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Did You Receive a Notice of Lis Pendens?

Lis pendens, a Latin term that means “pending litigation,” is a notice pronouncing that a suit has been lodged against a property. This notice can hurt the sale price or likelihood of a sale because any pending lawsuits are usually disadvantageous to the owner. A notice of Lis Pendens warns potential homebuyers that there is litigation concerning the property such as a foreclosure or dispute in the ownership of a property and a lawsuit has already been filed. Common Reasons for Filing a Lis … [Read more...]

Preventing Will Challenges in Illinois

Properly drafting and executing a Will, explaining it to family members, incorporating a no-contest clause, proving competence, establishing trusts, and regularly reviewing the Will are some of the effective strategies for preventing Will challenges in Illinois. By implementing these strategies, the testator (property owner) will prevent disputes among his or her beneficiaries that are likely to result in Will challenges. Properly Drafting and Executing a Will Working with an estate … [Read more...]

Chicago Sees Record Number of Real Estate Closings

The Chicago Real estate market managed a powerful start in 2021, with January recording the highest number of closings in 14 years. January 2021 reported a 17.1 percent higher closing than January last year, as the market strives to compensate for lost home sales during the early months of the pandemic. A huge chunk of the increase in sales came from condos that have been falling behind until January 2021. Condo sales increased by 21.4 percent while sales of single-family homes rose by 6.0 … [Read more...]

Get the Answers to FAQs About Probate in Illinois

Probate is a difficult legal process, and many questions emerge during the administration of the decedent’s estate. The following are answers to some of the most frequently asked questions about probate law in Illinois: When Does Probate Come into Force? Once a person dies, his or her estate goes into probate. In Illinois, the formal probate process is usually compulsory if: The estate comprises assets individually owned by the decedent; andAll estate assets are worth over … [Read more...]

What You Should Know About Foreclosure Protections

Mortgages financed by Freddie Mac, Fannie Mae, or the federal government have two foreclosure protections. They include a temporary suspension of foreclosures and COVID-19 hardship mortgage forbearance. These protections were availed to qualified homeowners after the enforcement of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Since then, these protections have been expanded to offer additional help to eligible homeowners under the supervision of Fannie, Freddie Mac, and … [Read more...]

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