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Recent Blog Posts

Pharmaceutical Companies Put Money into Marketing over Product Development

 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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Reasons Your Loan Modification Request Was Denied

 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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Understanding Why Your Lender is Against Foreclosure

 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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Housing Market is on the Mend But Illinois Still Ranks as a Troubled State

 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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Exploring Your Legal Options Before Applying for Mortgage Refinance

 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.

Calculate Your Total Debt

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Strategies for First Time Home Buyers To Avoid Future Foreclosure

 Posted on August 07, 2014 in Foreclosure

Purchasing your first home can be exhilarating, a bit frightening and, at times, overwhelming. Buying a home is often rated as the most important financial decision of your adult life, and being fiscally responsible should be your number one priority.

Often, first time home buyers will fall in love with a house that may put them at risk for financial troubles, including foreclosure down the proverbial road. To avoid the pitfalls of trying to get out from under upside down mortgages, or when the collateral that secured the loan is now lower in value than the balance owed to the lender, takes careful planning. By calculating your income, assets, liabilities and possible property taxes and insurance, you will avoid possible financial distress in the event of a life change or disability. Consider having a financial cushion on hand to cover any unexpected financial disturbances before signing on the dotted line.

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Deed in Lieu of Foreclosure Approach to an Upside Down Mortgage

 Posted on July 29, 2014 in Foreclosure

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. Unfortunately many homeowners are at a loss and have fallen victim to foreclosure and long-term damage to their credit rating but have often overlooked the option of a Deed in Lieu of Foreclosure.

For those seeking this form of debt relief, it is often in their best interest to contact an experienced foreclosure attorney, especially if you reside in Illinois where the laws regarding Deed in Lieu of Foreclosure can be complicated and add even more stress to an already frustrating situation.

This type of economic relief by which the borrower conveys all interest in real property to the lender to satisfy the loan agreement, currently in default, to avoid a full foreclosure of said real property. The majority of states follow guidelines set forth by the U.S. Department of Housing and Urban Development or HUD and include:

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Foreclosure Timeline for Illinois Residents

 Posted on July 07, 2014 in Foreclosure

There's good news for Illinois homeowners: It appears that the percentage of foreclosures is on the decline and the forecast appears promising. According to The Illinois Foreclosure Listing Service, the number of listed foreclosures for the first quarter of 2014 have decreased by 39.17 percent.

As the real estate market appears a bit brighter for Illinois, there are still homeowners struggling to pay their mortgage and possibly facing foreclosure. Aside from contacting an experienced Illinois foreclosure attorney, taking a moment to familiarize yourself and prepare your family with a tentative timeline of the foreclosure process under Illinois Code of Civil Procedure (735 ILCS 5) may prove helpful.

Immediate Action

If not considered before, speaking with your attorney about the federal government's Home Affordable Modification Program (HAMP). If you do not meet HAMP eligibility requirements, the following will give you a brief timeline of what to expect if you and your attorney agree that foreclosure is your best option.

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Illinois Consumer Beware: Do Not Fall Prey to Unlawful Foreclosure Practices

 Posted on June 12, 2014 in Foreclosure

Illinois citizens have a friend in Attorney General Lisa Madigan. As head of the Consumer Protection Division, Madigan and her staff are constantly fielding legitimate cases of fraud, deceptive and unfair business practices. Available to all Illinois citizens is information and review of unfair practices through the following bureaus:

  • Consumer Fraud Bureau
  • Charitable Trust Bureau
  • Franchise Bureau
  • Health Care Bureau
  • Military and Veterans Rights Bureau

In 2012, Madigan took on the unethical practices of scam ploys that offered “mortgage rescue” for those Illinois homeowners struggling to keep one step ahead of foreclosure. The scam was presented as a forensic audit that would identify errors and reduce the homeowner's monthly mortgage liability. Often the homeowner would pay exorbitant fees then waited on services that never materialized, often finding themselves deeper in debt with no where to turn.

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Boston Scientific Receives Subpoena for Defibrillator Devices

 Posted on May 30, 2014 in Uncategorized

Boston Scientific (BSX) recently announced that it received a subpoena on May 5 from the Department of Health and Human Services. The subpoena asked the company for information about the performance of its implanted defibrillators. Defibrillator devices are used to shock racing hearts back into a normal rhythm during cardiac emergencies, some of which may injure patients.

The subpoena requested information from 2008, when Boston Scientific released two different types of implanted cardiac defibrillators. The documents also asked for information regarding the performance of these two devices when used between 2007 to 2009. The defibrillators are sold using the names Teligen and Cognis and are implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds).

The Office of the Inspector General from the Department of Health and Human Services issued the subpoena. The office's duties include investigating waste and fraud in health programs of the government, including Medicaid and Medicare.

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