Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

 - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Naperville Named Best Place to Raise Family and Best Public Schools

In this post, we discuss Naperville being named the Best City to Raise a Family in America and ranked as City With the Best Public Schools in America.

Naperville has been a booming community for decades and a very popular community to live.

One of the top reasons people have been choosing to live in Naperville is because of its highly rated schools make it a great place to raise a family.

This month another organization has awarded Naperville two top rankings in it’s annual “2019 Best Places List“.

Naperville was named the Best City to Raise a Family in America, and also designated City with the Best Public Schools.

 

2019 Best Places to Raise a Family

  1. Kane County Property TaxesNaperville, IL
  2. The Woodlands, TX
  3. Arlington, VA
  4. Ann Arbor, MI
  5. Columbia, MD
  6. Overland Park, KS
  7. Plano, TX
  8. Bellevue, WA
  9. Cambridge, MA
  10. Irvine, CA

According to Niche.com, the 2019 Best Places to Raise a Family list ranks cities using a “comprehensive assessment of key factors that are meaningful for families”.

The ratings take into account factors such as the quality of local schools, crime rates, safety, affordability, housing, walkability, and access to family amenities, in an attempt to measure the appeal of an area for families.

Read the full report

 

2019 Cities with the Best Public Schools in America

  1. Naperville, ILReal Estate Home Buying Myths
  2. Ann Arbor, MI
  3. Bellevue, WA
  4. Overland Park, KS
  5. Irvine, CA
  6. The Woodlands, TX
  7. Carlsbad, CA
  8. Plano, TX
  9. Thousand Oaks, CA
  10. Arlington, VA

For rating the best public schools, the cities were rated on “state test scores, graduation rates, SAT/ACT scores, teacher quality, and student and parent reviews”.

Read the full report

 

Other Highlights

Naperville led the way in the public schools category with an A-plus rating. The city also got an A-plus for the health and fitness category, an A-minus for diversity, and an A-minus for jobs.

Naperville didn’t rank so well in every single category. Niche rated Naperville with a B-minus for crime and safety and a C-plus for weather and cost of living.

They also took personal ratings by residents into consideration. The city had hundreds of excellent reviews and very few poor ones. Some of the resident’s reviews said things such as “great town to grow up in” and a “good place to raise kids.”

 

We agree that Naperville is a great place to raise your family and are happy to see the city recognized.

Law Offices of Lora Matthews Fausett, P.C.

If you require a real estate attorney in Naperville to represent you with any issues related to buying a home or property there, the Law Offices of Lora Matthews Fausett, P.C. are well trained to handle matters relating to buying and selling, short sales, commercial leases, as well as foreclosure defense and many others.

 

For Information Call 630-858-0090


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


Illinois Ranked 41st Most Affected by Government Shutdown

Photo by Max Pixel

A new analysis of the 35-day partial government shutdown shows that Illinois ranked number 41 among the 50 states and the District of Columbia on how it was affected by the shutdown.

According to an analysis by WalletHub.com on how the states were affected by the federal government shutdown, Illinois ranked Number 41.

The study gave Illinois a score of 24.76 out of 100.

The factors that the analysis was based on were: share of federal jobs, federal contract money per capita, share of families receiving food stamps funds, real estate as a percentage of the state economy (since mortgage processing hinges on federal agency staffs) and residents’ access to national parks.

The study found that “blue states” were slightly more affected by the shutdown than “red states” were.

The average ranking for “blue-leaning” states was 24.81, while the average for “red-leaning” states was to 26.83.

The federal shutdown that recently ended January 25th set the record for the longest government shutdown.

 

Which Jurisdictions Were Most Affected by the Shutdown?

Rank (1 = Most Affected) State / Territory Total Score
1 District of Columbia 78.59
2 New Mexico 65.95
3 Maryland 65.70
4 Hawaii 62.91
5 Alaska 61.08
6 Virginia 56.61
7 West Virginia 46.25
8 Mississippi 45.56
9 Alabama 43.46
10 Arizona 40.73
11 Rhode Island 37.74
12 Montana 37.28
13 Maine 36.57
14 Florida 36.25
15 Oregon 36.08
16 Oklahoma 35.87
17 Kentucky 35.81
18 Washington 35.71
19 Georgia 35.50
20 Wyoming 33.01
21 South Carolina 32.88
22 South Dakota 32.62
23 Tennessee 32.55
24 Louisiana 32.36
25 Idaho 32.20
26 Missouri 32.15
27 Vermont 30.46
28 Texas 29.59
29 Utah 29.05
30 Connecticut 29.00
31 Colorado 28.42
32 Nevada 28.35
33 Pennsylvania 27.20
34 Massachusetts 27.09
35 New York 27.08
36 Delaware 26.98
37 California 26.65
38 North Carolina 26.64
39 Arkansas 25.82
40 Michigan 24.96
41 Illinois 24.76
42 Ohio 24.66
43 North Dakota 23.69
44 New Jersey 19.30
45 Kansas 18.84
46 Wisconsin 17.56
47 Indiana 17.02
48 Iowa 16.49
49 Nebraska 16.40
50 New Hampshire 15.59
51 Minnesota 10.54

Source: WalletHub.com 

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


 

Property Tax Exemptions in Kane County

Kane County Property Taxes

Photo by Max Pixel

In this post, we will list the real estate tax exemptions available to qualified homeowners in Kane County, Illinois.

For help with legal issues related to real estate law, contact the experienced attorneys at Fausett Law at 630.858.0090.

Property taxes are an unavoidable part of life for homeowners in Illinois and Kane County is no different.

Because of high property tax rates, it’s important to know if you qualify for any Kane County property tax exemptions.

Tax exemptions can make a significant difference in the amount you pay, and this is especially important for anyone on a fixed income.

It’s important that you take advantage of every exemption that you can qualify for.

This information has been collected for your convenience and is also available at the Kane County Assessment Office website.

 

List of Kane County Property Tax Exemptions

  • General Homestead Exemption
  • Disabled Veterans’ Homestead Exemption
  • Returning Veterans’ Homestead Exemption
  • Homestead Improvement Exemption
  • Persons with Disabilities Homestead Exemption
  • Senior Citizens Homestead Exemption
  • Senior Citizens Assessment Freeze  Homestead Exemption

 

Kane County SealGeneral Homestead Exemption

This exemption reduces the Equalized Assessed Value(EAV) by the amount of the exemption. For the current tax assessment year, the reduction is $6,000.

A property must be the principal residence of the owner. Exemptions may also be available for cooperatives and qualified life-care facilities. Contact the County Assessment Office for more information.

You must apply for the exemption with the County Assessment Office. You can get an application here (General Homestead Exemption Form) or you can call (630) 208-3818 and one will be mailed to you.

 

Disabled Veterans’ Homestead Exemption

This exemption reduces the equalized assessed value (EAV) by the amount of the exemption.

Beginning with the 2015 (payable 2016) year, the reduction is:

  • All EAV from the property (before taxes are calculated) for a veteran with at least a 70% service-connected disability.
  • $5,000 of EAV from the property (before taxes are calculated) for a veteran with a 50%-69% service-connected disability.
  • $2,500 of EAV from the property (before taxes are calculated) for a veteran with a 30%-49% service-connected disability.

To qualify for the Disabled Veterans’; Standard Homestead Exemption the veteran must meet the following requirements:

  • Be an Illinois resident who has served as a member of the U.S. Armed Forces on active duty or state active duty, Illinois National Guard, or U.S. Reserve Forces, and not dishonorably discharged.
  • Have at least a 30% service-connected disability certified by the U.S. Department of Veterans’ Affairs.
  • Must be the owner of record and occupy the house as of January 1 of the assessment year.
  • The property must have a total equalized assessed value of less than $250,000 for the primary residence.

Veteran Homeowner Exemption

You must apply for the exemption with the County Assessment Office. You can get an application here (Disabled Veterans Homestead Exemption Form) or you can call (630)208-3818 and one will be mailed to you.

After the initial application is approved, you will be mailed a renewal form each subsequent year.

 

Returning Veterans’ Homestead Exemption

This exemption provides a one-time reduction in the equalized assessed value (EAV) by the amount of the exemption. For the current tax assessment year the reduction is $5,000 off the equalized assessed value from the property for a qualifying returning veteran.

To qualify for the Returning Veterans’; Homestead Exemption the veteran must meet the following requirements:

  • Be an Illinois resident who has served as a member of the U.S. Armed Forces, Illinois National Guard, or U.S. Reserve Forces.
  • Returning from active duty in an armed conflict involving the armed forces of the United States during the assessment year.
  • A veteran who dies during his or her active duty service is eligible to receive this exemption.
  • Owned or had a legal or equitable interest in the property used as the principal place of residence on January 1 of the assessment year.
  • Must be liable for the payment of the property taxes.

Real estate agent with keysThis exemption may be claimed only in the year in which the eligible veteran taxpayer returns from active duty in an armed conflict.

If a veteran taxpayer receives this exemption, then is again deployed on active duty in armed conflict and returns again in a subsequent year, the veteran taxpayer is eligible for this exemption again if the other conditions are met.

You must apply for the exemption with the County Assessment Office. You can get an application here (Returning Veterans Homestead Exemption Form) or you can call (630) 208-3818 and one will be mailed to you.

After the initial application is approved, you will be mailed a renewal form each subsequent year.

 

Homestead Improvement Exemption

Assistance for first time home buyers in DuPage CountyThis exemption reduces the EAV attributable to the improvement for four years based on the Fair Cash Value (up to $75,000) of the improvement.

A property must be the principal residence of the owner and have new improvements (such as addition, patio, or deck) that increase the value of the property.

You need not file an application. Your Township Assessor will verify the amount to the County Assessment Office. If you have any questions contact your Township Assessor.

 

Persons with Disabilities Homestead Exemption

This exemption reduces the Equalized Assessed Value(EAV) by the amount of the exemption. For the current tax year, the reduction is $2,000.

To be eligible for the exemption, the taxpayer must be “unable to engage in any substantial gainful activity by reason of a medically determinable physical or medical impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.”

A person becoming disabled during the assessment year is eligible in that same year.

Evidence that a taxpayer meets this condition includes:

  • A class 2 (or 2A) Illinois Persons with Disabilities Exemption
  • Identification Card from the Illinois Secretary of State’s Office. (Illinois Disabled Person Identification Card Application)
  • Proof of Social Security Administration disability benefits.
  • Proof of Veterans Administration disability benefits.
  • Proof of Railroad or Civil Service disability benefits.
  • An examination by a physician (must meet the same standards as used by the Social Security Administration). (Physicians Statement Form)

An eligible taxpayer must occupy the property as their primary residence as of January 1 of the assessment year, must be liable for paying the real estate taxes and must be an owner of record or have a legal or equitable interest in the property as evidenced by a written instrument

A taxpayer may not claim the exemption if they claim the Disabled Veterans Homestead Exemption (35ILCS 200/15-169).

You must apply for the exemption with the County Assessment Office. You can get an application here (Persons with Disabilities Homestead Exemption Form) or you can call (630)208-3818 and one will be mailed to you.

After the initial application is approved, you will be mailed a renewal form each subsequent year.

 

Senior Citizens Homestead Exemption

Retired Couple on Social SecurityThis exemption reduces the Equalized Assessed Value(EAV) by the amount of the exemption. For the current tax assessment year, the reduction is $5,000.

A property must be the principal residence of the owner, and the owner must be 65 or older by December 31 of the tax assessment year. Exemptions may also be available for cooperatives and qualified life-care facilities. Contact the County Assessment Office for more information.

You must apply for the exemption with the County Assessment Office. You can get an application here (Senior Citizen Exemption Form) or you can call (630)208-3818 and one will be mailed to you. Starting in 2009, after the initial application is approved, this exemption will automatically renew. You will be mailed a Senior Citizen Assessment Freeze Homestead Exemption application each subsequent year in the event you may qualify for this exemption.

 

Senior Citizens Assessment Freeze  Homestead Exemption

This exemption effectively freezes your assessment at a base year causing your net assessment not to increase. This does not freeze your taxes, only your assessment.

A property must be the principal residence of the owner for the beginning of two consecutive years, and the owner must be 65 or older by December 31 of the tax assessment year and meet certain household income requirements. For 2018, the maximum household income for this exemption was increased to $65,000. For 2017, the maximum household income for this exemption is $55,000.

You must apply for the exemption with the County Assessment Office. You can get an application here (Senior Assessment Freeze Homestead Exemption Form) or you can call (630)208-3818 and one will be mailed to you. After the initial application is approved, you will be mailed a renewal form each subsequent year.

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


Law Offices of Lora Matthews Fausett, P.C.The Law Offices of Lora Fausett P.C. provides real estate law services including buying and sellingshort salesmortgage foreclosure defense and more.

For Information Call 630-858-0090


 

How the Government Shutdown Affects Real Estate and Mortgages

Photo by Max Pixel

In this post, we discuss how the government shutdown is affecting real estate transactions and mortgages.

The U.S. government shutdown is affecting more than just federal employees.

The shutdown is also affecting some homebuyers, lenders and real estate agents, who are seeing their closings delayed.

If the government shutdown turns out to be a long one, it could damage the housing market, which in some parts of Illinois is still struggling to gain momentum.

According to Lawrence Yun, chief economist with the National Association of Realtors, the shutdown is already causing uncertainty and hurting consumer confidence.

“For ordinary Americans, the shutdown adds to economic uncertainty about their future,” said Lawrence Yun. “Buying a home is a high-anxiety transaction, and by adding another complexity to it with possible delays in [the transaction], it hurts the economy and hurts consumers.”

Below is a list of how a continued government shutdown could impact your real estate transaction.

 

Real Estate Transactions Impacted by Shutdown:

  • FHA loans could be delayed
  • USDA loans will not be processed
  • Delays in IRS transcript and Social Security reporting

 

Real Estate Transactions Not Affected by Shutdown:

  • Fannie Mae
  • Freddie Mac
  • VA Loans
  • Flood Insurance

 

First Time Home Buyer Mortgage WorkshopFHA Loans

Loans insured by the Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) are typically not impacted by government shutdowns.

However, with less staff working at the FHA, some borrowers may see a closing delay due to the increased backlog.

 

USDA Loans

The USDA will not issue new Direct Loans or Guaranteed Loans.

Scheduled closings of Direct Loans have been canceled and unless your guarantee was previously issued for a Guaranteed Loan, those may not be closed, depending on your lender.

Check with your lender if you are getting a USDA loan or planned to use the USDA program to buy your home.

You may have to delay your home purchase until the shutdown is resolved.

 

Veteran Homeowner ExemptionVA Loans

VA staffers who approve the VA loans are paid through borrowing fees and are not impacted by the shutdown.

 

Social Security Reporting

To process a mortgage application, lenders will verify that your Social Security number is valid with the Social Security Administration.

Because of the delays expected in processing these requests, government-sponsored agencies have relaxed their rules to allow lenders to submit these reports prior to loan delivery rather than earlier in the loan process.

If your Social Security number cannot be validated prior to this time, however, your loan may be denied.

 

mortgage applicationIRS Transcripts

Lenders usually have borrowers sign an IRS request for a transcript of tax return (Form 4506-T) at or before closing.

The IRS is not processing new requests for transcripts during the shutdown.

Lenders are not required to have the transcripts at closing and, in many cases, can add the transcripts to your loan file after closing.

 

Federal Flood Insurance

New legislation was passed in December 2018 in order to extend the National Flood Insurance Program (NFIP) through May 31.

FEMA, which oversees the NFIP, is still selling and approving new policies.

 

Property Tax Assessment - CalculatorFannie Mae and Freddie Mac

The shutdown does not impact loan processing at Fannie Mae and Freddie Mac because they are not funded by the government.

However, the issue is that verification of employment is a key requirement to get a loan from these agencies.

If you are a federal worker or contractor, your lender may not be able to get a verbal verification of employment from your government employer prior to loan delivery.

This could cause your loan approval to be denied or delayed because your employment and ability to repay have not been fully vetted.

 

Article Source: How the government shutdown is disrupting mortgage, real estate transactions – BankRate.com


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Wheaton Named Best Place to Live in Illinois

Wheaton Illinois Best Cities to Live In

Money Magazine has named the city of Wheaton the top ranking city in Illinois in it’s annual “Best Places to Live in Every State” list.

“Founded by a group of abolitionists in the 1850s and home to the Wheaton Flag antislavery newspaper, this safe, well-educated suburb of Chicago has a rich history readily discovered at the DuPage County Historical Museum, founded by John Quincy Adams — a distant relative to the president of the same name — in 1891.” read the article in its summary.

This year’s best-rated cities needed to have populations of at least 50,000 and were rated based on several factors including affordability, safety, convenience, local economy, cost of buying a home to median household income.

Wheaton Il DowntownWheaton, Illinois, population 53,585, is the county seat of DuPage County and has been highly ranked highly before in other publications because of its high-quality schools and low crime.

Only two cities in Illinois made the top 100: Wheaton at 27 and Schaumberg at number 34.

Suggestions for attractions in Wheaton from Money included taking a horse-drawn carriage ride through Downtown Wheaton, stopping at the historic The Little Popcorn Store, and visiting the Cosley Zoo.

Also noted was that the median home sales price was $350,000 in the first quarter of 2018.

Congratulations to the City of Wheaton for being recognized as the best city to live in Illinois!

 

Sources:
This Is the Best Place to Live in Every State – Money
Wheaton ranked No. 1 in Illinois in magazine’s ‘Best Places to Live’ – Daily Herald
2 Illinois Towns Among Money’s ‘Best Places To Live In America’ – Patch

Wheaton Links
City of Wheaton Official Website
Wheaton, Illinois – Wikipedia
Cantigny Park Website
Cosley Zoo Website

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090