Arlington Heights foreclosure attorney

If You are Considering a Loan Modification, Make Sure You are Qualified for One

When a homeowner is facing foreclosure, getting a loan modification can be an attractive alternative to filing for bankruptcy or facing the foreclosure process. If you are considering modifying your mortgage loan, understand that it is not a simple process. You will need to demonstrate that you are qualified to have your loan altered this way and if you do receive a modification, you will need to comply with its terms.
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Three Ways to Avoid Foreclosure

When a homeowner cannot afford to make his or her mortgage payments, the home may go into foreclosure. In short, this means the homeowner’s mortgage lender takes possession of the home. However, this is not an instant process. The foreclosure process can take close to a year to complete in Illinois and early in the process, a homeowner can reverse the process and keep his or her home.
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Foreclosure Fraud in Illinois: Are Your Mortgage Documents Valid?

Evaluating the legality of your home loan documents is a critical first step in the foreclosure process. During the housing boom, many mortgage lenders cut corners and failed to properly comply with securities laws in their pursuit of maximizing profits during the boom. If you have received a notice of foreclosure, your loan documents should be reviewed and evaluated for legitimacy by legal counsel as soon as possible. Lenders And Banks Originated Invalid Documents
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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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Decrease in Bankruptcy Filing Rates

The bankruptcy filing rate is at its lowest point in seven years for most everywhere in the country, except for the Land of Lincoln and a few other states. November 2014 filings were down 16 percent, when compared to November 2013. Much of the decrease was due to a much lower commercial bankruptcy filing volume. These new filings were down 27 percent. One observer pointed to a combination of high filing costs, low consumer spending and low interest rates as being primarily responsible for the decline.
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Understanding Why Your Lender is Against Foreclosure

Are you currently experiencing the onset of extreme financial hardship and perhaps thinking of tipping your hand and cashing it in when it comes to your home mortgage? Perhaps you should think again. Saving your home may be worth the fight because in all reality, your mortgage lender actually does not want to repossess your home.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com