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:

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:

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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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.