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Lake County foreclosure attorneysWhen 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 instantaneous or even a quick process. The foreclosure process can take well over a year to complete in Illinois and early in the process, a homeowner has some options that can allow him or her to keep the home. 

In the state of Illinois, all foreclosures are judicial foreclosures, which means that the lenders must go through the courts to complete the foreclosure process. If your lender has filed a foreclosure action against you, or is preparing to do so, here are three ways that you can stop the proceedings and possibly remain in your home. 

Modify Your Mortgage Loan

One way to steer yourself away from foreclosure is to modify your mortgage loan so it becomes easier for you to make your monthly payments. This can be done by lowering the interest rate, lowering the amount of principal for the loan, or extending its term. Sometimes, the borrower can make a single balloon payment to cover his or her missed payments or add them to other payments through the loan's life to catch up.

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Libertyville foreclosure defense attorneysThere is no question that it can be extremely scary to face an imminent foreclosure. If you are substantially behind on your mortgage, you probably know that foreclosure is a possibility, but things will get all too real when you receive notice that your lender has initiated foreclosure proceedings. Unfortunately, the seriousness of the situation leads many homeowners to become overwhelmed—which often leads to avoidable mistakes. A qualified foreclosure defense lawyer can help you avoid some of the most common mistakes and protect your family’s future.

Mistake #1: Ignoring Notices

Perhaps the biggest mistake that you could make if you are delinquent on your mortgage is to ignore attempts at communication by your lender. Your lender will most likely call and send notices in the mail as soon as you miss a single payment. You might be embarrassed by your situation, but avoiding communication will not get you anywhere. There is a good chance your lender has options available for rehabilitating your loan or other avenues to help you avoid foreclosure altogether.

Mistake #2: Giving Up Immediately

Many homeowners believe that once their lender initiates foreclosure proceedings, they will automatically forfeit their home. This is simply not true. In Illinois, all foreclosures are handled through the court system, which can be notoriously slow. In the meantime, you and your attorney can continue negotiating with your lender to resolve the situation. You might not have as many options as you did before the lender filed, but you will have still have the chance to work things out and keep your home.

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Is it Better to Carry a Balance on My Credit Cards or Pay Them Off Each Month?

Credit card debt is one of the most commonly reported reasons why individuals file for bankruptcy. Credit cards make it easy for users to lose track of how much they spend, causing them to accrue large debt balances. One reason for this is that credit cards can make an individual feel like he or she has more disposable income than he or she actually has. Another reason is that many people harbor misconceptions about credit cards and debt, sometimes misunderstanding critical information until they are taught the truth about credit and debt as part of their required credit counseling for filing for bankruptcy.

A common misconception about credit cards is that carrying a balance on a card increases the user's credit score. Technically, “carrying a balance” refers to any point in time that the user has unpaid charges on his or her account. Colloquially, the term is used to describe the practice of paying off less than the amount billed each month, thereby “carrying” unpaid charges into the next billing cycle.

Carrying a High Balance to Raise your Credit Score is a Fallacy

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Posted on in Bankruptcy
Filing for Bankruptcy a Second Time

There is no limit to the number of times you can file for bankruptcy. When your personal debt amount reaches a level where it is impossible for you to pay it down yourself, Chapter 7 and Chapter 13 bankruptcy are there for you to use to have your debts discharged under court supervision. If you have completed a bankruptcy case before, you know that it can be a difficult process that requires you to cede a significant amount of control to the court. You are also aware of the repercussions that a completed bankruptcy case has for your credit. Even knowing this information, you might still be considering filing for bankruptcy a second time. If you are eligible to do so, consider making this move.

Determining When You Can File for a Second Bankruptcy

Your second bankruptcy cannot immediately follow your first. The chapter of your first and your proposed second bankruptcy determine when you can file your second case.

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Refunds for all After Lily Robotics Files for Bankruptcy

Lily Robotics, a startup that quickly amassed tens of millions of dollars in pre-orders from around the world following its release of a viral video showing its prototype of an autonomous flying camera in 2014, has filed for Chapter 11 bankruptcy protection. After close to three years, numerous loans and investments still could not help the company and its vendors build a drone that worked to the design's specifications.

The company promised refunds to those who pre-ordered the product. Because a working product was not produced and there is no inventory to sell, Lily Robotics is selling another asset to recoup as part of its bankruptcy - its patents and other intellectual property.

Lily Robotics' Asset Auction will Include Intellectual Property

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