Bankruptcy fraud is a very serious matter. Federal authorities investigate and prosecute this crime very aggressively. So far this year, defendants in fraud cases have been sentenced to more than 30 years in prison and paid over three million dollars in fines and restitution.
Bribing a Trustee
There’s good news for Illinois homeowners: It appears that the percentage of foreclosures is on the decline and the forecast appears promising. According to The Illinois Foreclosure Listing Service, the number of listed foreclosures for the first quarter of 2014 have decreased by 39.17 percent.
Many people who are struggling financially to pay their mortgage, vehicle payments, medical bills and/or credit card debt also end up getting very behind in their utility payments. Disconnect notices from the electric, water, gas and telephone companies fill the mailbox and even payment arrangements become impossible to keep.
As a society we have become accustomed to labeling different generations with short and catchy nicknames. Currently we have Generation X for those born from 1965 through 1979; Generation Y for those born from 1980 through 2000; and lastly we have Generation Z for those born from 2001 through the present.
A recent article published by the Association of American Retired Persons Bulletin (AARP) exposes a new crisis in our country. It appears that seniors are under siege due to delinquent property bills and haunted by credit collection agencies ready to either secure the debt or take control of the home through a tax lien foreclosure.
Bankruptcy, as defined by LendingTree, LLC, the nation’s leading online lender exchange, is a complicated situation that can open the door to a personal or business “do-over” without the burden of insurmountable debt but not without possible financial consequences.
It may be easy to briefly define bankruptcy but for those facing the reality, the situation can raise numerous questions, especially when it involves your Roth IRA.
Facing the loss of your family home to foreclosure was not part of your American dream. Every nook and cranny holds a cherished memory, but due to economic hardship you are unable to continue making your mortgage payments. You are quickly approaching the end of your 90 day grace period. There is no other recourse, the bank is planning to call in the loan. You are now facing foreclosure and can not wait for the nightmare to end, but for many unsuspecting homeowners it may continue to haunt them for another 20 years.
Children are observant. They tend to sense when something is wrong. The continual phone calls from creditors, the heated arguments over money, less trips to the grocery store and even less money spent on family fun. Even more so they noticed a change in you. Emotions are running high and they have been walking on eggshells.
A new study from the Woodstock Institute shows that there are many homes across Illinois that have been in the foreclosure process for several years without resolution. In Cook County alone, there are up to 8,000 residential homes that have been in the foreclosure process for three years.
If you’re looking to get a mortgage through the Federal Housing Administration, there are several important factors to consider. FHA will review your credit history in order to determine what kind of a loan risk you are, but it is possible to get an FHA mortgage even if you have previously filed bankruptcy. Learn more about the stipulations attached to this guideline by talking to your bankruptcy attorney.