Probate McLean County IL – Queen Law Firm – Call 309-245-8080
The passing of a loved one can result in a mix of emotions. While coping with grief, trying to deal with their estate can feel like an overwhelming challenge. It’s essential to have the assured legal assistance of an experienced elder law attorney during such a challenging time.
The Queen Law Firm in Bloomington offers a probate and probate litigation services. Our experienced attorneys provide expert handling of complex Probate McLean County IL administration issues. Our focus is always to deliver excellent legal solutions while keeping our clients informed as the process moves along. Our primary goal is to make the entire probate experience go smoothly regardless of the challenges involved.
Probate is the process through which the assets of an estate are distributed following the death of the estate’s owner. The executor of an estate is typically who initiates the Probate McLean County IL process. Often, the executor is often a family member or a close friend of the deceased person. Our firm can work with the executor and any trustees to help facilitate the whole process.
Probate McLean County IL – We Help Families Resolve Probate Matters in McLean County
In the Probate McLean County IL process, the debts of the person who has died are paid and assets are distributed. If there is no will or trust, the state of Illinois has a process in place for deciding distribution of the estate’s assets. These matters typically require the guidance of a Probate McLean County IL lawyer. To serve our clients we also provide:
-Guidance for estate executors or trustees.
-Representation if the estate is contested.
-Notify creditors for any existing debts that need to be paid.
-Collaborate with finance professionals to reduce tax liability.
-Locate debtors of the estate, recover payment.
-Defend against false claims.
The Queen Law Firm has successfully worked with families from a variety backgrounds and estates. Our Probate McLean County IL litigation staff is particularly skilled in handling contentious scenarios. Our goal is first and foremost to protect your loved one’s estate and the best interests of the family members involved. Get started with a free consultation today at 309-245-8080.
Facing Foreclosure? Talk to a Real Estate Attorney at the Queen Law Firm – Call 309-245-8080
In addition to our Probate McLean County IL services, our firm also specializes in real estate law. If you are in the situation where you may be facing foreclosure on your McLean County home, call our offices for help today.
Read on for some helpful information about foreclosure and how our legal expertise can help you.
What is Foreclosure?
Foreclosure is a legal process through which the lender takes possession of the unpaid property. It can be a complicated and stressful process. Understanding mortgage loans help make the foreclosure process clearer.
Mortgage Loans
A home buyer who cannot pay for a home purchase outright at the time of the sale usually acquires a mortgage. A mortgage is a loan from a lending institution or a mortgage investor. The borrower agrees to pay the loan back in monthly installments over a given period of time. When a borrower takes out a loan to buy a home in the state of Illinois, they usually must sign a mortgage and a promissory note.
The note is simply a promise that the borrower will repay their loan. (It usually includes the repayment terms too.) The mortgage secures the promissory note. If the borrower cannot keep current on the monthly repayment schedule, he or she is defaulting on that loan. In other words, the borrower has broken the agreement with the lender. If the homeowner does not continue the payments and cannot pay off the loan in full, a lender may resort to foreclosure.
Foreclosure is repossession. It is a legal process through which the lender takes possession of the unpaid property. A foreclosure might occur on the property for reasons other than a delinquent mortgage. Foreclosure can occur on a property for unpaid taxes or homeowner association fees as well.
Reasons Why Foreclosures Occur
Most buyers enter into a lending agreement with the intention of paying off the loan. Lenders research a borrower’s work history, credit rating, and earnings. Every effort is made to ensure that the borrower can keep up on their end of the bargain. However, unforeseen things can happen.
Here are two of the many reasons that a borrower might not be able to keep up on payments and face foreclosure:
-Circumstances change. The borrower might have lost a job, had unexpected medical expenses, or taken on a lot of extra debt. Perhaps other living expenses have greatly increased, or a spouse passed away. It can be challenging to get back on your feet again financially after a big, life-changing event.
-Mortgage payment increases. A payment could suddenly increase due to a change of interest rates in an adjustable-rate mortgage. An escrow shortage could occur if property taxes or insurance premiums abruptly rise.
Consult with a real estate lawyer at the Queen Law Firm to fight foreclosure and keep your home – or to learn other alternatives that may be available to you. Call 309-245-8080.
Procedures vary from state to state, but the steps to get to the point of foreclosure are typically the same. In Illinois, the steps are:
-Missed payments. This is the first step in any foreclosure process. A homeowner does not face foreclosure if he or she is late on one payment. There is usually a grace period by the lender and written notification after that. After that, a borrower may receive a breach letter from a lender which states that the loan is in default.
-Public notice. A lender will file a Notice of Default with the County Recorder’s Office or file a suit.
-Pre-foreclosure. This is the early stage of repossession after the filing of the public notice.
-Auction. After a required amount of time, assuming the loan is still in default, it will go up for public auction.
-Post-foreclosure. If the home is sold at auction and the homeowner is still in the house, the previous owner must move out within 30 days from the time the court confirms the sale.
Types of Foreclosures
Foreclosure types and processes vary from state to state. However, all foreclosures are either judicial or non-judicial. A judicial foreclosure gives the homeowner an opportunity to contest the foreclosure through the court. No court action is required in a non-judicial foreclosure.
Illinois Foreclosures
All foreclosures in the state of Illinois are judicial. In other words, a lender is required to file their suit in state court.
The borrower (defendant) must reply to the court action by the lender (plaintiff) during a specified time frame. If a response is not received, it can result in the court issuing a default judgment. Conversely, if an answer is filed, the lender will be unable to obtain a default judgment. At that point, the lender typically files to obtain a motion for a summary. Or, the case will go to trial.
A judicial foreclosure must proceed through more limiting legal steps. First, the lender files a lawsuit to which you have a right to reply in court. The suit will effectively ask the judge to allow the lender to take possession of and sell your home, and the lender cannot do so without a judge’s approval.
For help with Probate McLean County IL, advice on fighting foreclosure or other legal services, contact the Queen Law Firm at 309-245-8080.