Bankruptcy, Foreclosure & Loan Modification Posts in March, 2012

How Do I Get Information About an Illinois Bankruptcy Case?

All bankruptcy proceedings are handled by the appropriate federal court. In the Chicago area, bankruptcies are processed by the United States Bankruptcy Court for the Northern District of Illinois. Bankruptcy law is federal, and regardless of which court handles a bankruptcy, the laws and procedures are essentially the same....
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Illinois Foreclosure Proceedings – When Must the Homeowner Move Out?

In Illinois, if a homeowner misses a mortgage payment, their loan then goes into default. Although just one missed payment violates the mortgage contract. most lenders won’t start foreclosure proceedings until a borrower is at least three payments behind. However, a Chicago foreclosure doesn’t mean that the homeowner must immediately move out. In Illinois, the borrower is considered the lawful occupant of the property and is allowed to live in the property until a judgment of possession is entered, which takes a minimum of 9 months....
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Avoid “Bankruptcy Mills” When Filing for Bankruptcy

With thousands of bankruptcies filed daily due to the mortgage meltdown and recession, bankruptcy attorneys in Crystal Lake, Illinois – and those across the nation – find themselves competing for business. As a result, slick advertising publicizing inferior “bankruptcy mills” has flooded daytime television with loud commercials and crammed in-boxes with unwanted spam....
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The Final Four…affirmative defenses.

As it is now mid-march, it is time for the Final Four…affirmative defenses that can be raised in a Mortgage Foreclosure Defense 1. Unclean hands: Foreclosure actions in Illinois are filed with the Chancery Division of the Court in the County in which the property is located. In order to initiate a legal action in the Chancery, the parties must “be before the court with clean hands.” This essentially means that the lender cannot have engaged in any actions that have contributed to the borrower being in default....
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Avoiding Debt Collection Scams

It’s common for those end up filing for bankruptcy to endure months (or years) of calls and letters from debt collectors prior to making the decision to file for bankruptcy. While lenders are allowed to partake in legal debt collection efforts, the Fair Debt Collection Practices Act establishes rules which must be followed by debt collectors. For instance, debt collectors shouldn’t engage in threatening or intimidating behavior, and if the borrower asks for written proof of their debt, it must be provided....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL