Fausett Law Logog

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.

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.


View Our Mortgage Foreclosure Defense Service


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.


Contact Us Today


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


Call Us Today


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.

View Our Mortgage Foreclosure Defense Service

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.

Contact Us Today

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.

Contact Us Today

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.

What is Business Law?

business lawyer

Business law serves two main purposes. The first is to protect a business from both internal and external factors like intellectual property theft, competitors in the marketplace, and many other possible issues. The second is to make sure that a business, like all companies, is following proper regulations in terms of employment, tax codes, and more. Correctly following the channels of business law can save business owners both time and money. Above all, a lawyer’s role is to make sure a company is in line with and protected by business law.

There are many types of business laws that serve the complex dynamics of starting and/or running a business. A qualified business lawyer can help businesses at any stage. These stages range from business formation to intellectual property protection, to defense against a lawsuit.

What are the types of corporate law? 

There are many ways that corporate law can protect a company and keep the marketplace one of fair and equal opportunity for all. In other words, the multiple facets of corporate law ensure compliance with important state and federal regulations. These regulations include taxes, employee rights, binding contracts, and financial transactions.

Commercial law, or corporate law, aids in the formation and operation of a business. There are many avenues of corporate law. For example:

  • Employment Law
  • Contract Law (drafting, negotiation, litigation, etc.)
  • Immigration Law
  • Tax Law
  • Antitrust Law
  • Intellectual Property Law
  • Bankruptcy Law
  • Financial Transaction & Consumer Goods Sales
  • And more

This list is not exhaustive. However, it does cover the basics of the types of business law. Therefore, consulting with a lawyer can help you and your lawyer understand the best way to address your business’ needs.

Our team at Fausett Law is prepared to ensure compliance and provide defense against a wide range of legal business formations, issues, disputes, or dissolutions. For more information on our qualified team, visit our attorneys’ page.

The list of business laws every company should know

The above discusses the types of business law. However, there is also a list of business laws every company should know. Nonetheless, it’s still important to consult with your lawyer after reviewing this list. It is impossible to anticipate every need a business could face in a single list.

  • Employment and Labor laws
  • Business Licensing 
  • Insurance laws
  • Taxes relevant to your business and/or industry and location
  • Employee privacy 
  • Bankruptcy
  • Intellectual Property Rights – such as patents, trademarks, copyrights, etc.
  • Data Security
  • Antitrust laws
  • Advertising and Email Marketing laws
  • And more

For a consultation that addresses your business’ specific needs, please give us a call or fill out our form to get started.

Important Branches of Commercial Law

The branches of commercial law that are most important to a business will depend on the industry, location, and overall operation of that business. Identifying the main areas of products or services that your company specializes in can help you and your lawyer narrow the scope of relevant business laws to focus on.

At the Law Offices of Lora Matthews Fausett, P.C., our team is dedicated to identifying business laws your company should be aware of. We can ensure compliance with all relevant regulations, and defend your business against litigation or intellectual property theft. We specialize in entrepreneurs, investors, and small and midsized companies throughout the Chicagoland area in a wide array of business law matters.

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.


How is COVID-19 affecting the Illinois real estate industry?

Illinois real estate

Whether you are a renter, landlord, or realtor, you may wonder, how is coronavirus affecting real estate?

As 2020 comes to a close, we’ve seen some interesting trends. House sales in October were up 34% in comparison to 2019. Additionally, there was an increase in the median home price.  But there’s more to Illinois’ morphing real estate industry than home prices.

COVID-19 has changed the way real estate operates. At Fausett Law, we’re here to help individuals navigate the changing real estate industry through COVID-19. We have guidance for tenants and businesses.

The State of Illinois has taken several measures to protect both tenants and businesses. Individuals can find updates on assistance programs, FAQ’s, and updated protocols for navigating the real estate industry in Illinois at illinoisrealtors.org

If you, your family, or your business need real estate legal assistance during these unprecedented times, please call the Law Offices of Lora Matthews Fausett, P.C. at (630) 858 0090.

Our firm has put together helpful governmental and community resources. These resources are here to help answer questions and get you in touch with the best contacts.

What is the rental relief program in Illinois? 

Governor Pritzker issued an Executive Order on December 11, 2020. This order aims to protect renters from eviction and/or removal through January 9, 2021. To qualify for this relief assistance, individuals must have experienced economic hardship as a result of COVID-19. Individuals must also fall under the income of $99,000 filing taxes as single/$198,000 filing taxes jointly for the 2020 calendar year. This information needs to be certified in a declaration by tenants to their landlords. You can find more information on the rental relief program in Illinois here.

COVID-19 Related Orders for Illinois Realtors: What you need to know

Working as a real estate agent in the State of Illinois during COVID-19 comes with a unique set of challenges. Providing superior customer service under different – and often changing – guidelines can be stressful. In order to navigate the changes in a way that protects your business and satisfies your customers, it’s crucial to stay up-to-date on Executive Orders and best practices for sanitation and limiting contact.

Illinois is currently under Phase 3 of the Restore Illinois plan. This phase carries fewer restrictions on showing both open houses and properties occupied by tenants during COVID-19. However, it is vital that realtors remain cautious and take all the necessary steps. We suggest consulting a legal opinion to thoroughly protect yourself, your clients, and your agency from both COVID-19 and potential liability.

At the Law Offices of Lora Matthews Fausett, P.C., we’re here to guide realtors through the shifting terrain of operating a real estate business in Illinois during COVID-19. We’re ready to discuss legal requirements for realtors and how to protect yourself best.

There’s no doubt that coronavirus has affected real estate in Illinois. We see these effects from the plummeting prices in May to the robust market in October. As a result, we know that specific measures are necessary to protect your rights as a renter or liability vulnerabilities as a business. You’ll find our comprehensive list of areas of practice here.

For more information on our services at Fausett Law, please give us a call at (630) 858-0090 or visit our resources page. Our team can help you protect yourself and maneuver the shifting real estate landscape during COVID-19.

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.

Probate: attorney help for navigating the system

Probate is the legal process that determines who gets what after a person’s death. When someone close to you passes away, you want to know that their wishes are respected and protected and that your loved one’s intent is carried out. Due to a number of circumstances, however, these desires can become difficult to deal with as family members try to navigate their way through the courts.

Resolving issues among and between beneficiaries and heirs, addressing will contests– the issues of a lack of a will or an invalid one, letters of office, administration bonds, or the complications of Illinois probate law, make it hard to maneuver through the system.

If the deceased has a will, the process begins when the executor nominated by the decedent in the will, presents the will for probate in a courthouse in the county where the decedent lived or owned property. If there is no will, someone must ask the court to appoint an administrator of the estate, usually the spouse or an adult child of the decedent.

The purpose of probate is to prevent fraud after someone’s death. Probate is also a public notice of death and lets creditors file claims against an estate. After any creditors are paid, the remainder of the estate goes to the beneficiaries.

If there is not a will, the court will decide how to distribute the property. This is why it is so important to have a will.

Laws will vary by state and not all assets or estates need to go through probate. Some assets can transfer automatically at the death of an owner with no probate required.

If you decide to avoid probate, some assets can automatically escape probate and be paid directly to the beneficiary you have named. These include insurance policies, IRAs, retirement plans and some bank accounts.

One reason to avoid probate is because it is a long process that can take six months to a year or more to settle with the state.

The best solution is to speak with a trusted attorney who can help you craft a solution for your personal situation.

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. 

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.