Bankruptcy, Foreclosure & Loan Modification Blog

Bankruptcy and Foreclosure Defense

In some situations bankruptcy and foreclosure defense can be used together to create the best option for borrowers. There several reasons why the a one-two punch works well. For example, regardless of whether the mortgage is for a primary residence or an investment property, the filing of a chapter 13 bankruptcy will stop foreclosure proceedings. Also a chapter 13 bankruptcy can allow a borrower to pay their monthly mortgage payment and repay the arrearages over either a 3 or 5 year plan....
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What if I want to keep my house?

There are many who do not want to leave their home even if they are underwater, meaning the amount owed on the mortgage is greater than the value of the home and property.  One option for borrowers who really want to keep their house is a loan modification....
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Strategy…strategy…strategy…

For many borrowers, a strategic default is a good option. A strategic default is when the borrowers decides to stop making their mortgage payments. A strategic default generally is used for properties that are “under water”, meaning that the value of the property is lower than the debt owed. Why a strategic default? There are many reasons. For example, many banks will not consider loan modifications or other workout options unless the borrower is in default, meaning that the borrower has missed mortgage payments....
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Lost Paperwork? Really?

It is true that banks claim to lose loan modification paperwork. It is also true that thousands of homeowners throughout our country are frustrated by lenders clogging the loan modification process by losing paperwork.  It is the norm within the mortgage modification industry that the bank loses paperwork and homeowners must re-submit paperwork over and over again.  Bank of America has even been sued for withholding government funds intending to save homeowners from foreclosure and a basis of the claim is the excuse of lost of documents....
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Keep Proof of Everything…

It is important when applying for a loan modification to have proof that the paperwork was forwarded to the lender to the address or fax number provided.  It can be a defense to a foreclosure claim if a lender is not in compliance with what is expected of them under the HAMP program. ...
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Watch out for scams.

It is not recommended anyone use an out of state service that claims it can help you through the foreclosure process as many of those are scams. Many of these services will also claim to be loan modification experts and offer to help negotiating a loan modification with your lender. Debt consolidation is another popular option to help in these troubled economic times but often fails. The best thing to do is contact a lawyer that works in the area of Foreclosure Defense and Strategic Default. ...
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Foreclosure Options

In today’s uncertain real estate market, many individuals and families are facing foreclosure. There are  a variety of options available to those who are currently in foreclosure proceedings or are making high monthly payments on a mortgage that is for more than the value of the house or property.  Some of the most common options are listed below:...
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com