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Cook County foreclosure defense attorneyDue to financial issues that have affected many people during the COVID-19 pandemic, the federal government has implemented a moratorium on foreclosures, which is meant to ensure that families can continue living in their homes during this public health emergency. While the moratorium has been extended multiple times, it is currently set to expire on June 30, 2021. This means that those who have been unable to make mortgage payments may face the loss of their homes. Some lenders have stated that they will resume foreclosures as soon as the moratorium ends, while others may wait to proceed with foreclosures until the end of 2021. Homeowners who are facing foreclosure will want to understand their options and determine whether they can work with their lender to create new payment options or whether they will need to find new living arrangements. 

Options for Homeowners Facing Foreclosure

To prevent foreclosure, those who have been unable to make mortgage payments will need to determine how they can become current on past-due payments, and they will also need to make sure they will be able to make ongoing mortgage payments. Homeowners may be able to work with lenders to address these issues, and available options may include:

  • Forbearance - Those who have been unable to make mortgage payments may qualify for relief in which they will not be required to make payments for a certain period of time, or the amount of payments may be temporarily reduced. While missed payments will need to be made up, homeowners will generally not be required to pay a lump sum at the end of the forbearance period. Instead, missed payments may be added on to the end of the loan, or the amount of payments may be increased temporarily. Homeowners who received a forbearance before June 30, 2020 may request up to two extensions of three months each, but the maximum period for forbearance is 18 months.

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Cook County real estate attorney for COVID-19 landlord reliefFor more than a year, people and businesses throughout the United States have been struggling to deal with the effects of the COVID-19 pandemic. This situation has placed many landlords in a difficult position, since residential tenants who have lost their jobs or commercial tenants who have experienced a loss of revenue may be unable to pay rent. At the same time, federal, state, and local governments have placed a moratorium on evictions to protect the health and safety of tenants. In many cases, this has left landlords with few options, since the standard ways of dealing with non-paying tenants are unavailable. Fortunately, multiple relief programs may provide assistance for landlords, ensuring that they can cover their ongoing expenses.

Emergency COVID-19 Relief

The federal government has created the Emergency Rental Assistance Program to make funds available for those who have been unable to pay rent or utilities. A household can qualify for relief if they meet the eligibility criteria. These include a reduction in income or other financial hardship because of COVID-19, a risk that a person or family will experience homelessness or housing instability, and a household income that is at or below 80% of the median income in the area.

A household can receive up to 12 months of rental assistance, and this may be extended for an additional three months if necessary. At least 90% of any funds awarded must be used to pay housing-related expenses, including ongoing rent payments and rent that is past due, utilities, and home energy costs. Landlords can apply for relief on behalf of tenants, and funds awarded may be paid directly to a landlord.

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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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