Mortgage foreclosure defense is a serious matter. If you find yourself in a situation where your mortgage lender is threatening, or has filed a foreclosure action against you, it is important to defend yourself as soon as you can.

One way to avoid mortgage foreclosure is to modify the mortgage. A modification may include:

• A reduction or change in the loan’s interest rate.
• A reduction in the loan’s principal.
• A reduction or elimination of late fees and penalties for non-payment.
• A reduction in your monthly payment.
• Forbearance, to temporarily stop making payments, or extend the time for making payments.

Here are the typical steps in a foreclosure case:

• Default
• Filing of Foreclosure
• Personal Service of Summons
• Foreclosure Judgment and Order of Sale
• Reinstatement Period Expires (90 days after personal service)
• Redemption Period Expires (7 months after personal service or 3 months after judgment, whichever is later)
• Foreclosure Sale
• Foreclosure Sale Confirmed
• Right to Possession Expires (30 days after foreclosure sale confirmed)
• Eviction by Sheriff of Named Parties
• Recording of Foreclosure Deed

Regardless of where you are in the process, having legal representation can prolong the process of foreclosure greatly, allowing you to stay in your home for more than a year from the filing of the lawsuit.

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, 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. 

Tax law changes can occur if and when the government puts money in the economy to kick-start spending during negative economic events. These law changes affect business owners. With Covid-19 came the payroll tax delay and the extended Tax Day deadline which have allowed businesses to hold on to their money to invest, retain employees and hire more people– all examples of what may come unexpectedly.

Tax preparation for the unexpected as a business owner

In a recent Forbes article, it was said that:

“…Businesses are currently able to deduct business interest up to 50% of their adjusted business income. This amount will decrease starting in 2021. In addition, the corporate tax rate is 21%, but presidential candidates have proposed increasing corporate tax rates. The decrease in the ability to deduct business interest and the potential increase in corporate tax rates make it more important than ever to have a continuous strategy in place to lower taxes.”

Staying prepared for these changes as a business owner is always important, but unexpected events make it all the more imperative. You must take the initiative to prepare for these changes at your own discretion. If not, you are at risk for being overtaxed as a business owner. According to Karla Dennis, the author of the mentioned Forbes article and Forbes Councils Member, your tstrategy should be comprehensive and look to maximize deductions, optimize deductions, and utilize credits and pending laws that may be “sunsetting.“

While the article states you should ultimately consult with a licensed professional for advice concerning your specific situation, it does also recommend deferring to the tax code. “One thing you can be sure about is that the tax code will always include opportunities for you to lower your tax burden,” it assures.

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, 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. 

Anyone who has come across a great idea or opportunity will soon come to realize how easy it can be to start your own LLC in Illinois. It can be as simple as creating a business account and signing up for an EIN. These initial stages can be exciting but also frightening and that is where legal guidance can help. When starting any business, it is first important to understand the difference between corporate law and business law. Corporate law details the legal aspects governing sale and distribution of goods while business law covers legal aspects used in mergers, acquisitions, the formation of companies and rights of shareholders. No matter your business, it is important to have in-depth knowledge of both laws. 

When starting a business, business law attorneys can give you advice on how to form and register while you decide how and where your business will operate. It is important to have a business lawyer in order to protect it from the beginning. In addition to initial beginnings, a business lawyer can assist with contracts, and lawsuits. Unless you have experience with legal terminology, it can become complicated to understand the initial terms in a contract as well as to look out for specific clauses and phrases that could hurt your company in the long run. 

For the state of Illinois, a key risk for owning a business is the liability for accidents and mistakes. A company can rack up thousands of unnecessary dollars from a variety of issues from the products or services provided. When dealing with commercial property this involves the losses governed by commercial law. Commercial law focuses on the sale and distribution of goods as well as financing of certain transactions. This policy would be commercial property because it covers losses resulting from the damage or destruction of business property. This property can range from real estate to machinery to valuable documents. Getting this policy can be as easy as walking up to your local law office, contacting a business attorney and then describing the property that you would to like to get insured. This attorney will either direct you to the proper insurance company or write up a policy themselves. It is also valuable to note that the terms business attorney and corporate attorney can be used interchangeably.  

If your business involves personal or property injuries caused by products manufactured or distributed, then your insurance would fall under product liability. If your business involves room for professional error or the possibility of negligence and malpractice, then your insurance will fall under professional liability. However, if your business has general legal hassles then it would fall under general liability. It is important to define the specific types of liability that can protect your business. 

After reaching out for legal assistance and acquiring the necessary legal protection, a new business owner can feel comfortable and safe to operate and grow their business to their full potential.

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPage, Cook, Kane, 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.