10 Steps to Purchasing Your First Home

10 Steps to Purchasing Your First Home

1.  Call the IRS at 800-829-1040 and request free tax transcripts for the last four years
2.  Call your HR department at work and request a payroll report for the last six months
3.  Visit a reputable lender, such as a bank or mortgage broker
4.  Get Pre-Qualified for a loan to learn how large of a loan you qualify for
5.  Interview 3 skilled realtors who work in the area you want to find a home in
6.  Meet with a housing counselor to learn about grants and First Time Homebuyer incentives
7.  Search for homes in only the neighborhoods you like and have reasonable commute times
8.  Limit your search to homes that are 20% less in cost than what you re pre-approved for
9.  Interview at least 2 homes inspectors use them whenever you make an offer
10.  Hire good legal counsel that is experienced and focused on real estate

Good Resources:

A.  Latin United Housing Association (
B.  Illinois Real Estate Lawyers Association (
C.  NLO First Time Homebuyer Guide – request at

Illinois Foreclosure Laws Right of Redemption and Title Theory 9 Months Or Longer to be out of your house

Illinois foreclosure laws right of redemption and title theory 9 Months Or Longer to be out of your house

Real Estate Law is State law, not Federal law.  Therefore, every state has different foreclosure laws.  Here in Illinois, the land of Lincoln, we have one of the most liberal foreclosure laws in the country.  It takes at least 9 months to get an order of possession against a homeowner from the first missed home mortgage payments.  Oftentimes in practice, this time is 14 months or more.

Why is this – there are title states and lien states.  In title states, the lender has title to property until the loan is paid off and the mortgage is released.  States like this are California and Florida where it takes about 3 months to throw you out of your home.  Here in in Illinois, the lender has a lien against the property and based upon our foreclosure law has to go through an extensive series of steps to foreclose.

Why do we have such a liberal foreclosure law?  Because we are a farm state!  Yes it’s true, everybody thinks of Chicago and its big city glitz but the reality is that we are an agricultural powerhouse and our state does not like to see farmer’s lose their farms.  But the real impetus for our law is the Great Depression when things were so bad that they gave a tax holiday for one year which is why we pay our taxes one year in arrears.

So hears to Illinois – the state that is conservative in its politics and liberal in its homeowner rights.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. CALL 877-GO-GO-NLO (877-464-6656) FOR A FREE BANKRUPTCY CONSULTATION TODAY! SATURDAY APPOINTMENTS ARE AVAILABLE.