Chang and Carlin, LLP: foreclosure attorneys in Chicago

Showing posts with label foreclosure attorneys in Chicago. Show all posts

Tuesday, 26 November 2013

Reaffirmation Agreement-Things You Need To Know

The Law Offices of Chang and Carlin guide individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 Bankruptcy.

Bankruptcy is a powerful tool which, if used correctly, can help you recover from financial crises. However, there are many things involved in the bankruptcy process which you need to understand. A good bankruptcy attorney in Chicago will not just help you sail through the bankruptcy process, but will also answer all your questions pertaining to bankruptcy. So, here is some information on a ‘Reaffirmation Agreement’, brought to you exclusively by Chang and Carlin, LLP.

What is a Reaffirmation Agreement?

In a Chapter 7 bankruptcy, a reaffirmation agreement is basically a contract between you and your creditor that states that you agree to treat that specific debt as if you have never filed bankruptcy.

Why people sign reaffirmation agreement?

Many people who file bankruptcy are under the misconception that if they reaffirm a debt, that debt is not listed in the bankruptcy petition. However, the truth is that you must list all of your creditors in your bankruptcy case or you will be in violation of the bankruptcy laws.

What happens if you sign reaffirmation agreement and then fail to pay?

If you sign a reaffirmation agreement and then fail to pay that creditor, they can sue you and garnish your wages. Chang and Carlin, LLP’s experienced foreclosure attorneys in Chicago suggest that you never sign a reaffirmation agreement unless you are extremely confident you will be able to make the future payments.

When should you avoid filing a reaffirmation agreement?

One of the benefits of a Chapter 7 bankruptcy, is the ability to keep (or "reaffirm") debts secured by property the debtor needs for his or her fresh start. Typically, clients need their vehicle and house and reaffirming the loans on those items seems like the right thing to do. However, there are certain cases when you should not go for a reaffirmation agreement-

· If there is a 2nd mortgage;

· If a client is self-employed or has fluctuating pay; or

· If the property has little or negative equity.

Having the proper knowledge of bankruptcy and related procedures will not only save your financial future, but can also save you from harassment and embarrassment. For more similar useful information, or to schedule a free initial legal consultation with an experienced bankruptcy or real estate attorney in Chicago, call Chang and Carlin, LLP today or Request a Free No Obligation Bankruptcy Filing Consultation 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.

Monday, 14 October 2013

Knowledge Of Bankruptcy Laws Can Help You Save Your Home

Chang and Carlin, LLP provides legal services for people who are struggling under the pressure of mounting debt. Their Chicago area attorneys help people under financial stress to liquidate their debts by filing for bankruptcy.

A house is not just built with cement and bricks; our precious memories are also an inseparable part of our homes. Unfortunately, people who are saddled with debt face the very real fear of losing their home. However, if a person who is in debt has enough knowledge of bankruptcy law to act quickly, then they may be able to save their home. So, here are a couple important bankruptcy laws that can help with foreclosure prevention.

Chapter 13 and your home

Filing a Chapter 13 Bankruptcy is a good option for homeowners who are behind on their mortgage payments and need time to catch up on their payments so they can keep their home. You can pay off any late mortgage payments during the length of the repayment plan. You will need enough income to meet your current mortgage payments and your other expenses at the same time you’re paying off your late mortgage payments. If you make all the required payments under your Chapter 13 plan, you can avoid foreclosure and remain in your home.

Chapter 7 Bankruptcy and your home

According to Chang and Carlin, LLP’s experienced bankruptcy attorneys in Chicago, while Chapter 13 can be used to prevent foreclosure in the long term, Chapter 7 provides a temporary relief from foreclosure. Filing for Chapter 7 results in an immediate “automatic stay” that prevents your creditors from taking any action against you such as foreclosing on your home. However, a creditor can ask the bankruptcy court to lift the automatic stay.

Which one is better for me?

If you are considering filing a bankruptcy case and you are wondering which one would be better for you then here are some issues to consider:

§ Whether you want to keep your home or just delay a foreclosure

§ Whether you have other property such as a car you want to keep

§ Whether you are able or willing to pay for some of your debts through a Chapter 13 payment plan

§ The type and amount of bankruptcy exemptions available to you

§ Your estimated payment under a Chapter 13 plan

If you are still not clear about the course of action that would be the best for you, then you should consider hiring an expert bankruptcy attorney. Chang and Carlin, LLP’s experienced bankruptcy and foreclosure attorneys in Chicago have been helping individuals to secure a better financial future with their valuable help and guidance.

Reasonable Fees for Bankruptcy and Foreclosure Help for Illinois Residents + a Initial Free Consultation

Our goal at Chang and Carlin, LLP is to change your financial future. To book your appointment or get more information about Chapter 13 and Chapter 7 Bankruptcy in Chicago, contact us at 1-866-790-8601 or Request a Free No Obligation Bankruptcy Filing Consultation Today.

Thursday, 19 September 2013

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.

Thursday, 18 July 2013

Buying a Pre-Foreclosed Home? Here’s What You Need to Know

Chang and Carlin, LLP has established itself as a respected real estate legal services firm, representing a diverse clientele in Chicago, Illinois and the surrounding areas. Their Real Estate attorneys in Chicago help you manage anything from routine real estate matters, to more complex situations that require the experienced know-how of skilled real estate attorneys.

Choosing to invest in pre-foreclosed properties is an ideal way to capture a home at a great value, often below appraised and market value.

If you too are planning to buy a pre-foreclosed property, here is some information to help you safely make the best purchase possible:

What is a pre foreclosed home? A pre-foreclosure property has a delinquent loan and the owner is in imminent danger of losing his home due to foreclosure. His property has been listed as delinquent and will soon be taken into the custody of the lender.
Why buy a pre foreclosure house? Buyers may be able to obtain a pre-foreclosure for 40 percent less than the home’s market value, and the deal would close quicker than would a foreclosure.
Confirm pre-foreclosure status. It’s important to find out if a property has been reinstated before proceeding as the owner can reinstate the property by paying off the amount in default. The best way to check if the property has been reinstated is to call the trustee or attorney assigned to the foreclosure.
Contact the owner. You or your real estate agent should initiate contact with the owner to express your interest in the property. Before you expend the time and effort to contact the owner, make sure you're fully prepared to buy.
How to negotiate with the owner. To determine how much you will pay the seller for the home, you should subtract all your costs as a buyer (loan balance, additional liens, and repair costs) from the estimated market value of the property and use that number as a basis for your negotiations with the owner. The experienced real estate attorneys at Chang and Carlin, LLP can help you negotiate a good deal with the owners.

Foreclosure Attorneys in Chicago

As with any investment process, the key to your successful outcome will lie in your preparation. Chang and Carlin, LLP’s experienced real estate or foreclosure attorneys in Chicago can help you with the important details that come with buying a pre-foreclosed house and succeeding in your real estate investment in Chicago.

For more information or to schedule a FREE Initial Legal Evaluation with an experienced foreclosure attorney, contact Chang and Carlin, LLP today!