Apr 30
RealtyTrac reports that the number of foreclosures in the Chicago-metropolitan area fell nearly 16 percent in March, when compared to last year. We may not be out of the woods though, as the foreclosure number jumped more than 23 percent, when compared to February, according to The Herald-News.
As more and more homes are lost in the area, homeowners continue to seek bankruptcy protection to stop foreclosure in Chicago.
Our Chicago bankruptcy lawyers understand there is a way to secure your financial future after navigating through these financial speed bumps. An experienced attorney can help you determine the best options for your situation and help you get your finances back on track. Our attorneys continue to assist clients struggling with mortgage debt to determine the best course of action.
Even though recent statistics show that foreclosure activity is at a national low in the last three years, experts are convinced that we’re still not in the clear. Much of the slowdown is being attributed to legal problems plaguing banks and to more aggressive defense of homeowners.
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Tags: Chicago, Filings Chicago
Apr 28
Trying to get out of your financial debts can be a frustrating and stressful affair, and with the recent world recession more and more people are falling behind with their monthly financial commitments and bills, subsequently personal debt is rapidly increasing all over the country. Sadly, many people find debt so disturbing that they try to ignore the problem and “turn their heads the other way hoping that their troubles will eventually go away all by themselves which of course will never be true. The fact is: if you find yourself “over your head” in debt the last thing you should do is ignore them. If you want to go debt free or stop yourself falling even deeper into a hole of increasing debt problems then you are going to have to take some positive action. Use these steps to get your “feet back on the ground”.
1. Take action. Once your debts starts spiralling out of control and you can see things getting worse it is vital that you don’t just sit back, but take decisive action. Not paying attention to the situation will create a “catch 22 situation”. If you are havi
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Tags: Debt
Apr 26
Despite the best efforts of groups like the Better Business Bureau and the Federal Trade Commission, scammers manage to find new ways to take money from unsuspecting consumers on a regular basis. Here’s a look at one of the latest warnings that’s been posted by consumer advocates.
A New Mortgage Scam Afoot
The latest in a long line of mortgage and foreclosure “rescue” scams seems to be one that involves attempting to trick homeowners into thinking they qualify for money from a lawsuit against their lenders. According to the BBB, the scam works like this:
- An official-looking letter arrives: Victims have reportedly noted that they received a letter indicating that they were eligible to join a “joinder action suit” against certain mortgage lenders and banks. The letters noted the potential for winning significant financial compensation in the suit.
- Unrealistic promises: Victims who called the number listed on the letter were apparently directed to employees of the scammer, who falsely suggested that, by joining the suit, victims might win thousands of dollars, have their interest rates slashed to two percent or have their mortgage principal reduced by 80 percent.
- Request for upfront payment: In classic scam fashion, victims were then told that they must pay a $5,000 retainer fee to ensure their spot in the lawsuit.
Unsurprisingly, none of the information presented in the letters or during follow-up phone calls was true. But what ma
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Tags: Scammers, Scammers Loose
Apr 26
For those of you that are not sure what a California foreclosure is, it is when a homeowner is not able to make principle and interest payments on their monthly mortgage. As a result, the mortgage company will take the property and sell it, which will be stated in the mortgage contract when the homeowner first signs it. This type of foreclosure varies among lenders; it all depends on each individual situation.
As a homeowner, it is totally up to you if you would like to sell or keep your home during the California foreclosure process. If you prefer not to keep your home, it will actually be sold before it reaches the foreclosure process. The big advantage you will get from the home being sold before it reaches foreclosure is not receiving a foreclosure judgment on your credit rating. This works well for both parties because the lender is able to sell the home and the borrower can receive future financing without any negative ratings on their credit. This type of foreclosure is normally available to homeowners who have a great deal of equity available in their home.
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Tags: California, California Foreclsoure
Apr 23
Most people desire debt consolidation reduction devices purely because consumers think that it’s actually the sole plan that may truly assist on the subject of trimming down the expenses just by cutting down the rates of interest. Nevertheless, that’s not accurate and, just before you start searching for an organization that could possibly give you various fee based options or possibly a financial loan, first just be sure you are unable to collect cheaper finance interest rates from your own companies without help. Accordingly, contact or even make a trip to each and every service provider you have got, describe the state of affairs and try to find out whether they might grant you decreased rates of interest. Should you possess in excess of just one financial loan at a specific service provider, then you’ll currently have raised possibilities to secure a few calendar months relief from the monthly payment or else a re-calculation of your respective payment which may meet your own financial plan.
On the list of issues why men and women finish up having deficits is in fact neglecting to pay up their personal loans only because they really don’t keep an efficient plan to monitor them all. Therefo
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Tags: Debt, Debt Consolidation