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As most people know, when homeowners fall behind on their mortgage, the bank can choose to foreclose. However, the law requires the bank to provide notice to the borrower informing them they are in default. In legal terms, this means the home is in pre-foreclosure. During this period, the homeowner still has time to salvage...

Situation In Illinois, property owners can use an Illinois Land Trust, which provides title to a trustee while the beneficiary of the land enjoys the rights of owning the property. It can be used in two ways: An asset protection tool An estate planning tool Here we look at client success stories regarding how the...

In Chicago, a multi-unit property owner must remain compliant with the proper notice given to tenants when they wish to terminate a lease. These timelines are mandated by the Chicago Residential Tenant Ordinance and Cook County Tenant Landlord Ordinance. The laws protect tenants from being evicted without enough notice to find a new home. However,...

Situation Mixed-use properties can sometimes pose unexpected issues. The reason: when mixed-used properties are assessed, it is done from the exterior of the building. When assessors make assumptions, they can lead to incorrect coding based on what the mixed-use property includes. In this case, our client was buying a mixed-use property with two retail spaces...

The adage goes: the only constant is change. That’s certainly the case when it comes to real estate lending. In a previous blog post, we discussed how mixed-use properties can qualify for FHA loans. Today, we’re going to discuss how recent changes in policy could impact your clients’ ability to qualify for an FHA loan...

Situation The city of Chicago has a Tax Increment Finance Purchase Rehab program (TIFPR) to assist people who otherwise might not be able to qualify for homeownership. It offers forgivable loans for those looking to purchase and rehab vacant 1–4-unit residential properties within active TIF districts. The terms of the mortgage stipulate that it can’t...

Situation During a divorce, many unresolved issues can arise regarding the marital home. When one spouse is very manipulative, they can force the other’s hand. As a result, people often make uninformed decisions that infringe on their rights as property owners. In this case, the agreement between the parties in the divorce was that her...

In Illinois, property owners have access to what is called an Illinois Land Trust. It is specific to the state of Illinois and five other states in the country, and provides title to a trustee while the beneficiary of the land enjoys the rights of owning the land. It is both an asset protection tool...

When clients consider purchasing a mixed-use property to earn income and provide them with a home, they can run into challenges when seeking an FHA loan. FHA mortgages are preferable over a commercial property loan because they only require 10% down without mortgage insurance and have longer terms. Today, we take a look at the...

It’s an understatement to say that a real estate transaction has many spinning plates. A real estate attorney reviews contracts to look for issues not specifically stated in the negotiation, as well as details related to items, such as insurance, mortgage, or inspections. It takes a high level of experience and expertise to corral all...