foreclosure defense

Different Bankruptcy Options: Chapter 7 and Chapter 13

Although each bankruptcy case is unique, every filer must eventually decide which bankruptcy chapter is best for their particular situation. Chapter 7 and chapter 13 are the most popular forms, each offering different bankruptcy options. The American Bar provides a detailed comparison.
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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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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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Ways to Lower your Mortgage Payments

Many people worry about their mortgage every month.  There is a palpable dread when they open their mailboxes to find their monthly bill.  If you feel the same way about your payments, then follow these steps to lower your payments and alleviate your stress.
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The Safety of Your Home During a Bankruptcy

If you have been surprised by unexpected medical bills or lost your job, then you might be in a financial predicament.  When you get behind on your bills, creditors will aggressively call for you to pay what you owe.  Sometimes, banks and other lenders will threaten to foreclose on your home or garnish your wages.  But if saving your home is important to you, it is important to know how filing for bankruptcy may save your house.
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Baby Boomers Experience Mortgage Issues, Foreclosures

Now that mortgages rates have lowered, people are looking to refinance their homes in order to keep them.  To be eligible for refinancing a mortgage, applicants must have good credit ratings and a steady income source.  This presents a problem for older people who could really benefit from easier mortgage payments.
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New Fiscal Cliff Tax Extensions Helps Short Sales

Many news reports from the last few months have talked about the “fiscal cliff” and how badly consumers and businesses would be affected by increased taxes.  At the last moment, Washington came to an agreement about how the tax breaks would be handled, if that meant modifying them, extending them or letting them expire at the end of 2012.  One tax measure included the decision was the Mortgage Forgiveness Debt Relief act of 2007.
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Resources for Distressed Homeowners

Illinois is one of several states in the US that is still experiencing a large amount of foreclosures.  The results from October of this year have the foreclosure rate increasing by 6% over September.  Compared to October of last year, that rate has increased by 19%.
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Foreclosure Rate Remains High in Illinois

In last August, the foreclosure rate of Illinois was the highest in the nation. However, it has decreased gradually in September and October, although the rate still remains relatively high, according to the Chicago Tribune.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com