foreclosure

I am Behind on My Mortgage Payments. How Can I Keep My Home?

Homeowners get themselves into financial trouble for a variety of reasons. Maybe you have recently lost your job or suffered a significant injury, straining your financial resources to the point that you have begun to miss mortgage payments. Depending on the gravity of your financial situation, foreclosure might seem like it is your only option.
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Understanding Your Bankruptcy Options

Many people assume that debt is inherently bad. The truth, however, is that debt and credit can be tools that allow individuals to live more comfortable, fruitful lives. Loans help people buy homes and attend college, and credit can help those who find themselves in temporary financial hardship.  Unfortunately, poor financial management and unexpected circumstances can cause debt to spiral out of control. When this happens, bankruptcy might be a viable option.
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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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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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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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Deed in Lieu of Foreclosure Approach to an Upside Down Mortgage

Facing an upside down mortgage can literally turn anyone’s financial stability upside down as well. An upside down mortgage or when the collateral that secured a mortgage loan is considerably worth less than the balance owed has secured prominent standing in the U.S. real estate market in the past seven years.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com