of a lease. However, the state of Illinois has placed a moratorium on evictions, and this prohibition has been repeatedly extended as the pandemic continues to affect people throughout the state. Most recently, Governor J.B. Pritzker issued an executive order extending this moratorium through January 9, 2021, and additional extensions may be made if they are determined to be necessary. For landlords who are currently unable to evict tenants who have not paid rent, other options may be available, including making lease modifications that can provide protections and benefits for both landlords and tenants.

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Cook County real estate attorney loan modification

There are many different types of issues that can cause you to struggle financially. For example, the loss of a job, an unexpected illness, or a disability could affect your ability to pay your ongoing expenses, or overwhelming debt could become impossible to manage. As a homeowner, these types of issues can be especially worrisome, since falling behind on your mortgage payments could lead your lender to pursue the foreclosure of your home. Fortunately, you will typically have options for defending against foreclosure, and an experienced real estate attorney can help you determine whether you can receive a loan modification that will allow you to become current on your payments and maintain ownership of your home.

Loan Modification Options

Depending on your circumstances, the details of your mortgage, and your ability to make ongoing payments, you may be able to negotiate with your lender to modify your loan in one or more of the following ways:

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Cook County residential real estate attorney

A residential real estate transaction begins when a buyer makes an offer to purchase a home and the seller accepts that offer. The parties will then sign a contract, known as a purchase agreement, which will outline the details of the transaction, the costs for which each party is responsible, and important dates during the process, including the date when the home closing will take place. Contingencies are an important part of a residential real estate contract, and these terms specify conditions that will apply to the transaction while stating when either party can back out of the sale. When buying or selling a home, a real estate attorney can help you understand the contingencies that apply to the sale and make sure that your contract includes terms that provide the protection you need.

Types of Contingencies

A contract’s contingencies will describe the conditions that each party must meet before a real estate transaction can be completed. These terms can help reduce the risk for both buyers and sellers, allowing them to terminate the sale if necessary. Some common contingencies in a real estate contract include:

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Cook County residential real estate closing attorney

Buying a home is likely to be one of the most important and significant purchases you will make in your entire life. Whether you are a first-time homebuyer or are planning to sell your house and move to a new home, the process of making an offer, securing financing, and meeting the requirements to complete the sale can be very complicated. As you get closer to the date of your residential real estate closing, you will want to make sure to address the following issues:

  • Contingencies - Before you can close on your home, you will need to address any contingencies that were included in your purchase contract. These may include securing financing, performing an appraisal of the property, or completing a home inspection, and determining how to correct any issues that were discovered.

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Evergreen Park real estate attorney foreclosure defense

Over the past six months, Illinois renters and homeowners have been struggling to make ends meet. The COVID-19 pandemic has left many employees experiencing pay cuts, getting furloughed, or being laid off altogether. A halt in the working world has trickled down to unpaid rent and mortgages due to a lack of income. Governor J.B. Pritzker recognized this financial crisis in late April, enacting an eviction and foreclosure moratorium throughout the state of Illinois—although residents were still required to pay the rent or mortgage, evictions and foreclosures could not be enforced during this time. The moratorium was set to expire on Aug. 22, but Governor Pritzker extended the state’s moratorium on evictions for another 30 days, so it will now expire on Sept. 22. In addition, the state has turned to other means to protect Illinois citizens from mass homelessness.

Housing Grants

Approximately 14,000 Chicagoans who lost their jobs or whose pay was reduced because of the pandemic asked the city for help paying their rent or mortgages, according to officials. A new state program launched on August 10, allowing Illinois residents to apply for financial assistance if they are struggling to make rent or mortgage payments due to coronavirus-related financial difficulties. Applications came from all areas of the city, but South Side residents made up the highest number of applicants.

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