Codilis & Associates is a law firm based in Burr Ridge, Illinois, founded in 1977. The Codilis family of firms is a bigger group of which the firm is a member. The principal purpose of the family of firms is the enforcement of security interests.
A security interest is a right over collateral given to a creditor by a debtor allowing the creditor to take control of the collateral if the debtor faults in repaying the loan. Under Common law, there are various types of security interests. They include, among others, equitable mortgage, legal lien, and floating equitable charge. In most cases, for a security interest to be enforceable under the UCC, there are three basic requirements: 1. The creditor must provide value in exchange for the collateral. 2. There must be an authenticated security agreement. The debtor must give assent to the contract by any means acceptable by law. The security agreement should unequivocally state that the debtor is granting the creditor a security interest to his property or good. 3. The debtor must have rights in the collateral. Basically, this means that the debtor has the right to use the property as collateral.
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Codilis & Associates is dedicated to charity and helping children and youths. One of the organizations that Codilis and Associates collaborates with is Mercy Home for Boys and Girls.
Mercy Home for Boys and Girls is an Illinois-based organization providing families and children with tools to build better futures since 1887. Specifically, the organization promises a safe space for children who have been victims of neglect, violence, or abuse. The home also provides career guidance and educational support to children, teenagers, and youths. One of Mercy Home for Boys and Girls’ programs is the Youth Residential Program. The home allows young people from the ages of 11 to 21 to live in their facility all year round. Mercy Home provides the child’s basic needs; food and shelter. The home also provides various services need for children and youth development such as spiritual development, sports and games, career advice, recreational activities, and more. In relation to spiritual development, Mercy Home accepts young people from various faiths. They allow their youths experience their spirituality by encouraging them to explore their faith. Year to year, the home organizes celebrations, festivals, and faith-based learning activities to foster spiritual growth. Codilis and Associates is a law firm with interest in real estate. As part of its commitment to helping at-risk homeowners, Codilis & Associates joined forces with other Legal Aid groups to donate $125,000 to the Chicago Bar Association in 2011. The company also maintains a membership in the Federal Home Loan Mortgage Corporation (FHLMC).
The Federal Home Loan Mortgage Corporation (FHLMC), known popularly as Freddie Mac, was chartered by Congress in 1970. The enterprise was created to support homeownership and provide affordable housing by making money available to mortgage lenders. Freddie Mac buys several loans from mortgage banks and other mortgage lenders. Afterward, it sells them as mortgage-backed securities. Mortgage-backed securities are liquid, meaning FHLMC quickly gets back their cash and buys more loans from mortgage lenders, creating a loop where money is always readily available for the mortgage industry. The activities that Freddie Mac instigates end up providing housing for middle-income American families because mortgage lenders have the means to continuously re-lend property. |
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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