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February 06, 2012

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Real Estate Resources

The best way to inform yourself about Illinois Real Estate Law and Real Estate related topics. Our Real Estate Resource Center includes the following sites for your personal use:

Are you currently looking to purchase Illinois real estate? If so, contact one of our experienced Illinois real estate lawyers today!

Did You Know?

A Reverse mortgage is also known as HECM
Section 255: Home Equity Conversion Mortgages (Reverse Mortgages, a.k.a. HECM) allows a borrower aged 62 and older to borrow against the equity in a property that has limited outstanding debt. A subject property under this program must be an existing one-to four-unit dwelling in which the mortgagor occupies one of the units. It may be a condo if in a FHA approved project. Manufactured homes are eligible if the home complies with outstanding FHA guidance.

	Newsroom
	News about real estate cases in Illinois and nationwide: April Survey Of Real Estate Trends Finds Continued Gains In Real Estate Markets "Our surveys have shown steady improvement in real estate markets since early last year," FDIC Chairman Ricki Helfer said. "We are pleased to repor... Read more > Martinez Announces 'Homebuyer Bill Of Rights' - Part Of Bush WASHINGTON - Individuals and families who want to buy or refinance a home will find the process significantly easier under a proposal announced tod... Read more > Buildings Commissioner Elevated to Fellowship Status in the American Institute of Architects Commissioner Lancaster said, "It's a great honor to be recognized by my peers for my contributio... Read more > More Real Estate News >

Real Estate Terms

Today's Terms

Assumable mortgage

Definition:
A mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage.

Amortization

Definition:
Repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years)

Bankruptcy

Definition:
A federal law Whereby a person's assets are turned over to a trustee and used to pay off outstanding debts; this usually occurs when someone owes more than they have the ability to repay.

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Real Estate Resources

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Real Estate Hot Topics

Topics Related to Real Estate Law:

Commercial Real Estate
Construction
Condemnation
Landlord / Tenant
Mortgage Matters

Illinois Real Estate Attorney

If you live in the following cities and need an real estate attorney you should contact our Real Estate Attorney as soon as possible:

Arlington Heights
Aurora
Bartlett
Berwyn
Bolingbrook
Buffalo Grove
Carol Stream
Chicago
Chicago Heights
Cicero
Des Plaines
Elgin
Glenview
Granite City

Harvey
Joliet
Lockport
Lombard
Mchenry
Moline
Mount Prospect
Normal
Oak Lawn
Palatine
Plainfield
Tinley Park
Waukegan
Wheaton

Legal Disclaimers
All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Real Estate Lawyer Illinois.com is not intended to be real estate advice, but merely conveys general information related to real estate issues commonly encountered.

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