Posted on November 14,2024 in Estate Planning

A durable power of attorney for property is a legal instrument used in estate planning that allows a person (the principal) to authorize someone else (the agent) to make decisions or perform actions related to the principal’s assets and finances. The fact that it is durable means it remains in effect even if the principal becomes incapacitated and can no longer make decisions.

Although many people think incapacitation is the purpose of a durable power of attorney for property, it is useful in several other scenarios. Whatever the reason for your durable power of attorney (DPOA), remember to have it drafted by a qualified Illinois estate planning lawyer.

When Is a Durable Power of Attorney for Property Useful?

While decision-making power in the event of incapacitation is one of the purposes of a durable power of attorney, principals find DPOAs useful in many other scenarios. For example:

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 Posted on October 28,2024 in Foreclosure

While the nationwide foreclosure rates are down for the third quarter of 2024, they are up in Illinois. In fact, Illinois had the highest foreclosure rates for the third quarter of 2024, with one in every 904 homes having a foreclosure filing. Florida, Delaware, Nevada, and Indiana were the other four states among the top five states with the highest foreclosure rates.

Despite these high numbers, Illinois foreclosure rates are significantly lower than they were in 2022, when about one in every 385 housing units received a default notice, had an auction scheduled, or was repossessed by the lender. In 2022, these record-high foreclosure rates were attributed to inflation, rising interest and mortgage rates, and the second-highest property taxes in the nation.

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 Posted on October 09,2024 in Foreclosure

When a property owner has failed to keep up mortgage payments, the lender may initiate a foreclosure process to reclaim the real estate. This can be an overwhelming and even humiliating experience for a homeowner, who is typically already in financial distress. However, there are laws and regulations concerning foreclosures that give homeowners certain rights during the process. This article will discuss some of those rights, but the best resource for your legal rights in foreclosure is an experienced Illinois real estate attorney.

How Does the Foreclosure Process Work in Illinois?

If you miss a mortgage payment, the lender will likely contact you about the missed payment and you may face late fees. After 90 days, the lender will notify you that your mortgage is in default. After several missed payments, the lender may notify you that the loan is being "accelerated," which means the lender is exercising its right to demand the entire outstanding loan amount by a certain date. If you are still in default after 120 days, the lender may then file a lawsuit to begin foreclosure and serve you with a summons along with a description of your rights and ways to avoid foreclosure.

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 Posted on September 24,2024 in Real Estate

For some homeowners, owning property can become a financial burden. This is especially true in tough economies when real estate markets tend to plummet. When the value of a house falls, its owner can be placed in financial distress, particularly if he or she still has an outstanding mortgage. In some cases, the owner’s mortgage can be more than the property’s value.

A homeowner who is in financial distress may choose one of several options to alleviate his or her burden. Two of those options: a short sale and a strategic loan default. Consult an Illinois real estate attorney to determine the right option for you.

What Is a Short Sale?

A short sale is when a homeowner sells a property for less than what is owed on the mortgage. For example, a homeowner might owe a million dollars on a house and sell the property for $850,000. The money from the sale is used to cover most of the mortgage, with $150,000 remaining outstanding. This outstanding debt is referred to as a deficiency. In some cases, the lender may forgive the deficiency, while in other cases, it remains the homeowner’s financial obligation. Either way, short sales are done with the approval of the lender.

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 Posted on September 10,2024 in Estate Planning

Creating a will or trust can be an unsettling task because it often involves planning for a day when you may be incapacitated or deceased. It requires making major decisions about what to do with your finances, assets, and even medical care should one of those events occur.

However, setting up a will or trust can be a smart move for many reasons, one of which is that they often help reduce conflict among family members. A living will is particularly useful in preventing heated disagreements within the family upon a member’s incapacitation or death. This article will discuss what a living will is, how it can prevent family conflicts, and how to contact an Illinois living will attorney who can draft the right agreement for your needs.

What Is a Living Will?

A living will is a legal document that sets out how a person wants his or her healthcare to be managed in the event of incapacitation. It applies specifically to someone who suffers from a terminal condition, meaning that any life-saving treatments will only lengthen the dying process. It includes the healthcare preferences of the testator — the person who created the will — for when he or she can no longer communicate and cannot give informed consent to medical treatments.

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 Posted on August 21,2024 in Foreclosure

If you are facing foreclosure, you know the weight of the stress and uncertainty it brings. While exploring your options, you may have come across the term "consent foreclosure." This lesser-known alternative to traditional foreclosure could offer a way to get through your current challenges. An Illinois lawyer can explain what consent foreclosure is, how it works, and whether it might be a suitable option for your situation.

What to Know About Consent Foreclosure

Consent foreclosure is a legal process where a homeowner agrees to voluntarily give up his property to the lender without going through a traditional foreclosure. This option is available in Illinois and can offer a quicker, less costly alternative to a standard foreclosure proceeding. In a consent foreclosure:

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 Posted on August 09,2024 in Real Estate

Buying a home is a significant investment, and discovering undisclosed defects after the purchase can be frustrating and costly. Sellers are required to disclose known material defects in the property. However, if you find yourself in a situation where the seller failed to disclose issues, there are steps you can take to protect your interests. An Illinois lawyer can help you determine if you have a potential case.

What to Know About Seller Disclosure Requirements

In Illinois, the Residential Real Property Disclosure Act mandates that sellers provide a disclosure report to potential buyers. This report should include information about material defects that the seller was aware within the home or on the property. For example, a seller must disclose if they are aware of recurring basement flooding or if there are cracks in the foundation that they have attempted to repair. Some common areas that need to be disclosed include flooding, foundation or structural issues, roof defects, electrical or plumbing problems, and the presence of toxic substances such as radon or lead.

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 Posted on July 25,2024 in Arlington Heights Bankruptcy Lawyer

Many homeowners facing financial difficulties assume their lender is eager to foreclose on their property. However, the reality is often quite different. Lenders typically view foreclosure as a last resort, preferring to explore other options that can benefit both parties. An Illinois lawyer can help you understand this so you can negotiate more effectively and potentially find alternatives to foreclosure.

The Hidden Costs of Foreclosure for Lenders

Despite what you may have heard in the past, foreclosure is often an expensive and time-consuming process for lenders. The legal expenses alone can be substantial, including court fees, attorney fees, and other related costs. Once a lender takes possession of a foreclosed property, the lender is responsible for its upkeep, including property taxes, insurance, and repairs. This ongoing maintenance can quickly become a financial burden.

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 Posted on July 10,2024 in Arlington Heights Bankruptcy Lawyer

Transferring a property deed after a divorce can be difficult for any homeowner, and doing so because of a divorce can make the situation emotionally challenging. However, remember that you can get through this transition successfully with the right guidance and understanding of the process. An Illinois lawyer can guide you through the steps necessary to transfer your property deed following a divorce.

Do Not Delay the Property Deed Transfer

One of the worst things you can do after your divorce is finalized is delay transferring your property deed. In Illinois, you must act promptly to ensure that the property ownership aligns with the terms of your divorce decree. The reasons why timely action is important are the following:

• Legal Compliance: Failure to transfer the deed as specified in your divorce decree could result in contempt of court.
• Financial Protection: Delaying the transfer could leave you financially liable for a property you no longer own or have rights to.

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 Posted on June 25,2024 in Loan Modification

Homeownership is a significant achievement, but it comes with financial responsibilities. Sometimes, circumstances change, making it challenging to keep up with mortgage payments. If you find yourself struggling to meet your mortgage obligations, a loan modification might be a viable solution. An Illinois lawyer can help you explore when and why you should consider a mortgage loan modification.

A Loan Modification Can Help If You Are Behind on Your Mortgage

A loan modification is a process where the terms of your existing mortgage are altered to make payments more manageable. This option becomes particularly relevant when you are falling behind on your mortgage payments or anticipate financial difficulties in the near future. Benefits of a loan modification include:

• Lowered monthly payments
• Reduced interest rates
• Extended loan terms

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