What Is a Judicial Foreclosure?

foreclosure, Wheaton real estate lawyersIf own your home, you probably are familiar with the concept of foreclosure. You more than likely know that if you fall seriously behind on your monthly mortgage payments, your lender has the legal right to initiate proceedings through which the lender can seize your home. What you may not realize, however, is that foreclosure is a rather complicated series of steps and that Illinois law mandates that the court system must handle the foreclosure process. This means that every foreclosure in the state is known as a judicial foreclosure.

How Other States Handle Foreclosure

There are 16 states, including Illinois, which require the courts to oversee foreclosures. Five other states use judicial foreclosures almost exclusively—but as a customary practice rather than a legal requirement. Non-judicial proceedings are used in the 29 remaining states, either as just an option or because the law prohibits judicial foreclosures.

In situations where there is no requirement for judicial foreclosure, the mortgage contract will often include a provision that grants the “power of sale” to the lender. This provision effectively allows the lender to foreclose and seize the property without going through the court system. If the homeowner does not make the payments required by the mortgage agreement, power of sale gives the lender the authority to take the home and sell it in an effort to recover the remainder of the loan balance. In Illinois, a power of sale provision is not enforceable.

State or Federal Court

In most cases, a lender will begin a foreclosure by filing a complaint in the appropriate county court based on the location of the property. Lenders have the option, however, of filing foreclosures in federal court instead. Some believe that federal courts act more efficiently on foreclosures that state-level courts do, but others say that it is harder for lenders to sell properties in federal foreclosures. The U.S. Marshall Service handles federal foreclosure sales, while that responsibility at the state level usually falls on the county sheriff’s department.

How to Handle a Notice of Foreclosure

Assuming that you are least four months behind on your payments, you most likely have received a notice of default in the mail. However, when the lender files for foreclosure, you must be personally served with notice of the lender’s filing. You have 30 days in which to file a response to the complaint and summons or the court could enter a default judgment in favor of the lender.

The best thing you could possibly do in such a situation is to immediately call a qualified lawyer to talk about your options. Your strategy for moving forward will depend on your unique circumstances, and it is important to act quickly.

Call a Wheaton Real Estate Attorney for Help

If you are facing possible foreclosure, contact an experienced Wheaton residential foreclosure attorney at Stock, Carlson, Oldfield & McGrath LLC today. Call 630-665-2500 to schedule a confidential consultation with a member of our team. We will help ensure that your rights and best interests are fully protected.

 

Sources:

http://www.mondaq.com/unitedstates/x/241366/Insolvency+Bankruptcy/Is+Federal+Court+Really+a+Better+Place+to+Foreclose

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2017&ChapterID=56&SeqStart=107100000&SeqEnd=115800000

Benefits of Utilizing an Advance Healthcare Directive in Your Illinois Estate Plan

directive, DuPage County estate planning lawyerFor many people, it can be hard to know which estate planning tools and documents are appropriate for their circumstance. Estate planning has become almost synonymous with a Last Will and Testament, but drafting a will is by far not the only important aspect of estate planning. One estate planning tool which you may not have heard of is an advance healthcare directive—the most common type of which is a living will. A living will allows a person to make decisions about their potential future medical care in advance. If you are someone who wants to have a say in the types of medical intervention you could receive if you become incapacitated through illness or injury, an advance directive may be right for you.

A Living Will Puts You in Control

Few would argue that medical advances made in the last several decades are anything short of remarkable. Many people are able to survive and even recover from illnesses and injuries which would have led to death even just a few years ago. Because of this, more and more individuals are realizing how important it is to make decisions about medical treatment and end of life care in advance. A living will allows you to dictate the types of medical intervention you do and do not want if you are incapacitated by illness or injury. More specifically, a living will can allow you to:

  • Refuse certain medical treatments;
  • Know the results of your medical treatment;
  • Ensure doctors follow your wishes regarding medical intervention and care; and
  • Authorize medical treatments you may want in the future.

An Advance Healthcare Directive Can Help Your Family Avoid Burdensome Decisions

One of the biggest benefits of a living will is that it saves your family from having to make medical decisions on your behalf if you become incapacitated. The famous Terri Schiavo case is a dramatic example of the importance of proper estate planning. The young woman fell into a persistent vegetative state in 1990 and required a feeding tube to live. An aggressive, public battle between Schiavo’s parents and her husband regarding her feeding tube resulted. Her husband believed Schiavo would not have wanted her life artificially prolonged in this way while her parents vehemently believed that she should be kept alive at all costs.

Family members of individuals suffering from an incapacitating medical condition often disagree about the types of life-prolonging care their loved one should receive. By creating a living will, you can significantly reduce the need for family members to make these types of burdensome decisions.

Contact a DuPage County Advance Medical Directive Lawyer  

Contact our experienced Wheaton, Illinois estate planning attorneys today if you have further questions about living wills or other estate planning tools. Call 630-665-2500 to set up an initial consultation.

 

Sources:

https://www.cbsnews.com/pictures/look-back-in-history-terri-schiavo-death/

https://www.forbes.com/sites/northwesternmutual/2015/08/26/what-you-should-know-about-advance-directives/#3dcc31ac6b4c

Examining the Different Types of Business Mergers and Acquisitions

DuPage County mergers and acquisitions lawyerMergers and acquisitions are highly misunderstood legal terms, and are often considered to be synonymous among small business owners and the general population. However, there are some distinct differences between the two; understanding them and how they change the dynamics of a business transaction can be critical for ensuring a company’s future success.

Mergers

A merger is a business transaction in which two companies join together to form one company. Many times, one of the two companies ceases to exist. One example is the2007 merger between Digital Computers and Compaq in which Digital Computers was absorbed by Compaq.

Yet, not all mergers are the same. Instead, there are five types of mergers, all of which are listed and described below:

  • Horizontal merger. This involves two companies in direct competition with one another, both in market and product line.
  • Vertical merger. This is an agreement between two companies in a similar industry, but different type of business. An example would be a merger between a framing company and a drywall company.
  • Market-extension merger. An agreement between companies in different markets but with similar products.
  • Product-extension merger. An agreement between companies in similar markets that sell distinct products.
  • Conglomerate merger. Two companies with seemingly nothing in common merge. An example would be an electronics company merging with a company that sells car parts.

Acqusitions

An acquisition is a business transaction in which one company purchases another company. The latter of ceases to exist. In this scenario, the buyers take over the operations and decision-making of the purchased company. Many times, acquisitions have negative connotations, while mergers are viewed in a positive light. Whatever the case may be, it’s important to know that there are three main acquisitions

  • Strategic Remix acquisition. This is an agreement in which the acquired asset, including operations and product line, are combined with an existing business to increase profit.
  • Private Equity acquisition. This is when a company buys another business at a cheap price, pumps it full of resources, and then sells it at a higher cost.
  • Alphabet acquisition. An agreement between two companies that is a hybrid of the other two types of acquisitions. When this happens, the buyers take on the operations and product line of the acquired company with the intention of waiting to see how the acquired company does. If they improve, the buyers have the choice to sell or pump in more resources and potentially keep running the company for their own profit.

If you are looking to enter the world of mergers and acquisitions, contact Stock, Carlson, Oldfield & McGrath, LLC. Backed by more than 40 years of legal and business experience, our Wheaton small business attorneys can help you make informed decisions about your organization’s future. As a small business ourselves, our legal team knows how important a transaction like this can be for your business’ future. Call 630-665-2500 to schedule a consultation with our office today.

Sources:

https://www.investopedia.com/terms/m/mergersandacquisitions.asp

https://www.investopedia.com/terms/m/mergersandacquisitions.asp

https://www.investopedia.com/terms/m/mergersandacquisitions.asp