Bankruptcy, Foreclosure & Loan Modification Posts in January, 2012

Time to play defense…affirmatively

There are several affirmative defense that can be raised against a foreclosure action. One such affirmative defense that can be raised is for a violation of the Truth in Lending Act or TILA. The Truth in Lending Act is part of the United States Code: 15 U.S.C. Section 1601 et seq. as well as Regulation Z of 226 etseq. Three of the numerous possible affirmative defenses for violations of TILA are:...
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What is Mortgage Loan Forbearance?

Mortgage Foreclosure is a complex process that involves many different aspects and elements. Consequently, foreclosure defense is an area of law that encompasses a variety of legal issues. There are several different workout options that banks, lenders and borrowers must be aware of and consider. Sometimes lenders will offer a mortgage loan forbearance to a homeowner who is experiencing a temporary or short-term hardship....
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Bankruptcy and Foreclosure Defense

In some situations bankruptcy and foreclosure defense can be used together to create the best option for borrowers. There several reasons why the a one-two punch works well. For example, regardless of whether the mortgage is for a primary residence or an investment property, the filing of a chapter 13 bankruptcy will stop foreclosure proceedings. Also a chapter 13 bankruptcy can allow a borrower to pay their monthly mortgage payment and repay the arrearages over either a 3 or 5 year plan....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL