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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 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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 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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 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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 Posted on May 29, 2014 in Foreclosure

Unfortunately when a homeowner is facing dire straights and facing foreclosure, far too often those seeking mortgage assistance fall victim to experienced scam artists. These experts are prey on the homeowner's emotional state to drain you of your money and your home but also leaving your liable for your mortgage debt.

To alleviate falling victim to a scam artist that could only make the overall situation worse, it may be in your best interest to consult with an experienced foreclosure attorney to further discuss your options under the federally funded Home Affordable Foreclosure Alternatives (HAFA) Program or the Home Affordable Modification Program (HAMP).

These programs, initiated in 2009 at the height of the real estate bubble have been extended through 2014. Either program could be the catalyst to vault you out of the financial hardship. Perhaps before meeting with an attorney the following brief synopses may provide you with a brief introduction to both programs.

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 Posted on May 19, 2014 in Real Estate

When you purchased your home a few years ago, life was great. Your job was secure, your children were happy and healthy and your marriage was stable, of course with the common marital ups and downs but still reasonably stable.

Then it all came crashing down.

One of your children was diagnosed with a chronic disorder causing medical bills to soar, you became a victim of employment downsizing, and your spouse decided it was all too much and filed for divorce. You are now in danger of losing the family home to foreclosure.

You made the effort to discuss loan modification with your bank but realized you should have retained the services of an experienced Illinois foreclosure attorney because now in spite of your efforts to persuade the mortgage lender you are now facing the sale of your home via foreclosure or what is commonly known in real estate terminology as a short sale ordered by the lender.

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 Posted on April 16, 2014 in Foreclosure

A recent article published by the Association of American Retired Persons Bulletin (AARP) exposes a new crisis in our country. It appears that seniors are under siege due to delinquent property bills and haunted by credit collection agencies ready to either secure the debt or take control of the home through a tax lien foreclosure.

The article profiles Melvin Phillips, a security guard and retired Army captain thought he was current on his property tax obligation, but according to the article Elm Capital, LLC (Jericho, N.Y.), Phillips was facing foreclosure over a $8,000 tax lien levied against his home. He thought he would be able to establish a payment plan in court but Elm Capital was prepared to take his house by foreclosing on Philips and his property if he could not produce $15,000 immediately. Through assistance offered by the AARP Legal Counsel for the Elderly (LCE), Captain Phillips was able to reach an agreement with Elm Capital and save his home.

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 Posted on April 09, 2014 in Foreclosure

According to an article published by the Chicago Tribune, Illinois homeowners plotting to strategically walk away from their homes is not an alarming new trend. For years, homeowners who have been feeling the sting of the housing market whims have often turned to an experienced Strategic Defense attorney to discuss Strategic Default of their mortgage as a method to relieve persistent debt concerns.

Joanne Gaskin, director of product management for scores at FICO Inc. believes “that this is not a problem that is going away”. It is also reported that the Chicago area is conducive to this form of debt relief due to three primary circumstances:

1. Although the housing market is experiencing a slight rebound, some homeowners are still experiencing a negative equity balance.
2. Illinois foreclosures, processed through the court system, are over their heads in paperwork. From default to foreclosure some homeowners are living mortgage-free up to and over one year's time.

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 Posted on March 28, 2014 in Foreclosure

You fought the good fight, but it was not enough. Due to financial hardship your family home has gone into foreclosure status and you are now facing eviction in your home state of Illinois. Not only are you reeling from the emotional pain associated with losing your home but you are also regretting not contacting an experienced foreclosure attorney at the onset of your financial difficulties. Now you are left wondering what happens next.

For those currently in foreclosure, without any recourse, subject to Illinois Civil Procedure Law (735 ILCS 5), take comfort that you will not be immediately forced to vacate your home, but if you choose to dig in your heels as a last ditch effort, the bank or the new homeowners are permitted to pursue eviction action against you as follows:

Self-Help Eviction

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 Posted on January 21, 2014 in Mortgage

The housing crisis that began concurrently with the financial crisis of 2008 may be a distant memory for most Americans, but according to Forbes there are many families still holding underwater mortgages, who are still dealing with it every day. “The number of homeowners who owe more on their mortgage than their home is worth is greater than the number of residents in most states,” Forbes reports. Zillow produced the latest statistics, reported at the end of December. “Nearly 11 million homeowners have negative equity in their homes… the rate works out to about one in five homeowners with a mortgage,” according to Forbes.

In 2007, the Mortgage Debt Relief Act was passed, which allowed taxpayers to exclude income resultant from the forgiveness of debt. “Debt reduced through mortgage restructuring as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief,” according to the IRS. Yet on December 31, 2013, this provision expired, essentially meaning that all forgiven debt in association with foreclosure or an underwater mortgage is now taxable. This, of course, will make a serious impact for families facing foreclosure or underwater mortgages in 2014.

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