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Attorneys At Law

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

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

Estate Planning vs. Will Planning: What’s The Difference?

Estate planning vs. will planning is an important distinction when someone desires to put their affairs in order. 

Estate Planning vs Will Planning can significantly impact your heirs when the time comes to divide and/or transfer assets. They can also give the person signing the will peace of mind that a trusted entity will take care of their property and finances.

Will planning can be a part of an overall estate plan or a standalone plan to assign fiscal ownership/inheritance of one’s financial affairs. 

Estate planning, by contrast, is a comprehensive plan that encompasses the financial and legal responsibilities outlined in the will. It also goes beyond this to address issues of ownership and/or transference surpassing the financial scope. 

An estate plan can also include decisions that the government requires before death. These decisions can include healthcare power of attorney or specific care of your home. An estate plan can sometimes be used as a ‘living will’ and addresses matters both during life and upon death.

Estate Planning vs Will Planning

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What is estate planning?

Estate planning is a comprehensive approach to property and financial management. It can apply to a testator’s (the person signing the will) life, death, or both.

An estate is a series of documents that outlines how others will manage the property, assets, investments, vehicles, artwork, and debt when the testator is no longer able. Estate plans usually include a will, a trust, charitable donations, and more.

What is will planning?

Will planning is an important step to take to ensure the desired distribution of one’s financial and legal responsibilities. 

This step can include business endeavors, children/guardianships, and acquired stocks and finances. As mentioned above, a will can be a standalone document that directs financial decisions upon death. A will can also be one piece in a more comprehensive estate plan.

What are the different types of wills?

There are many different types of wills. Your estate lawyer will determine the one that works best for you and your assets. 

We’ve outlined the four most common types of wills to help reduce stress and confusion when choosing a will. The four main types of wills include:

  • Simple Will – This will, as the name implies, is straightforward in nature. The process involves designating an heir(s) to your assets and naming a guardian for any minor children.
  • Testamentary Trust Will – A will most commonly used in the event of minor children or the desire to place conditions upon the inheritance. This will is another standard option used in will planning.
  • Joint Will – A will including two or more signees. Individuals use this will for marriages in which one transfers the entirety of one’s assets to the spouse. The conditions of this will are rather inflexible. This inflexibility can potentially cause issues for the living spouse if their conditions change.
  • Living Will – This type of will involves appointing someone to make decisions on your behalf. These decisions include healthcare, medical treatments, and more.

Determining the best type of will for yourself, your assets, and your heirs is a conversation that an estate planning attorney can help guide you through. 

What is the role of an estate planning attorney?

An estate lawyer can be beneficial in terms of the paperwork needed to solidify your wishes. They can also serve as a guide when making financial decisions that may be affected by tax laws and other laws and regulations.

A qualified estate planning attorney can advise you on what types of wills your state recognizes, as well as the states in which your heirs reside.

At the Law Offices of Lora Matthews Fausett, our team of experienced attorneys has helped those in the Chicagoland area plan their wills and estates for 16 years. 

We have experience in a comprehensive list of will and estate planning, including letters of office, living trusts, living wills, power of attorney, probate, trusts, and more. View our comprehensive list of estate expertise here.

To learn more about how we can help with your family’s financial security, legal navigation, and asset management, give us a call at (630) 858-0090 or fill out our contact form.

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Disclaimer

Advertising Material: To the extent that individuals interpret the information on this Facebook profile page as attorney advertising according to 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: Illinois Supreme Court Rules prohibit specialization claims. Likewise, we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. Therefore, individuals should not construe any of the included content 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.


Real Estate vs. Real Property: What’s The Difference

Real Estate vs. Real property: while these two terms may be similar, they each include a different set of rights. The differences, while nuanced, matter most in terms of the legalities.

This guide aims to help homeowners, tenants, and business owners understand the rights bundled with their property.

Fausett Law has been protecting the rights of those in the Chicagoland area for 17 years. We’re a team of dedicated attorneys specializing in real estate (and real property) law, mortgage foreclosure defense litigation, business law, and estate law. 

To learn more about how we can help you and understand real estate vs. real property, please give us a call at (630) 858-0090 or view our comprehensive list of practice areas.

real estate vs. real property fausett law

What is the definition of real estate?

So, what is real estate? The definition of real estate is a plot of property  — including any improvements or attachments. 

These improvements or attachments are considered real estate whether they are natural improvements – such as trees and water, or human-made – such as houses, barns, and even sidewalks.

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What are the three types of real estate?

There are three types of real estate under which all other real estate falls. The three types of real estate are:

  1. Residential real estate: This umbrella of real estate includes houses, apartments, townhomes, and other residential structures.
  2. Commercial real estate: This type refers to property and improvements/attachments that serve a commercial interest. Examples of commercial real estate include restaurants, shopping malls, and more.
  3. Land real estate: This term refers to plots of land, farms, ranches, and more. This category of real estate can include attachments or improvements. Alternatively, it can consist of what is known as “raw land”. Other natural attachments that are considered land include mineral rights and water rights.

What is the definition of real property?

In comparison to real estate, real property includes a certain “bundle of rights” in addition to the prescribed rights included with owning real estate. 

This bundle of rights covers rights outside the physical existence of the land. We’ll cover the five types of real property in the next section.

What are the five types of real property?

The real property definition includes a bundle of five rights that together make up real property. These five rights consist of:

  1. The right to possess: This right means the owner or the investor of the property holds the title. In other words, they have the right to occupy the property.
  2. The right to control: Conveys the right to use the property in its full capacity.
  3. The right of exclusion: The title owner carries the right to exclude or prevent other people or parties from using or entering the property.
  4. The right of enjoyment: The owner of the property can use the property in any capacity.
  5. The right of disposition: The titleholder of the property can rent, sell, etc., the property.

The five rights of real property are rights that exceed the physical rights that real estate carries with it. 

However, it is essential to note that the courts can overwrite these five rights if they do not align with law enforcement. For example, a police warrant would override the right to exclusion.

Key differences between real estate vs. real property

The critical differences between real estate vs. real property often boil down to the legalities of use, property transfer, and occupation. Real property focuses on the physical attributes of the property and adds the rights that come with ownership of such property. 

In order to best understand your property rights, review your contract and consult with a lawyer.

Trusted advice from the law offices of Lora Matthews Fausett


The Law Offices of Lora Matthews Fausett are experienced in many areas of real estate and real property and can provide a comprehensive defense to Chicagoans. For more information, give us a call at (630) 858-0090 or fill out our consultation form online.

Disclaimer

Advertising Material: To the extent that individuals interpret the information on this Facebook profile page as attorney advertising according to 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: Illinois Supreme Court Rules prohibit specialization claims. Likewise, we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. Therefore, individuals should not construe any of the included content 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.

Deed of Trust Litigation vs. Mortgage

Deed of Trust Litigation vs mortgage

Mortgages and Deeds of Trust both represent a vested security interest in properties or real estate. However, the primary difference between these loans unfolds through mortgage and deed of trust litigation. To better understand the nuances of these documents, we’ll outline the characteristics of each type.

Deed of trust vs. mortgage: what’s the difference?

Homeowners may find themselves asking,“ what is a mortgage?” A mortgage is a contract representing the vested security interest in a property or real estate between the lender (mortgager) and the borrower (mortgagee). This contract binds the borrower to repay the lender the loan amount. The repayment includes additional fees and interest accumulation. In the event of foreclosure, the lender and the borrower enter mortgage litigation. Successful mortgage foreclosures result in a court judgment. In this court judgment, the lender may sell the property or real estate to regain their funds.

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Homeowners may find themselves asking, “what is a deed of trust?” A deed of trust is a contract that represents the vested security interest in a property or real estate that exists. However, this interest is between three parties: the lender (mortgager), the borrower (mortgagee), and a trust. The trust is essentially a third party. This third party gives the lender (limited) power to sell a property in the event of (multiple) delinquent payments. The lender can do this without first going to court and receiving a judgment that grants permission to do so. Therefore, the trust primarily protects the lender from the cost and time of the foreclosure process in the event of nonpayment.

Most people think of homeownership as including a mortgage. However, 35 states use or have the option of using a deed of trust. The law limits the power that comes with deeds of trust. That is to say, the law requires individuals with a deed of trust to follow a set of guidelines to constitute foreclosure.

How to determine if you have a mortgage or a deed of trust

First, it’s best to review loan documents.

These documents determine if homeowners have a mortgage or a deed of trust that signifies their repayment plan to homeownership. Here, it should outline the terms of the loan.

Alternatively, contact your lender.

Speaking with your lender can be a simple way to verify whether a home loan is a mortgage or a deed of trust.

Fausett Law can help homeowners understand the difference between mortgages and deeds of trust. Moreover, we can help homeowners navigate mortgage litigation, deed of trust litigation, and how each of them works.

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Litigation Lawyers

Fausett Law is a team of attorneys qualified to represent homeowners in mortgage litigation and deed of trust litigation. We can help you and your lender reach various solutions. These solutions include forbearance, repayment plans, and loan modification. For more information on navigating your mortgage agreement and other FAQ’s, visit us here. You can also give us a call at (630) 858-0090.

Disclaimer

Advertising Material: To the extent that individuals interpret the information on this Facebook profile page as attorney advertising according to 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: Illinois Supreme Court Rules prohibit specialization claims. Likewise, we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. Therefore, individuals should not construe any of the included content 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.


Mortgage Litigation: What Is It & Understanding It

Mortgage Litigation Fausett Law

Mortgage litigation involves a claim, lawsuit, or other dispute over a mortgaged property. By definition, a mortgage is a vested financial interest in real estate. This vested financial interest can include both developed and undeveloped property. Examples of mortgaged properties are residential properties, commercial properties, agricultural properties, townhomes, and other real estate properties.

In mortgage litigation, the claim can be brought forth by either the lender or the borrower. In these disputes, one party is bringing a lawsuit against the other party to comply with the loan terms.


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What is mortgage litigation?

A lender or a borrower can initiate litigation. When a lender begins mortgage litigation, it is usually on the grounds of a delinquent mortgage that the lender intends to foreclose. However, other reasons include discrepant use of the property (such as operations outside of zoning laws) or outstanding liens on the real estate. Mortgage litigation initiated by the borrower can stem from the lender’s failure to adhere to the mortgage terms (such as excessive fees). Likewise, it can arise from the lenders’ refusal to consider (reasonable) loan modification requests from the borrower.

These are some of the common disputes surrounding mortgages. However, this is by no means an exhaustive list. Therefore, we recommend retaining a qualified real estate lawyer who has both knowledge and experience in mortgage litigation cases to ensure the best defense.

The Law Offices of Lora Matthews Fausett, P.C. are qualified to offer a comprehensive defense for mortgage litigation in the Chicagoland area. We specialize in a variety of real estate law, including loan modification, repayment plans, forbearance, short sales, and even foreclosure defense. To learn more about our real estate specialization, contact us at (630) 858-0090.


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What does a mortgage litigation attorney do?

mortgage litigation lawyer

A lot can happen between a lender filing a foreclosure lawsuit and a borrower losing their home. That is to say, there are many options that a mortgage litigation attorney can help a borrower explore. Options include loan modification, repayment plans, forbearance, and even reinstatement and redemption. Consequently, hiring an experienced mortgage lawyer can make all the difference in a borrower’s mortgage litigation. If your lender has a lawyer, shouldn’t you?

There are other benefits to hiring a mortgage attorney as well. For example, a lawyer will attend court proceedings on the borrowers’ behalf, help navigate different options, and ensure all proper documentation is presented to the court. Moreover, an experienced lawyer will be well-versed in the various real estate laws that are in place to protect and defend borrowers, including:

  • Real Estate Settlement Procedures Act (RESPA)
  • Truth in Lending Act (TILA)
  • Unfair, Deceptive, or Abusive Acts or Practices Act (UDAAP)
  • Fair Debt Collection Practices Act (FDCPA)
  • Fair Credit Reporting Act
  • And more

Mortgage lawyers near me


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If you are searching for mortgage lawyers in the Chicagoland area, you’ll find what you’re looking for at Fausett Law. Fausett law provides top mortgage litigation services protection for borrowers. We do this through carefully crafted and individually tailored defense to their mortgage litigation. Fausett Law has years of experience providing defense against unfair lending practices and foreclosure threats by identifying applicable laws, statutes, and common practices. In addition, we’ll help borrowers explore options that can help them avoid losing their homes or businesses. Call us today at (630) 858-0090 to speak with attorneys that can tailor your defense to your specific case and contact us for more information.

Disclaimer

Advertising Material: To the extent that individuals interpret the information on this Facebook profile page as attorney advertising according to 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: Illinois Supreme Court Rules prohibit specialization claims. Likewise, we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. Therefore, individuals should not construe any of the included content 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.

Mortgage and Foreclosure Information FAQ

foreclosure process in il fausett law

Navigating the Illinois foreclosure laws alone can be stressful and confusing. To help borrowers understand foreclosure proceedings, we’ve put together this helpful guide that explains the foreclosure process in IL. Our comprehensive guide provides useful information for readers from the first missed payment up until court proceedings.

This guide will give borrowers the overall timeline and foreclosure process in IL. However, we advise that those facing foreclosures hire a real estate attorney to represent their case. A real estate attorney can provide counsel on loss mitigation options and ultimately stop foreclosure.

Fausett Law has an experienced and qualified team of real estate attorneys that can provide a robust mortgage foreclosure defense.

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What is the foreclosure process in IL timeline?

In the State of Illinois, banks and government agencies usually complete foreclosure in 12-15 months. Below is the timeline from a borrower’s first missed payment through court proceedings.

90-120 days delinquent

The foreclosure process in IL starts when mortgage payments become delinquent. The lender will file a lawsuit to foreclose against the borrower 90-120 days after someone misses their first payment. In this case, the “borrower” is anyone associated with a vested interest in the property. Examples of individuals with a vested interest are a cosigner, spouse, liens against your house, and even your HOA.

120-175 days delinquent

Next, the process server will serve the borrower with the foreclosure lawsuit in person. In addition, the process server will give the borrower a summons to appear in court. Meanwhile, the local newspaper will list the foreclosure notice prior to the court hearing. 

After the borrower receives the summons and lawsuit, it’s best to contact a mortgage and foreclosure lawyer (if the borrower has not yet done so). A lawyer will help the borrower decide the best response to file with the Court. Legally, this timeline is 30 days after being served. However, the court often extends this timeline in practice. If the borrower does not submit an answer, request an extension, or appear in court, the court will enter a default judgment against them to continue the foreclosure proceedings.

Lenders must then prove their case for foreclosure. Lenders can do this through the presentation of missed payments and loan documents to the court. The court will then either enter a summary judgment or proceed to trial. If the court grants the lender the summary judgment or the borrower loses at trial, the court orders the home for the foreclosure sale. This order will include a foreclosure sale date for the home.

90 days after being served

Borrowers still have the option of reinstatement before sale within 90 days of being served. Reinstatement requires the borrower to bring the delinquent loan current by paying the past due amount and all associated costs and fees. Legally, the borrower has 90 days after the court has served them a summons or publication. Likewise, the borrower has 90 days after they’ve received a judgment from the court that foreclosure proceedings will continue. However, in practice, loan servicers will generally allow borrowers to reinstate up to the scheduled foreclosure sale.

7 months after being served

The State of Illinois also provides borrowers with a redemption period. This period is where the buyer can pay off the entire loan and associated costs and fees. The foreclosure sale cannot occur until the expiration date of the redemption period. This expiration date is seven months after the process server serves the initial complaint or three months after the date the court issues the judgment. The property’s foreclosure sale will result in a sale to the highest third-party bidder, or the lender will take possession of the home.

Eviction is the next step in the foreclosure process. An eviction requires the borrower to exit the premises within 30 days, and the new owner (or bank) takes possession of the home.

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What are the Illinois foreclosure notice requirements?

foreclosure process in IL

 

Federal law requires a borrower must be 120 days delinquent on their payments before filing with the state court to begin foreclosure proceedings. Using these 120 days to contact a lawyer and explore options like loss mitigation can help get payments back on track and avoid foreclosure.

When the lender files a lawsuit to foreclosure in state court, the process server serves a complaint and summons to the borrower. The borrower then has 30 days to file an answer.

Illinois state law requires that the process server publish the foreclosure sale in a newspaper at least once per week for three consecutive weeks. State law also requires process servers to mail this notice to all defendants, including the homeowner, a minimum of ten business days before the foreclosure sale date.

The process server must mail the foreclosure sale notice to the homeowner and other vested parties (defendants) at least ten days prior to the scheduled foreclosure sale.

Foreclosure documents you need before you foreclose

The court requires foreclosure documents before it can process a foreclosure. These documents include: 

  • Original loan documents: promissory note and mortgage and/or deed of trust
  • Complaint for foreclosure
  • Notice of default (NOD)
  • Lender documentation that shows the total delinquency
  • Notice of lis pendes
  • Property appraisal
  • Summons to court

Home foreclosures can be a stressful and scary process for homeowners. The Law Offices of Lora Matthews Fausett, P.C. can help borrowers navigate the tumultuous process by providing loss mitigation and foreclosure counseling, outlining borrowers’ options, and representing homeowners in court. We provide foreclosure defense in Illinois, including loan modification, repayment plans, forbearance, and short sales. Whether you are potentially facing foreclosure or already involved in foreclosure litigation, our experienced team of attorneys can help. Please give us a call at (630) 858-0090 or fill out our form to get started with a consultation.

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Disclaimer

Advertising Material: To the extent that individuals interpret the information on this Facebook profile page as attorney advertising according to 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: Illinois Supreme Court Rules prohibit specialization claims. Likewise, we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. Therefore, individuals should not construe any of the included content 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.