Posted on July 14, 2017 in Loan Modification

When a homeowner is facing foreclosure, getting a loan modification can be an attractive alternative to filing for bankruptcy or facing the foreclosure process. If you are considering modifying your mortgage loan, understand that it is not a simple process. You will need to demonstrate that you are qualified to have your loan altered this way and if you do receive a modification, you will need to comply with its terms. Before agreeing to any modification to your current mortgage, speak with an experienced loan modification lawyer about your options, your rights, and potential risks associated with this action.

Are You Underwater or at Risk of Default?

Typically, you need to show that you are either underwater on your mortgage, which means you have a mortgage balance higher than the home's actual market value, or that you are at risk of defaulting on the mortgage in order to qualify for a loan modification. You can do either of these by submitting the related paperwork to your loan servicer, which can be a copy of your mortgage statement, pay stubs, and documentation showing your current financial hardship.

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 Posted on September 23, 2015 in Mortgage

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.

It is not. In many cases, struggling homeowners can keep their houses by working with an experienced foreclosure defense attorney to determine how they can remain in their homes. It can be difficult and require you to make personal sacrifices, but the payoff is the ability to remain in the home where you have lived and loved.

Negotiate with Your Lender

In some cases, it is possible to negotiate a lower mortgage payment or longer repayment term with your lender. Whether you are successful in negotiating this type of alteration to your loan or opening a new loan can depend largely on your previous payment history and the amount you currently owe on your home. An experienced foreclosure defense attorney can help you with this process.

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 Posted on September 07, 2015 in Foreclosure

At first, the term “strategic default” might sound like an oxymoron. You know that defaulting on your loan is a bad thing. Or at least, you have been taught to believe it is a bad thing. But sometimes, it actually makes financial sense to default on your loan.

The first question to ask yourself when you are considering a strategic default is whether the value of your property is higher or lower than the amount of money you owe on your loan. If the property is worth less than you owe, you have what is known as “negative equity.” Having negative equity does not necessarily mean that a strategic default is your best option, but it can.

Why Should I Choose a Strategic Default?

Strategic defaults are also sometimes known as voluntary foreclosures. This is because despite having enough money to pay off your loan, you choose to allow your property to go into foreclosure.

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 Posted on January 27, 2015 in Arlington Heights Foreclosure Attorney

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 ratio that is a few points too low or a Loan To Value ratio that is a few points too high. This rejection is followed swiftly by another assistance offer, and the wheel starts moving again.

All this time, the bank is generally not accepting partial payments, so the delinquency keeps getting higher and higher. Eventually, the Ferris wheel stops. The lender soberly declares that the delinquent amount is too high to be repaid. Foreclosure follows.

Negotiating Loan Modifications

When addressing requests for loan modifications, the lender has a duty to negotiate in good faith. In other words, the bank cannot deny a loan modification based on a technicality. If you are a reasonably good candidate for a loan modification, based on your current financial means, the bank's lawyer would be hard-pressed to offer an explanation to the judge as to why negotiations failed. Other options, such as a deed in lieu of foreclosure and a short sale, are also on the table.

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 Posted on November 21, 2014 in Arlington Heights Foreclosure Attorney

In 2008, the U.S. real estate market witnessed a devastating turn of events as the market erupted in a resounding collapse leading toward record-breaking foreclosures and the lowering of market value pricing across the U.S.

At the time, Dean Baker, co-director for the Center for Economic and Policy Research, based in Washington, D.C., laid blame on a lengthy list of “villains” responsible for the housing crisis as homeowners opted for foreclosure or watched as their equity holdings deeply plummeted.

Baker advised lenders that perhaps the best way to prevent any future bubble was to prevent the bubble from forming in the first place.

As per a recent article posted to The New York Times, it appears the largest government-based lenders may have taken Baker's advice into consideration.

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 Posted on November 21, 2014 in Uncategorized

Prescription drug manufacturers are responsible for proper development of their products and the marketing and labeling it presents to the public. If there is a chance that their drug is defective, it can result in a recall and, ultimately, harm to patients.

The World Health Organization (WHO) identifies a conflict of interest between the medical needs of the public and their providers and the business goals of manufacturers, due to the fact that drug companies are the primary source of information for which products are most effective. According to WHO, pharmaceutical companies spend nearly twice of their revenue on marketing than on research and development.

However, revenues for some companies have recently decreased partly due to sales of generic competition. Pfizer's billion-dollar company hit a decline in 2013 in sales dropping to $2.3 billion from $3.9 billion in 2012 and $9.6 billion in 2011.

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 Posted on October 02, 2014 in Loan Modification

Trulia, a leader in the real estate industry, recently reported that refinance rates for a 30 year fixed mortgage in Waukegan, Illinois can be obtained for as low as 2.250 percent. Trulia further reported that the median sales price of a home in Waukegan is $91,250, a 30.4 percent home value increase as previously reported a year ago.

This may come as welcomed news for prospective sellers but for those homeowners facing financial difficulty, possible foreclosure and in receipt of a loan modification denial by their original lender, this news falls on deaf ears.

If you recently received a formal denial of your loan modification request in hopes of adjusting your original loan terms and to halt possible foreclosure status, your best line of defense is to contact an experienced foreclosure attorney to discuss whether any of the following infractions may have lead to the denial.

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 Posted on September 24, 2014 in Arlington Heights Foreclosure Attorney

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.

As defined by QFINANCE, a collaborative effort of over 300 of the world's leading financial professionals, repossession is simply the return of merchandise after a period of default of time payments. Statistically defined, one in every 1126 homes throughout the United States are currently under foreclosure status as of August 2014.

Although easily defined by the professionals, the definition surely becomes more involved as it pertains to your personal financial security and quality of life. Before placing a call to an experienced foreclosure attorney to discuss your options, take note of why the bank really does not want to enter into the foreclosure process. Quite simply, they are not in the real estate industry to produce profit from the short sale of your home. Perhaps better understanding of why your mortgage lender is not breaking down your door to repossess your home may provide you with better insight of what the future may hold before seeking professional legal counsel.

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 Posted on September 19, 2014 in Arlington Heights Foreclosure Attorney

RealtyTrac®, the leader in online real estate market data recently released its Midyear 2014 U.S. Foreclosure Market Report™. There is good news and there is bad news. The good news, as of July 2014, the national foreclosure rate dropped to 16 percent, matching the lowest level since the burst of the housing bubble in 2006.

The bad news, some states are still exhibiting a high rate of foreclosure with Illinois filling the number three spot for the first half of 2014. Although the good news supports that there may no longer be a foreclosure infestation, Illinois accompanied by Florida, Maryland, New Jersey and Nevada have yet to make it out of the formidable foreclosure forest.

RealtyTrac® data for Illinois foreclosure rates was based on a total of 42,866 properties initiating foreclosure filings during the first half of 2014. Data derived supports that at least one in every 123 Illinois homeowners were facing the reality of losing their homes or rental property, with probably a large percentage seeking the services of a qualified Illinois foreclosure attorney.

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 Posted on August 27, 2014 in Mortgage

Debt refinancing is quite elementary and often used as a financial equalizing tool. More often than not, consumers experiencing the onset of financial difficulties may turn to mortgage refinancing to ease the burden through lower interest rates and avoid foreclosure.

Mortgage refinancing is a viable solution to rescue your financial future. As long as your new mortgage is similar in size to that of your old mortgage and your credit is still in fairly good standing, you should be able to complete application without any long-term damage to your FICO credit score.

To explore alternative options before choosing a mortgage refinance, it may be in your best interest to consult with an experienced foreclosure attorney. Before scheduling your consultation, these guidelines may provide insight as to how refinancing may or may not affect your credit score or long-range financial plans.

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