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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.

Attorney assistance for you…new homeowners

attorney-new-homeowner

Attorney help for new homeowners, or those who are on top of updates, comes in the form of your last tips as we exit October. Fausett Law PC is an experienced and respected real estate firm. Our attorney representation extends to all aspects of real estate transactions both commercial and residential. These services include real estate acquisition, disposition, financing, leasing, development, environmental and hazardous waste, and construction.

We represent private individuals, investors, business owners and developers in the acquisition, development, financing, sale, and leasing of real estate. We provide our clients with quality service and advice in a quick and efficient manner.

Buying your first home, or updating an existing one, can feel like an overwhelming experience. Since it’s a large investment, you’ll want to stay on top of what you need. We’ve got some practical items that you could use.

  • Candlewick trimmer: This might go overlooked, but it is very important. Not only could it make a great gift for a new homeowner, but it is also important when it comes to safety.
  • Home journal: If you are a new homeowner, you’ll notice from the purchase process that there was quite a bit of paperwork. That will build up more as your homeowner paperwork accumulates! A journal will keep you organized.
  • Loppers: Yes, that’s right, loppers! If you have a garden, these will be your step up from pruners. They can help trim trees and plants with thicker branches, up to about 2 inches in diameter.
  • More essential tools

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

Advertising Material: To the extent that the information on this Facebook profile page 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. 

Lawyer help for you: Short Sale Vs. Deeds in Lieu

Lawyer help from the attorneys at the Law Offices of Lora Matthews Fausett, P.C. is here to provide excellent legal counsel to help you find a solution to your issue – whether that be a matter in real estate law, mortgage foreclosure defense litigation, business law, or estate law.

lawyer-help-fall-foreclosure

Today we will be discussing a couple of the options for those who may be facing foreclosure on their homes. Short sales and deeds in lieu are very similar and often get confused, but they are both helpful methods that can help prevent you from going into foreclosure.

Short Sale

A short sale is when the homeowner sells their home to a third party for less than the money owed on the mortgage. The lender agrees to accept the proceeds made in the sale, in exchange for releasing the lien on the property.

Short Sale Process

The lender’s loss mitigation department must approve of the short sale before a transaction can occur. The seller must submit a loss mitigation application to be approved for a short sale and this includes:

  • A financial statement, in the form of a questionnaire, that provides details regarding monthly expenses and income
  • Proof of income (if applicable)
  • Most recent tax returns
  • Bank statements (two recent statements for all accounts)
  • A hardship letter

More than likely you will need to provide that there is an offer from a potential purchaser as well on the application. Lender’s usually want there to be an offer before they consider a short sale. An exception to this is with the government’s Home Affordable Foreclosure Alternatives Program (HAFA). This aids the lender in approving of the short sale terms before the home is listed and the lender accepts the short payoff in full satisfaction of the mortgage. HAFA also prevents the lender from coming after the seller with a deficiency judgement.

Deficiency Judgements

The deficiency is the difference between the amount received in the short sale and what is actually owed on the mortgage. Many states prohibit deficiency judgments after foreclosures, but not many do for short sales. Deficiency judgments by state. To avoid a deficiency judgment, the short sale agreement must expressly state that the transaction is in full satisfaction of the debt and that the lender waives its right to the deficiency.

Deeds in Lieu

Deed in lieu is another option to help you avoid foreclosure if you can’t sell your home through a short sale. A deed in lieu of foreclosure is a transaction where the homeowner voluntarily transfers the title to the property lender in exchange for release of mortgage obligation.

Deed in Lieu of Foreclosure Process

Like a short sale, the borrower must request a loss mitigation package from the lender. What you will need to provide the lender with:

  • A financial statement that provides detailed information about your monthly income and expenses
  • Proof of Income (if applicable)
  • Most recent tax returns
  • Bank statements (two recent for all accounts)
  • A hardship letter

If you are approved, you will receive two documents from the lender, one is a deed that transfers ownership of the property to the lender and an estoppel affidavit. The estoppels affidavit sets the terms of the agreement. It will include a provision that you are acting freely and voluntarily. It may include provisions about the transaction and if it’s in full satisfaction or if the lender has the right to a deficiency judgement.

Deficiency Judgments

In the case of a deed in lieu of foreclosure, the deficiency is the difference between the fair market value of the property and the total debt. In most cases, a deed in lieu of foreclosure will release borrowers of all liability and obligations under the mortgage, but not always. Most states do not have a law prohibiting a lender from seeking a deficiency judgment. HAFA deeds in lieu are considered full satisfaction of the debt owed. To avoid a deficiency judgment, the agreement must state that the transaction is in full satisfaction of the debt.

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

Advertising Material: To the extent that the information on this Facebook profile page 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. 

Attorney for real estate…Halloween edition!

attorney-real-estate-halloween

Attorney searching for real estate shouldn’t be haunting, but sometimes the home can be. About half of the states are caveat emptor, or “buyer beware” in Latin. In certain cases, that may mean beware of the ghosts.

One Laveta Place is a beautiful home on the Hudson River of New York that has been owned by the director and writer of romantic comedy Definitely, Maybe, singer-songwriter Ingrid Michaelson, and reggae artist Matisyahu. It is also reported to be haunted.

In 1991, the owner at the time, Helen Ackley, was sued for not disclosing that the house was haunted when trying to sell. Ackley had even spoken of the hauntings in a Reader’s Digest article explaining ghost sightings and phantom gifts.

The court found that Ackley had deliberately concealed information that could affect the value of the house. Today, real estate sellers are often required to disclose if a house is believed to be haunted.

An attorney for real estate can help you with the ins and outs of your property, including if there are *factors potentially affecting the home’s value or the well-being of the home’s owner.* Though, this may not always be a bad thing as the house on the Hudson has historically sold for significantly more than comparable houses in the area.

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

Advertising Material: To the extent that the information on this Facebook profile page 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. 

Business lawyer assistance for you

business lawyer

Business lawyer assistance can safeguard your company and make the law work for you. Putting agreements in writing is a form of organization and a way to commit to honesty. Our attorneys can assist you in setting up your business and ongoing consulting on contracts, partnership agreements, operating agreements, employment agreements, leasing and other day-to-day legal matters. 

When starting a business, you may not think of it right away, but putting agreements in writing is good practice for the long run. As time passes, the initial agreement may be fuzzy and cause simple details to turn into unnecessary issues. At Fausett Law, P.C., we are invested in success of our clients. Establishing a business takes careful planning and detailed legal steps.

Our business formation services include preparation of the Articles of Incorporation, Articles of Organization, as well as Bylaws, Shareholder’s Agreement or an Operating Agreement. We assist with the mandatory filing requirements.

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

Advertising Material: To the extent that the information on this Facebook profile page 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. 

Lawyer help…time for fall real estate

lawyer fall real estate

Lawyer help for the fall season includes real estate. It is commonly said that there are many reasons to buy a home in the fall. For buyers, motivated sellers may be more likely to negotiate as the market slows, and for sellers, it is important to find the right buyer. Our lawyers assist buyers and sellers in the negotiation and closing of real estate purchases and sales.

  • The slower season gives involved parties more time to think. Less fast paced bidding wars and more time for decision making is a highlight of the season.
  • It’s a time for honesty. This can be good for both buyers and sellers. Buyers get to see the house when the weather is not at its most beautiful and sunny, and sellers get a chance to show the true integrity of their home.
  • Neighborhood atmosphere reveals itself. While the summer brings folks outside, it also includes vacations, getaways and all of the warm weather glamour. However, the fall brings about routine. It is a good time to get the true feel of a neighborhood.

Our lawyer real estate representation includes the preparation of purchase agreements, financing documents, documents of conveyance, and escrow instructions. We are here to help.

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

Advertising Material: To the extent that the information on this Facebook profile page 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.