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Everything You Need to Know About Defaulting on a Second Mortgage...

Posted by , on Feb, 2018

It isn’t uncommon for a homeowner to take out more than one mortgage loan to cover all of the expenses. They can be used for the purchase of the home, home remodeling, paying off college loans, or going on a vacation. The problem is that if you default on the payments with your second mortgage, you may soon be facing a foreclosure. This may be initiated by the first or second lender depending on the value of your property. What is a Second Mortgage? Choosing to take out a second mortgage requires you to sign two different documents: a promissory note and a mortgage. The promissory notes is a promise in written form to pay back the loan, the mortgage gives the lender security interest in the property. Some of the types of second mortgages include home equity loans and home equity lines of credit (HELOCs). Second mortgage does mean the mortgage is taken out after the first mortgage, but it also means that is has less priority. The mortgage with the highest priority is also the one that needs to be paid off first after foreclosure. After that is taken care of, the balance from the sale will go into the second mortgage debt. Paying Mortgages If you can’t keep up with the payments on your primary mortgage, you will find the lender will often choose to move to foreclosure. This is not always the case with a second mortgage. A West Chicago home loan modification attorney can help you understand your options if you are faced with foreclosure. Homes with Equity The value of the home is the biggest factor that a lender looks at before deciding to go to foreclosure. They want to be sure that the sale of the home will cover not only the first mortgage but the debt from the second, as well. If it turns out that this is possible, you can expect they will move into foreclosure. Homes without Equity When your home is worth less than the amount you own your lenders, this is referred to as negative equity. In this case, the second lender is unlikely to consider foreclosure. If you aren’t able to pay the first lender, who then initiates a foreclosure, you may find that the second lender will file a lawsuit to gain the unpaid amount from you. Understand Your Situation If you are facing foreclosure, you want a West Chicago home loan modification attorney to help you. At Covert & Covert Legal, LLP, we specialize in this type of situation. We understand that anyone can...

How to Remove an Executor from a Disputed Estate

Posted by , on Feb, 2018

In most cases, when someone passes away, they will have named an executor to the estate who is responsible for dispersing their assets following death. This person will be expected to act as a representative of the estate and fulfill any duties that are outline in the will, assuming there is a will available. In some cases, the estate executor doesn’t deal with the duty of administering the will. When this happens, the beneficiaries of the estate may be required to take steps legally to remove the current executor and appoint someone else. What Roles Does and Executor Have? When an individual dies, the executor is entrusted with the estate and is required to handle certain tasks. The tasks include: Retrieving the assets of the estate Settlings any tax issues and debts Administration of the estate Dispersing the assets When Will an Executor Be Removed from an Estate? The executor of the estate has a fiduciary duty to act in the best interests of any beneficiaries. Under legal principle, this makes the executor the fiduciary, while the beneficiaries are the principles. In order to remove an executor from the estate, beneficiaries may be required to file a motion with the probate court. This can be a difficult process that is aided by a Highland Park estate administration lawyer. Executors may be removed from the estate in instances of dishonesty, misconduct, or incompetence. The following are some of the things that constitute those things: Choosing not to comply with court orders Using the assets of the estate for personal gain Failing to carry out duties as request in the decease’s will Improperly accounting of the assets Mismanaging the estate in a gross manner It’s worth noting that an executor cannot be removed by making decisions that don’t benefit the beneficiaries if the decisions were made in the best interest of the principles when they were make. If the actions are reasonable when occurring, they are considered to be made in good faith. Conflict of Interest An estate must be administered fairly among the beneficiaries by the executor and without any actions that might be considered a conflict of interest. That could include using the estate to guarantee business deals or loans that would benefit the executor themselves. Get What is Rightfully Yours At Orlowsky & Wilson, Ltd., Attorney’s at Law, we provide excellent Highland Park estate administration lawyers. If you think your loved one’s estate is being managed in an improper way, you can contact us at 847-686-2445 for a free consultation. Be the first to like. Like...

3 Indicators of a Superior Interior Design Company

Posted by , on Feb, 2018

A house may be more than the sum of its. Drywall, hardwood, and layers of paint are merely tools on the way to designing a home in which you want to live. Someplace safe you can return to at the end of a hard work day, someplace cozy where you can relax on the weekend, or someplace you can spend the holidays with family. However, when it comes to designing your house, there may be overwhelming amounts of interior design companies out there. Here are three indicators that you’ve found a decent company specializing in interior design in Oakbrook. Design Philosophy Look first to the company’s specific design philosophy. The important factory here isn’t necessarily what the philosophy is, per se, as much as it’s important that the company has one. This can indicate the interior designer is experienced in articulating their vision and methods by which that vision comes into being, and, therefore, can offer you the home design you’ve always wanted. Budget Adherence How well does the company work with budgets? This second section may sound too logical and cold, but that’s exactly what it should be. No matter how beautiful a design plan may be, if it’s too expensive for you then, it’s a no-go. Look at whether the company performing interior design in Oakbrook has a solid track record of operating within budgets. Various Services Finally, you may want a company that offers a multitude of different services. Too often, there are many different aspects of a house that needs to be dealt with and then have to be contracted out. From construction to painting to tilework to plumbing, it can add up pretty quickly. Finding a company that offers several services in-house can be a boon to your budget and design alike because of the more construction or interior design services that come from a single company, the better continuity in the home overall. When it comes to finding companies doing interior design in Oakbrook, keep these three indicators in mind to make the house of your dreams come true. For more information, visit Maurabrauninteriordesign.com. 2 people like this post. Like...

Reasons to Use Professional Excavation Services Instead of Doing It Yourself...

Posted by , on Feb, 2018

If you own several acres of land, you might be frustrated with your lack of ability to actually get to any of it because of the lack of access roads. Or maybe you just want to clear out a large area of that land in order to make room for something more recreational. But before you break out that trusty pickaxe, consider for a moment that maybe this isn’t the kind of job you can DIY. Do not underestimate the breadth of work ahead of you. If you are on the fence about hiring professional excavation services in Santa Cruz CA, here are the main reasons you may want to employ them instead of doing it yourself. #1. It’ll get done faster The best part of a professional team of excavators is that the job is guaranteed to get done in less than half the time it would take for you to do it. Even if you have all the proper equipment, and permits, and training needed to clear out several acres of land, you likely don’t have the manpower, or the time. Unless you yourself own an excavation service, you probably have a lot of other things going on in your life that demand your attention. In this case, the best way to make sure it gets done quickly, is to hire an excavation service to handle the job for you. #2. More efficient The main thing you have to worry about when doing excavation DIY, is the possibility of screwing up. With a team of excavators, they have the proper tools and manpower to fix any mistakes they may make, if any are made at all. However, if you’re all by yourself, then that’s on you to fix. And not having a few other people there to help you is really going to come up as a bad idea on your end when you decide to fix every little mistake you’ve made over the course of this job. #3. They come with insurance If you mess up on an excavation, paying off the damages falls on you, even if you hire an ad hoc team. An excavation service, on the other hand, comes with liability insurance. This means that if the team screws up on the job, then their insurance will cover expenses and your costs to fix the problem. This is particularly important because, what most folks don’t know about their homeowner’s insurance is that self-inflicted harm (which screwing up an excavation project falls under) is not covered. Now that you know the biggest benefits of...

5 Ways to Take Care of Your Outdoor Furniture

Posted by , on Jan, 2018

The right outdoor furniture can transform your yard, patio or garden. But your chairs and tables won’t last forever. It can last longer, though, with proper care and maintenance. Here are top tips to remember: Choose the right material Weather-resistant materials make for an excellent choice when you’re putting chairs and tables outdoors. Keep in mind that constant exposure to wind, sun, heat, rain and more can easily take a toll on these pieces. The best way to make the most out of every dollar you spend is to go for options that will prove durable and sturdy against the elements. Use furniture covers These are easy enough to buy. You can choose from a range of different sizes that would fit your chairs and tables. After all, you aren’t going to be using your outdoor furniture at all times. You can use protective covers to keep them safe from exposure to outdoor elements. Read care guidelines Always read the care guidelines that come with all your outdoor furniture. You’re going to need to work with basic furniture care rules to make sure you don’t end up using cleaning solutions or materials that could be completely wrong for your tables, chairs and fabrics. The last thing you want to do is to damage the item and null any of the warranty you have on the piece. Stay away from harsh chemicals You’ll want to steer clear of abrasive cleaners since these could destroy the finish on your furniture. Check care guidelines since these will explicitly state which kinds of products you’ll need to stay away from. Put them in storage To protect your tables, chairs and cushions, you might want to put them all in storage when you aren’t using them, says Martha Stewart. That’s going to help you make your pieces last much, much longer. Be the first to like. Like...

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