Foreclosure Notice- What Next?

The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through bankruptcy, foreclosure, and tax struggles.

‘Foreclosure’ is a word which is dreaded by all home owners. It conjures up images of homelessness, shame and ruin. According to experienced foreclosure attorneys in Chicago, foreclosure notices are only served when you fall far enough behind in your mortgage payments that your lender intends to take your property and sell it off unless you make up the late payments. Here’s a look at the possible outcomes after you receive a foreclosure notice.

What does foreclosure notice say?

When a lender sends a foreclosure letter, the letter usually announces that foreclosure will begin in 10 days. 

Pay the mortgage, keep the house

Once you pay the note, the foreclosure becomes null and void. Occasionally, people can raise enough cash to pay off the note. But in most cases, people pay off the note by refinancing (via another bank loan or mortgage company loan), one way or another.

What if you don’t pay?

Your real estate attorney Chicago will tell you that if you don't pay off your debts, the lender will put the home up for auction to the highest bidder. If it doesn't sell, then your lender becomes the new owner.

Bankruptcy Filing

If you are facing foreclosure, bankruptcy might be able to help. In many cases, filing Chapter 7 bankruptcy can delay the foreclosure by a number of months. Some people may be able to save their home by filing for Chapter 13 bankruptcy. When you file either a Chapter 13 or Chapter 7 bankruptcy, the court automatically issues an order (called the order for relief) that includes a wonderful thing known as the "automatic stay." The automatic stay directs your creditors to legally postpone foreclosure.

Bankruptcy filing not just saves your house from foreclosure but also keeps the harassing creditors at bay. But, there are many technicalities involved while filing for bankruptcy. Therefore, it is very important to choose an experienced bankruptcy attorney in Chicago. Chang and Carlin LLP’s experienced Chicago bankruptcy lawyers and attorneys can help you get the immediate debt protection you need and help you get out of debt.

To book your appointment or for more information about Foreclosure in Chicago, contact Chang and Carlin at 1-866-790-8601 or Request a Free No Obligation Legal Evaluation Today.

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.

Lien Stripping Defence: Detailed Analysis

During the bankruptcy process, understanding the distinction between secured and unsecured debt is very important. If you are contemplating bankruptcy, it is critical for you to thoroughly comprehend the bankruptcy process. The bankruptcy attorneys at Chang and Carlin, LLP in Chicago can help you understand bankruptcy procedure and take the steps necessary to ensure that you emerge in the best financial position possible. One such necessary step is “Lien Stripping”.

If you have a second mortgage on your home and are in danger of losing it to foreclosure, Chapter 13 may offer a solution. In Chapter 13 Bankruptcy there’s a procedure called ‘Lien Stripping’, that changes a secured second mortgage or home equity line of credit into an unsecured debt, which not only eliminates your monthly payment, but usually lowers your total debt by thousands of dollars.

Our experienced Bankruptcy Lawyers in Chicago can help you through the process, which involves the following steps:

·         1. Our experienced Chicago Chapter 13 Bankruptcy attorneys can help you determine whether you qualify for Lien Stripping or not and, if you do, we’ll help you remove the lien from the second mortgage.

·         2. A Chapter 13 debtor can ask the bankruptcy court to strip away the second mortgage debt because the value of the home is less than the amount of the first mortgage. An attorney can help you determine the fair market value of your property, so that you can establish whether there is enough equity to secure a first mortgage. If the fair market value of your property is less than the total amount of money due on the first mortgage, a second and third mortgage can be stripped off the house. By stripping off this lien, which is treated as an unsecured claim, you may be able to wipe out debt in order for you to more easily pay back your existing debt as part of your Chapter 13 payment plan.

 “Lien stripping” is one of the most powerful forms of debt relief available in Chapter 13 bankruptcy. If you are considering filing Chapter 13 bankruptcy in Chicago and are interested in the possibility of “lien stripping” to eliminate or reduce liens or mortgages on your home or other property, please contact Chang and Carlin, LLP today. For an initial FREE Bankruptcy Legal Consultation, contact our law offices in Chicago.

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg. Joliet, and Warrenville.

Missing Out On Mortgage Payments? Rush To A Real Estate Attorney

Foreclosure, in simple terms, is the bank’s attempt at recovering the money lent to you by re-selling the property that you have taken the loan for. It is an unfortunate situation to be in, but if you have months of over-due mortgage payments, then foreclosure is a very real threat. You may have a dozen genuine reasons for being behind on your payments, but to the bank, your financial challenges constitute an impending loss on their books, which they will try to minimize. However, keep in mind that foreclosure may not be your only option. You still may be able to save your home from being foreclosed and also maintain your credit rating. The first step to discovering your options is to contact a qualified lawyer with experience in foreclosure.

When you realize that you may not be able to make payments on your property for the next few months, it is time to get in touch with a foreclosure attorney in Chicago. The sooner you begin, the more options you may have. An attorney may be able to change the terms of your loan in your favor, reduce you interest rate, altered the term of the loan from adjustable to fixed, and possibly even reduce or put your mortgage payments on hold for awhile. Having a qualified attorney by your side can have a surprising effect on banks and other lenders. 

Getting in touch with a real estate attorney in Chicago is a good idea if you have already missed a mortgage payment. While Illinois laws do not throw a person out of their home for missing a few payments, this can kick-start the legal process of foreclosure. If you get on top of the situation quickly, you may still have a chance at retaining your property.

If insolvency is the reason behind your missing mortgage payments, then filing for bankruptcy through a bankruptcy attorney in Chicago is also good idea. A qualified attorney may be able to get the lenders to agree to a delayed or reduced payment. They might advise you to file for bankruptcy under Chapter 13 Bankruptcy, wherein you could get from 3 to 5 years to pay up the mortgage amount. Moreover, any smart lender will know that a temporary compromise with a client is more profitable than the hassles and expenses involved in a foreclosure, and will be likely to take your lawyer’s suggestions if they are feasible enough.

So don’t fret over missing a mortgage payment or two. Take action and get in touch with the offices of Chang and Carlin, LLP, and follow their advice to get your life back on track! Contact us today for a FREE Legal Consultation.

 
 

Evaluate Chapter 7 Bankruptcy or Chapter 13 Bankruptcy Before Filing

If your debts are overwhelming you and you do not see any way to clear them, bankruptcy may be your best option. A debtor declares bankruptcy to get relief from debt, which can be accomplished either through a discharge of the debt or through a restructuring of the debt.

Filing for bankruptcy is an official declaration that an organization or individual is unable to repay the debt to their creditors. Before you go ahead to file your case in court, there are a few basic things that you need to understand about two main forms of bankruptcy.

Chapter 7 vs. Chapter 13

There are several types of bankruptcy options available, but the following two are the most common for individuals: Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Each bankruptcy option has its own set of pros and cons. It is important to understand how each will affect your financial future.

• Chapter 7 Bankruptcy: The most popular type of bankruptcy is Chapter 7, which is basic liquidation for individuals and businesses. It is also known as straight bankruptcy and is the simplest and quickest form of bankruptcy available. There are many lawyers adept in handling Chapter 7 bankruptcy in Chicago.
• Chapter 13 Bankruptcy enables individuals with a regular income to develop a plan to repay all or part of their debts. This chapter will allow you to retain your personal assets and is also known as the Wage Earner Bankruptcy.  It is typically filed by individuals who think that a little extra time to repay their debts can resolve their financial crises and who do not want to lose their assets due to their present condition. If you intend to file for Chapter 13 bankruptcy, you will have to show your proposed plan of action. Experienced bankruptcy lawyers in Chicago will help you decide which bankruptcy option is right for you, based on your financial situation.

Differences in Bankruptcy Law

The laws governing filing a bankruptcy in Illinois differ from the laws in other states. The biggest key difference between bankruptcy in the Chicago area, and other states, is the property that is exempt or protected from creditors. Some states allow use of a federal exemption, while bankruptcy filing law in Chicago and the rest of Illinois apply their own exemption statutes to all of the property in a bankruptcy case.

The process can be complex and exhausting. Therefore it is very important to choose a Chapter 7 lawyer in Chicago, or from whichever Illinois precinct or county you belong, who has the experience, compassion, and work ethic to see you through the whole process.

Contact Us For A Free Bankruptcy Consultation

Helping clients file for bankruptcy is Chang and Carlin, LLP’s area of focus. Their bankruptcy attorneys not only handle Chapter 7 and Chapter 13 Bankruptcy cases but also assist clients on how they can settle their debt effectively and in a reasonable amount of time.  Contact us online for a Free Bankruptcy Consultation.