Category: Law Firms

Ways to Fight Foreclosure

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A Foreclosure is a situation whereby your mortgage holder, lender, or the bank take over your property because of late in payment. But what do you do when you are behind in paying your mortgage? What do you do when the banks are threatening to foreclose your house?

People will answer these questions based on their experiences, which may differ from person to person. As each person must have had different experiences with different mortgage holders. However, this article is a compilation of a few possible alternatives to foreclosure.

  1. Ask for a Forbearance

This is an agreement you go into with your lender/financial institution to delay foreclosure. With forbearance, your payment is suspended for a few months to allow you to catch up with your previously due payments. With forbearance, you would eventually settle every payment owed, but in the interim, it helps you catch a break and reduces the piling up of debts and, of course, stops foreclosure.

  • Mortgage Modification 

With mortgage modification, you and your lender may need to come up with a modification plan, which in essence, means that you would not need to make any payment, or your required payment is reduced drastically until your financial crisis is over. This is another sure alternative to foreclosure.

  • Set up a repayment plan 

If you are behind your mortgage payment because of a short-term financial issue, for instance, the current lockdown, setting up a repayment plan might be your only option. You and your lender can come up with a new payment plan and structure which will not in any way affect or strain your pockets while the financial issue lasted.

  • Offer a “deed-in-lieu” of foreclosure

This will not keep your home, especially if you owe more than your home is worth; however, it is a viable option in case you have suffered a permanent loss of income. It also does less damage to your credit compared to what a foreclosure would do. This alternative is advisable not because it’ll keep your home, but because it’ll keep your credit at a reasonable level and your property won’t have to go into foreclosure.

  • Short-sale

This is also known as the pre-foreclosure sale. For this to happen, the bank has to agree to allow you to put your house on the market for its current value provided that’s less than you owe. This alternative is only viable for people who bought the property when the market was hot, which has now gone soft.

Conclusion

Whatever you do, complete honesty with your lender and the bank will go a long way in opening up opportunities for any of the above alternatives, because, the goal of these alternatives is to avoid your property from going into foreclosure; therefore, it is very important that you negotiate with your mortgage holder and leave no stones unturned, particularly if you are going the way of short-sale or deed in lieu of foreclosure. Ensure that any agreement you make with the mortgage holder absolves you of being responsible for the remainder of the debt because, if this happens, you would be stuck with that debt.

You can contact Chang Legal LLC Attorneys at Law for a more professional help on how to fight foreclosure or avoid altogether.

Things You Should Know About Buying a Vacant Land

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Sometimes it’s better to build your home than buy one, not necessarily because one is cheaper than the other, but largely because instead of remodeling a house to your taste, you get to build from scratch, be a part of the process and build to your taste. But for any of that to be possible, you have to, first of all, get land on which to build your home. And in every sense, purchasing vacant land can be very tricky, but the aim of this article is to highlight some simple tips that can get you started on buying vacant land.

  1. Have your money ready

Having your cash ready for payment is important because your chances of getting a bank loan to purchase a vacant property are quite slim. This is because there is not enough guarantee for the bank, just in case they have to foreclose or sell it. However, getting a construction loan from the bank is relatively easier. But to purchase the land, you are most likely going to pay with your own money, before starting the process of buying a vacant property, ensure that you have your money ready.

  • Do all necessary checks

Before shelling out the cash for empty land, it is important that you hire a surveyor to survey the land. You should also carry out environmental testing on the land to see if problems like fuel pipelines, toxic waste, poor quality of soil, etc. may affect your proposed building project. Also, if you don’t understand zoning, invite the local zoning authorities to help explain zoning better. With all these in place, it guarantees your safety in your new home and neighborhood, and in case you have to sell the property in the future, you have great features as negotiating tools.

  • Is the land accessible?

Accessibility is just as important as the land itself. And by accessibility, it means two things – easy access to utilities and road. A piece of land may seem the perfect place to build a home, but problems with access to utility lines and good roads can be the things that will make it a challenge to live in the property. Accessibility does not only help you as the homeowner or occupant, it also increases the value of the property in case you have to sell the property.

  • Consider the neighborhood 

Just in case you ever have to sell in the future, ensure that your home is built in a good neighborhood. Nearness to markets, good school area, residential area with low crime and violence rates are some of the essentials that you need first as an occupant and later, in case you have to sell.Buying a vacant property is extremely difficult when compared to buying an existing home, and if at all you have to tow that path, make sure you get all the possible assistance at your disposal. Chang Legal LLC Attorneys at Law is your go-to property lawyer. Get in touch today.

Do this before signing a commercial lease

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Signing a commercial lease involves having a clear picture of what you are about to sign. It may like too much work, but in your best interest, do your due diligence before putting pen to paper. Make sure you ask questions, read the lease agreement word by word and line by line. Do not assume the content of the lease because, most times, it does not contain the things that you expect.

Check below for tips on how you can protect yourself when signing a commercial lease. Doing these things will help you understand what you are getting into better and also avoid misunderstanding or trouble with your landlord. Let’s get to it;

  1. Read the lease over and over

The first thing to do when you receive the lease papers is to create time to read them. Maybe you have discussed some things with the landlord before, such as reducing the cost of the lease or providing certain utilities as part of the lease. Whatever it is that you may have discussed with him or her, read the lease to make sure he or she has included it in the written lease agreement. Also, check the leasing date and every other term that you negotiated to see if they are in writing. Do not take the word of your landlord for it. Anything you want your lease payment to cover, make sure the landlord puts it into writing. This way, you will be preventing future arguments.

  • Understand the lease terminology

It is one thing to read a lease agreement while it is another to get a full grasp of what you have read. There are numerous terminologies that lease agreements contain, which may be outside of the regular dictionary. Do not assume the meaning of a word. Make sure you understand the full meaning of every word you read in the agreement. If you need further help with interpreting a lease agreement paper, get in touch with your property attorney at Chang Legal LLC Attorneys at Law.

  • Is the lease flexible?

You should factor in some uncertainties or eventualities beyond your control. If, at some point, you decide to move your business elsewhere or sell your business, can you sublease the facility? You should put these into consideration and discuss them with your landlord so he or she can include them in the lease terms.

  • Work with your attorney

Your attorney is the only person that you should trust when signing a lease or contract. Your attorney is well-grounded in the law and will spot any unfair or unreasonable term in your lease agreement. Involving your attorney will help you stay ahead and avoid any issues in the future.To ensure that you have a good tenant-landlord relationship, take time to understand your lease and do not be blindsided into signing something you do not understand. Chang Legal LLC Attorneys at Law is the best you can work with when signing a commercial lease. Call 847 907 4971 to talk to a lawyer.

5 First-Time Homebuyer Mistakes To Avoid

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Buying a home can be daunting, and even more, if it’s your first time. However, a little knowledge and preparation would ensure you avoid these mistakes first-timers make. Instead of making the same mistake, your siblings, parents, or friends made when they bought their first house. A little homework would save you the hurdles. Here are five mistakes first time home buyers often make and how to avoid them.

  1. Spending More Than Your Capability

One of the mistakes first-time homebuyers often make is hunting for a house, without determining how much they can afford. Along the process, they fell in love with a home that is above their means but found it hard letting go. To avoid this trap, use the Bank of America affordability calculator to know if a house is a perfect fit for your finance. You need to know your financial strength and how much you can afford before the hunting process begin.

  • Neglecting The Extra Cost Of Homeownership

Buying a home is not where the battle ends, but most first-time homebuyers are ignorant of this. Once the key to the house is yours, you will discover that more expenses are waiting at the corner. You will need to take care of property taxes, homeowners’ insurance and also, regular maintenance. In some places, there could be additional fees like a homeowner’s association or something similar. Before finally closing the deal, calculate the extra expenses, and ensure you’re financially buoyant to handle it.

  • Making A Small Down Payment

One of the regrets most homeowners have is making a down payment that is too small. You see them making comments such as, “I should have waited until I have a more significant down payment.” The benefits of making a large down payment are enormous, which is why you mustn’t make this first-time homebuyer’s mistake. A substantial down payment entails smaller mortgage, thereby giving you more affordability monthly house payments. The aim is to make sure your monthly payment is comfortable to pay.

  • Miscalculating Repairs And Renovation Cost

Another mistake first-time homebuyers make is in terms of miscalculation, especially regarding home renovation. They get an estimate from one contractor and boom; they build their whole life around it. When they finally get the house and ready to renovate, they discover that the cost is almost double the estimate. To avoid this kind of situation, you must get ratings from more than one contractor. You can also seek recommendations from friends and family.

  • Skipping Home Inspection

A home inspection is yet another expense, which is why most first-time homebuyers might feel safe forgoing. Perhaps they have walked around the home, and everything seems to be in perfect order. Well, skipping the home inspection is a dangerous mistake and one you shouldn’t make. You might feel like you’re saving by forgoing inspection; in most cases, you aren’t. Through professional home inspection, you can discover more about the house, especially the faults and repairs. This information would no doubt be an edge during negotiation.

For more information or any questions regarding first-time home buying mistakes, contact Chang Legal today.

Dealing with Issues that borders on Ownership of Commercial Properties

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Despite trying your best to avoid it, disputes are sometimes inevitable when it comes to commercial property ownership. In most cases, this disagreement can be difficult to deal with, especially when it has to do with boundaries between two properties. What matters most when this kind of issue arises is that it should be effectively dealt with to prevent future reoccurrence. 

Types of Commercial Property Dispute 

Dispute, at times, are unavoidable when selling, buying, or developing a property. Issues might spring up at any stage. You need to have the idea of the various types of disputes within a commercial structure. This information will enable you to protect yourself against such issues.  Some of the notable Commercial property disputes include the following: 

  • Boundary Dispute 

In some cases, a dispute may arise over land boundaries. There might be contention over land or property “spilling” into another person’s land. In this case, the individuals involved can work out a settlement. This issue can last for several months or years if both parties are not willing to find common ground.  

  • Landlord/Tenant Dispute 

Landlord/Tenant dispute revolves around premise conditions, contract, agreement, rent, among others. This type of dispute is likely to occur when there is no personal contact between the tenant and the landlord. For instance, a landlord may have many tenants and so not get to know them personally.  Such landlords can fix this issue by employ a realtor to handle tenants. This way, chances of disputes arising will be low as the agency will deal with all problems and queries coming from tenants.  

  • Purchasing Land 

Disputes over land acquisition that come up when you intend to buy land. This kind of issue can result from border disputes, compulsory purchases, as well as breach of contract.  

  • Construction Disputes 

Construction might be stopped halfway or before it takes off by a neighbor that has a problem with the proposed planning of the structure.  Also, there could be a complaint about environmental or noise pollution, disturbances, among others. 

Dealing with Commercial Property Ownership

The approach to solving this issue solely hinges on the type of dispute.  The fact is that commercial dispute resolution can be quite simple and straightforward.  You can engage the service of resolution lawyers who are highly skilled in resolving such disputes. Before you employ the services of a qualified lawyer, it is advisable to resolve the issue first via an ADR method (Alternative Dispute Resolution).  Here are some ADR methods that you need to know: 

  • Contacting the Council 

You will have to provide a detailed plan of your property if you are trying to resolve a boundary dispute.  This will serve as evidence of the boundaries around your property. This is also essential when developing a property, or you might send the plan to the council providing a comprehensive explanation of what you intend to do before commencing work fully. 

  • Mediation

This involves individuals that are related directly to the property.  All parties involved will be required to come together to iron out the issue. 

Court Proceedings 

In this case, the judge will give the final decision concerning the commercial property dispute. Court proceedings may not always fall in your favor. It is, therefore, essential to resolve disputes personally, using any of the ADR methods. For further advice on how to get disputes around your commercial property resolved, contact Chang Legal today. 

Problems that Prospective Commercial Tenant Could Face

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Renting a commercial property is a huge step, so it comes with several ups and downs.  It involves a big financial commitment, and you also have different clauses and regulations to contend with. You must understand the problems associated with renting a commercial property, so you know how to avoid the pitfall. Here are some of the issues that could affect a commercial tenant.  

  • Length of Lease 

Typically, a lease takes up to five years. You should make sure that the space can be assigned to other businesses within this period. It is worth noting that some tenants are not always willing to bear the expenses of building dilapidation liability, especially for short leases. This indicates that the primary tenant could still be liable.  The parts of the structure in poor condition are known as dilapidation. 

  • Room for growth 

You should check if the landlord is also willing to rent out the floor when renting a space for your business. It is essential to give room for the expansion of your business.  Before renting a property, you should take ensure that there are up-to-date infrastructures that will meet your needs.   For instance, does it has the space you need in case of expansion? Are the internet facilities adequate, or would you need to have new ones installed?

  • Break Clause 

To get out of a lease, you might consider a break clause if the situation warrants that. It entails the payment of more rent at the beginning. A rolling break clause will be of great advantage if anything happens to your business because it allows the tenant to leave the property at any period.  However, a tenant must give three months’ notice before exiting the property. 

  • User Clause 

The user clause specifies what a tenant is allowed to do on the property or within the premises. For instance, a restaurant that sells food to customers now makes online sales, causing people to collect food from the shop. This could break the user clause agreement unless allowances had already been made for future alterations.

  • Forfeiture

Forfeiture enables the landlord to end the lease if that the tenant goes against any of their agreements.  When a tenant defaults on the terms of a lease agreement, the landlord can terminate the lease by forfeiture. It is usually employed by landlords to end a commercial lease.  However, it should be noted that forfeiture is not always the best option for the landlord as well as the tenant. A tenant might go ahead to claim a financial loss if the lease was terminated wrongly.  Note that tenants can successfully bring a claim for illegal forfeiture of lease. 

If you need clarification on some of the problems that a prospective commercial tenant might encounter, or you have any questions relating to your commercial lease, contact Chang Legal today. 

Why is Trespassing a Serious Offence

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Many people do not regard trespassing as a serious offense.  It is not seen as a high-profile case. But, the law considers trespassing a serious offense, so it does not treat such offense lightly.  Anyone guilty of trespassing has committed a criminal act, which is punishable under the law.  In this article, we will be considering the reasons why trespassing is a criminal offense.

The Issues with Trespassing Charges 

In most cases, people trespass without having the intention to do so.  For instance, the law does not mandate anyone to put up a “No Trespassing” notice on their private property.  When you know that a property is private, it is logical to stay clear of it.  However, the problem surfaces whenever an individual is found on a property with unknown status, whether it is private or not.  This case is known as accidental trespassing.  However, accidental trespassing does not exonerate someone from being tried in court. 

Classification of Trespassing 

According to the law, there are three types of trespassing. We have the first-degree trespassing, second-degree trespassing, and third-degree trespassing.  The first degree is the most serious class of trespassing, while the lightest is the first-degree trespassing.  

  • Third Degree Trespassing 

This type of trespassing is also called the class three misdemeanors. Third-degree trespassing has to do with entering and staying at a private property after the law enforcement agent or property owner had made a reasonable request.  Also, forcefully entering a private property that bears “No Trespassing” falls under this category.  The law also opined that entering or remaining on switching or storage yard, right-of-the-way tracks, or rolling stock of a railroad company falls under the third-degree trespassing. 

  • Second Degree Trespassing 

You are guilty of second-degree trespassing if you are caught entering a fenced or non-residential property. This case will be treated as a class two misdemeanor. One of the major reasons for fencing a property is to avoid keep intruders off. Therefore, entering a fenced property without permission is an offense.  Be aware that second-degree trespassing is a punishable offense.  

  • First Degree Trespassing  

Anyone that trespasses on private residential property is guilty of first-degree trespassing. In this case, trespassing charges will be treated as felonies or misdemeanors.  

Here are the acts that need to occur before trespassing can be considered a misdemeanor: 

  • An individual enters or remains in a residential yard that is fenced 
  • A person violates the owner’s right to privacy by entering and look around the residential property 
  • An individual enters or remains on a property without claim, and work is intended to start on property.

Class one demeanor is punishable under the law with a fine of $2500 and up to six-month imprisonment.  

Class six felonies are the most severe trespassing cases; it involves: 

  • An individual enters or stays on a residential property illegally 
  • An individual enters or remains on a public services facility illegally
  • A person enters a private property illegally and destroys, burns, or defaces religious symbols without the permission of the owners. 

 For more information, reach out to us at Chang Legal Today. 

4 Ways to Save Money When Buying Your First Home

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When you are buying a new house, chances are you want your deal to the best one possible. Finances are always important when trying to buy a home. It is therefore essential that you consider the following ways to save money so that you can buy your first home without being overly stressed out.

  1. Hire a seasoned and local real estate agent

Nobody knows the area like a real estate agent that works there. Using a local and experienced real estate agent will save you money because they know the business of buying homes in that area. They also have information relevant to the market that will help them negotiate a good contract that will protect you and save you money. The best way to find good local realtors is to ask for referrals from friends and family or check online on websites like Trulia and Zillow.

  • Have a great Credit Score

The higher your credit score is, the lower your mortgage interest rate will be. This also means that you will pay less in lenders fees and therefore have a cheaper loan. Before starting to home purchase process, you should first ensure that all your credit card balances are paid off. You also need to try to maintain a balance below 15% of credit limit on all your credit cards. You should also not apply for any new credit facility or loan while trying to improve your credit score because they require hard inquiries of your credit report which will cause your credit score to drop.

  • Shop around for better loan rates

There are many lenders in your area that are willing to give you a mortgage. It is in your best interest to ensure that you go through as many of them to make sure that you compare rates. This will help you to know which one is the cheapest in its entirety. Sometimes a low interest rate does not mean that it is the cheapest option for you. Speak to your realtor to check what the final figure comes to with fees and charges and this will help you get the best possible deal for your home.

  • Shop for homes in the winter period

The housing market is least aggressive in the winter because there aren’t a lot of people selling. You may not have as much choice, but you will certainly have sellers in the market that will offer you fair prices. You can actually save up to $20,000 on the price of your first home if you shop in the winter.

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.

Decorating Your Front Porch – Improving Curb Appeal

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Do you need to improve your home’s curb appeal? Making your home look more inviting by decorating your front porch is easier than you may think. Some of these decor ideas may work better for you than others depending on the given space of your porch.

Plants

Plants are one of the easiest ways to add decor to your front porch while giving it an extra pop of color. You can use a variety of pots or containers for a more whimsical or use the same color/style to create a symmetrical look on both sides of the door. A great benefit to having potted plants is that you don’t need to worry about digging up your yard.

Create a Seating Area

If you have a larger porch to work with, creating a seating area is a great option. You can add a bench or a set of chairs along with a side table. This is perfect to have on warmer days so you can relax or lounge outside while reading a book or having a conversation with friends or family. Alternatively, you can hang a swinging bench if you have an appropriate place to secure it. Add patterned or solid colored pillows to your preferred seating option for extra color and comfort.

Front Door

Even your front door could use some decorating! Painting the front door of your home is a great way to add a bold pop of color without needing to add much extra decor on your porch. Not wanting to turn this into a painting project? No worries- alternatively you can get a hook for over the door to hang other decor from like a flower wreath or seasonal pieces.

Welcome Mat

Doormats are good to have because they help prevent bringing in moisture and debris into your home. Without one, you may find yourself cleaning the foyer or front area of your home more often than you’d like. For outdoor mats, it’s best to choose one that is rough on the top to help scrape dirt off shoes.

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.

New Construction Buyers Say They Need Agents Too

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With mortgage rates at extremely low rate and median prices moving closer to what middle-income buyers can afford, newly constructed homes are enjoying their best sales year in more than a decade.

The process of buying new construction has some tough spots for shoppers, especially first-timers. In addition to searching for and financing a home, they’re trying to visualize what that home and the surrounding community will look like, evaluate a builder and select a floor plan and finishes.

Since there are so many moving parts, most new construction buyers (76%) work with agents to find their home, and that 84% of new construction buyers who work with an agent and visit a building/sales center want their agent to help communicate with the builder. 

Half of those buyers (50%) want their agent to handle some communication with the building/sales center, and 34% want their agent or broker to handle all communications with the builder. Only 16% don’t want their agents involved.

Some of the things they might need help with include:

  • Negotiate price
  • Book a tour
  • Explore upgrade options
  • Compare new construction values with existing home values

For more information or any questions regarding sales tips for real estate agents, contact Chang Legal today.