Bankruptcy, Foreclosure & Loan Modification Posts in January, 2015

Loan Modification Process: Like a Ride on a Ferris Wheel

For many homeowners, a loan modification request is much like a ride on a Ferris wheel. The lender offers assistance through HAMP or some other federal program, raising hopes and expectations. Then, the bank suddenly withdraws its offer, many times based on technical grounds, such as turning in documents a day or two late, a Debt To Income ration that is a few points too low or a Loan To Value ratio that is a few points too high....
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Foreclosure: How Bankruptcy May Help You Keep Your Home

The economy may be showing some signs of improvement, but the outlook remains bleak for many Illinois homeowners. The Land of Lincoln has one of the highest home foreclosure rates in the country. One in every 663 housing units in the state received a foreclosure notice in December. Many homeowners fell behind on payments due to a job loss, sudden illness, portfolio reversal or other temporary income loss....
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Saving Strategies for a Promising New Year

The recent release of statistical data by the Administrative Office of the U.S. Courts reveal that bankruptcy filings were down by 11 percent for the 12-month period ending March 2014. The big question, however, is will the downward trend continue throughout 2015?...
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Facing the Possibility of Bankruptcy: Your Finances and Your Options

To say “every American has debt” is not so far from the truth. According to some reports, American consumers owe $11.63 trillion in debt as of Sept. 2014. That is more than half of the country’s national debt. Although debt is not inherently evil, it has reached unbearable levels for many Americans. For some, proper budgeting and prioritization of purchases can help; for others, however, bankruptcy might be worth considering....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com