REO Condominium Purchases

March 30, 2011
REO Condominium Purchases
by Juan Vaglienty, Esq.

  Buyer beware when purchasing a bank owned condominium unit.  Illinois law allows the new purchaser of a bank owned condo to be responsible for unpaid assessments for a unit up to 6 months worth prior to the foreclosure sale.  A buyer should be ready and aware of this potential liability when purchasing a bank owned condo.  The cost for these unpaid assessments should be considered when purchasing such a unit. 

Posted by Juan Vaglienty. Posted In : Condominium Law 

 

Starting Your Own Business

June 21, 2010
  Starting Your Own Business
By Juan Vaglienty, Esq.

 At one time or another most of us have thought how great it would be to be our own boss.  This thought may have arose from a new idea for a product or service.  The thought may have arose from the desire to be in control of our own economic destiny.  Most recently, the recession has brought on this thought to the newly unemployed.  The entrepreneurial spirit is what makes this country great.  It is also said to drive the economy of this coun...

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Posted by Juan Vaglienty. Posted In : Small Business 

 

Temporary Assistance for Unemployed Homeowners While They Search for Re Employment

March 29, 2010
On March 26, 2010, the Federal Government announced new enhancements to the Making Home Affordable Program that offers aid to unemployed homeowners.  Under the regular HAMP programs unemployed homeowners were typically out of luck in obtaining a loan modification. The new programs offers qualified unemployed homeowners with the opportunity with a temporary modification while they look for new employment which could be 3 to 6 months depending on the homeowners qualifications.  According to the...
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Posted by Juan Vaglienty. Posted In : Foreclosure 

 

Pre Foreclosure Options

January 30, 2010
February 17, 2010

Pre Foreclosure Options for Distressed Homeowners
by Juan Vaglienty, Esq.
    The recession has caused many homeowners to be confronted with reduced work hours and pay or worst with unemployment.  As a result of these financial hardships many homeowners are finding it very difficult to make their monthly mortgage payments on time or at all.  These Homeowners are at risk of falling into foreclosure.  Homeowner's do have options available to them.  The following are some of the...

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Posted by Juan Vaglienty. Posted In : Foreclosure 

 

What Every Condo Owner Should Know.

December 23, 2009

WHAT EVERY CONDO OWNER SHOULD KNOW

By Juan Vaglienty

 

Whether you purchased your condominium as an investment or as your primary residence you should become familiar with your condominium declaration and the Illinois Condominium Property Act (Act), 765 ILCS 605.  Recently over the past few years, condominium ownership has become very popular among real estate purchasers. Condomi...


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Posted by Juan Vaglienty. Posted In : Condominium Law 

 

Appeal Filings and Deadlines

December 23, 2009
West Chicago and South Chicago Townships are open fo Appeals Filings
by Juan Vaglienty, Esq.

    The appeal deadline for homeowners who live in West Chicago Township is December 30, 2009 with the Cook County Assessor's Office.  The South Chicago Township is also open for appeal.  The appeal deadline for the South Chicago Township is January 21, 2010.  Homeowner's should be vigilant with their mail to make sure that when they receive their appeal notice they file their appeal in time. 
...
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Posted by Juan Vaglienty. Posted In : Cook County Real Estate Tax Appeals 

 

First-Time Home Buyer Credit Extended

November 9, 2009
                                             First-Time Home Buyer Credit is Extended
                                                            by Juan Vaglienty, Esq.

    Last week, President Obama signed an extension to the First-Time Home Buyer Tax Credit.  The legislation extending the credit also included a tax credit for new home buyers, who have already owned their current homes for at least five years.  The legislation also raised the income requirements to $125,000.00 for individual ...
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Posted by Juan Vaglienty. Posted In : Renewed First Time Home Buyer Credit 

 

"2009 First-Time Home Buyer Tax Credit"

October 15, 2009

    Those of you lucky enough to have a job and are wishing to buy your first home maybe entitled to a $8,000.00 First-Time Home Buyer tax credit.  To help re start the housing market the federal government is offering First-Time Home Buyers who purchase their primary residence between January 1, 2009 and November 30, 2009 a refundable $8,000 credit. To qualify the First-Time Home Buyers must meet the following conditions:

  1. Be a purchaser who has not owned a "principal residence" in the pas...

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Posted by Juan Vaglienty. Posted In : 2009 First-Time Homebuyer Tax Credit 

 

Who is responsible for the repairs in my condominium building?

September 25, 2009
The answer to who is responsible for repairs in a condominium are typically found in the governing documents of a condominium.  The governing documents of condominium are the Condominium Declaration, By Laws, Covenants and Restrictions and Rules and Regulation. The Illinois Condominium Act fills in any gaps not provided for in these documents.   A properly drafted Condominium Declaration should provide an explanation as to which components are considered to be the responsibility of the associ...
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Posted by Juan Vaglienty. Posted In : Condominium Law 

 

2009 Jefferson Park Township Real Estate Tax Appeals

September 23, 2009
Residential homeowners in the Jefferson Park Township of Chicago should be on the look out for their assessment notice mailed out by the Cook County Assessor's Office on September 1, 2009.  According to the Assessor's website the deadline for filing your appeal is October 5, 2009.  Other townships that have appeal filing deadlines in October are Maine, Niles and Barrington.


Juan Vaglienty 
Attorney at Law
www.vaglientylaw.com

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Posted by Juan Vaglienty. Posted In : Cook County Real Estate Tax Appeals 

 
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Attorney


Juan Vaglienty Juan Vaglienty is an Illinois attorney that practices in Real Estate Law, Estate Planning, Landlord Tenant Law. Business Law, Bankruptcy Law, and Family Based Immigration. Mr. Vaglienty is dedicated to providing his clients with efficient and cost effective legal representation. He is also gives back to the community through his various pro bono activities. His office is located in Des Plaines, Illinios which enables him to serve clients in Chicago and the surrounding suburbs with great accessibility. Please visit www.vaglientylaw.com for more information. Juan Vaglienty, Attorney at Law 2500 E. Devon, Suite 250 Des Plaines, IL 60018 Ph: 312-952-6419 Fx: 312-488-1465

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