Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Thursday, July 17, 2014
Good news for homeowners - Foreclosures are down to Pre-Mortgage Crisis levels
Foreclosure filings across the country decreased in June to it's lowest levels since 2006 when the housing market collapsed, Bloomberg News reported today.
Homes reporting an official default, foreclosure sales auction or repossession totaled 107,194 last month, down 16% from last year, and the lowest since June 2006 reports RealtyTrac Inc. in a report issued today. That doesn't mean that there aren't thousands more who are a payment, two, or three payments behind or more, however.
Chapter 13 can still help. It can cure arrears, it can also pay down unsecured second mortgages pennies on the dollar in many instances for those who are still upside down on their homes.
Values are bouncing back, but still not as quickly as many hope .
Contact us for a chapter 13 review to see if it would be right for you.
Leeders & Associates
www.LeedersLaw.com
312-346-7400
Tuesday, January 25, 2011
CHAPTER 13 BANKRUPTCY CAN STOP FORECLOSURE SALE
Faced with a sale date on your property? Think all is lost? It isn't! You can stop a foreclosure sale before your home is gone for good with a chapter 13 bankruptcy.
A chapter 13 can cure your mortgage default, get you a better deal on most financed items, including cars, and can discharge your unsecured debts, often at pennies on the dollar!
The bankruptcy code gives debtors who ran into a rough patch the ability to right the ship and get back on track with a chapter 13 repayment plan. The plan focuses on the value of assets, and your current monthly disposable income to create the repayment plan. The plan usually runs for 36-60 months in most cases, and debtors are usually debt free at the end (aside from the regular mortgage payment, ongoing child support and student loans).
If you are in Illinois, call Leeders & Associates today at 312-427-7400 to get information on chapter 13. We offer free consultations and roll much of our fees into the repayment plan too!
A chapter 13 can cure your mortgage default, get you a better deal on most financed items, including cars, and can discharge your unsecured debts, often at pennies on the dollar!
The bankruptcy code gives debtors who ran into a rough patch the ability to right the ship and get back on track with a chapter 13 repayment plan. The plan focuses on the value of assets, and your current monthly disposable income to create the repayment plan. The plan usually runs for 36-60 months in most cases, and debtors are usually debt free at the end (aside from the regular mortgage payment, ongoing child support and student loans).
If you are in Illinois, call Leeders & Associates today at 312-427-7400 to get information on chapter 13. We offer free consultations and roll much of our fees into the repayment plan too!
Monday, October 20, 2008
Chapter 13 can help you stay out of foreclosure court
Chapter 13 can consolidate your debt, pay back your mortgage arrears with no interest, and help save your home from foreclosure.
Cook County's foreclosure court has increased the number of judges from 10 to 14, starting their new schedules Monday.
The Chicago Tribune reports that in Cook County, foreclosures are up over 47 percent for the first half of 2008, and total cases are expected to pass 42,000 by the end of the year.
Contact a bankruptcy attorney in your area and they can help stop the foreclosure, eliminate the stress and help get you back on track.
Cook County's foreclosure court has increased the number of judges from 10 to 14, starting their new schedules Monday.
The Chicago Tribune reports that in Cook County, foreclosures are up over 47 percent for the first half of 2008, and total cases are expected to pass 42,000 by the end of the year.
Contact a bankruptcy attorney in your area and they can help stop the foreclosure, eliminate the stress and help get you back on track.
Monday, May 19, 2008
interactuve chicago area foreclosure report
Crain's Chicago business recently posted a page where users can see what foreclosures have been filed in the area, searchable by zip code. Check out their interactive foreclosure report here.
Chapter 13 bankruptcy can stop foreclosure action up until the sale date. The Chapter 13 bankruptcy will be designed to cure your mortgage arrears over the next 3 to 5 years, while consolidating your other debt, by paying your secured debt off, and paying your unsecured debt from between 10% to 100% of the total.
Contact me for a free bankruptcy evaluation.
Chapter 13 bankruptcy can stop foreclosure action up until the sale date. The Chapter 13 bankruptcy will be designed to cure your mortgage arrears over the next 3 to 5 years, while consolidating your other debt, by paying your secured debt off, and paying your unsecured debt from between 10% to 100% of the total.
Contact me for a free bankruptcy evaluation.
Tuesday, February 27, 2007
Chapter 13 to Stop home foreclosures
Chapter 13 bankruptcy
Chapter 13 Stop mortgage foreclosure
Keywords: chapter 13, bankruptcy, foreclosure, consolidation, chapter 7, mortgage, mortgage default, credit cards, medical bills, interest rate, ARM, adjustable rate mortgage
Stop Foreclosure
Yes, you can save your home!
Using the chapter 13 can strategically help you cure your mortgage default, protect your equity and eliminate your other debts to help you right the ship.
Several years ago, we saw a boom in mortgage lenders offering low adjustable rate mortgages (ARMS) 100% to 110% mortgage loans, and no money down mortgages.
Today, we have seen these ARMS increase from 5% to 8%, 9% or more depending on the lender. Homeowners are being bombarded with a mortgage payment that is almost double than it had been previously before the interest rates have started to rise.
What is a homeowner to do? With the soft real estate market, homes have not appreciated in value, or not enough to allow homeowners to refinance and use some of their equity to help with the higher rates.
Chapter 13 is an option. In a nutshell, consumers can file chapter 13 which will let them catch up on their mortgage payment, interest free. It can also consolidate their other financed items and often save money on the interest rates. Currently, debtors can pay cars, furniture and jewelry back at prime rate of interest or prime +2, or +3. Bankrate.com shows a current prime rate of interest at 8.25%.
Consumers can also consolidate their credit card debt, medical bills and other consumer debts and pay them back, with little or now interest, and often can pay them as low as 10 cents on each dollar owed!By doing this, consumers can cure any mortgage arrears, pay off their secured debt for vehicles and for big ticket financed items, while eliminating their consumer debt. A Chapter 13 bankruptcy can run from 3 to 5 years. This depends on your monthly household disposable income. There are several recent changes to the Bankruptcy Code that can affect this repayment plan. These changes were part of the BAPCPA reform. Therefore, it is crucial to discuss with an experienced bankruptcy lawyer about the various law requirements and qualifications based on your unique situation.
For instance, let’s say Johnny Consumer owns a home worth $100,000 in Chicago, Illinois. Let’s say he has a $70,000 mortgage with the bank, but has fallen $6,000 behind and the mortgage company has started a foreclosure. Johnny was recently out of work do to an injury on the job. He has just went back to work, and sees no way to catch up $6000 any time soon. He has $10,000 in medical bills. He owes $3000 on his car. For our example, let’s say that Johnny makes $3000 per month and takes home about $2100. His mortgage is $700 a month, his car note is $300 and he has $67 left at the end of the month to use to try to catch up with the medical bills and the mortgage arrears.
At first glance, there is no way he can manage this on his own. Under a chapter 13, Johnny can make a monthly payment of $367 to the court. This will allow him to catch up on the mortgage, pay off his car note, and eliminate the medical bills he has. This will only take 3 years. It will protect all of the equity he has in his home and stop the foreclosure!
Therefore, if you are looking to stop foreclosure, and have steady income, Chapter 13 could be a great tool to use. You can always refinance or sell your home while under Chapter 13 if you wish to pay off the bankruptcy and move on with your life. The Chapter 13 stops the foreclosure immediately. Often, your only other option would be to refinance, or enter into a repayment agreement with your mortgage company. All too often, they want a double payment each month until you can catch up. If you had that kind of disposable income, you probably wouldn’t be in this situation in the first place.
Contact an experienced Chapter 13 bankruptcy attorney today to discuss these options. You don’t need a home to file either. Often consumers just wish to get a better deal on their old car note, consolidate their credit card debt to eliminate the high interest rates…or wish to consolidate their old student loans and parking tickets. There is a way to pay back old IRS debt as well as pennies on the dollar.
Pick up the phone and call me at 312-427-7400 and I’ll be happy to give you a free consultation by phone or schedule an appointment at one of our convenient office locations.
We also have a free online legal evaluation to try as well.
The time to act is now if you want to save your home from foreclosure.
Chapter 13 Stop mortgage foreclosure
Keywords: chapter 13, bankruptcy, foreclosure, consolidation, chapter 7, mortgage, mortgage default, credit cards, medical bills, interest rate, ARM, adjustable rate mortgage
Stop Foreclosure
Yes, you can save your home!
Using the chapter 13 can strategically help you cure your mortgage default, protect your equity and eliminate your other debts to help you right the ship.
Several years ago, we saw a boom in mortgage lenders offering low adjustable rate mortgages (ARMS) 100% to 110% mortgage loans, and no money down mortgages.
Today, we have seen these ARMS increase from 5% to 8%, 9% or more depending on the lender. Homeowners are being bombarded with a mortgage payment that is almost double than it had been previously before the interest rates have started to rise.
What is a homeowner to do? With the soft real estate market, homes have not appreciated in value, or not enough to allow homeowners to refinance and use some of their equity to help with the higher rates.
Chapter 13 is an option. In a nutshell, consumers can file chapter 13 which will let them catch up on their mortgage payment, interest free. It can also consolidate their other financed items and often save money on the interest rates. Currently, debtors can pay cars, furniture and jewelry back at prime rate of interest or prime +2, or +3. Bankrate.com shows a current prime rate of interest at 8.25%.
Consumers can also consolidate their credit card debt, medical bills and other consumer debts and pay them back, with little or now interest, and often can pay them as low as 10 cents on each dollar owed!By doing this, consumers can cure any mortgage arrears, pay off their secured debt for vehicles and for big ticket financed items, while eliminating their consumer debt. A Chapter 13 bankruptcy can run from 3 to 5 years. This depends on your monthly household disposable income. There are several recent changes to the Bankruptcy Code that can affect this repayment plan. These changes were part of the BAPCPA reform. Therefore, it is crucial to discuss with an experienced bankruptcy lawyer about the various law requirements and qualifications based on your unique situation.
For instance, let’s say Johnny Consumer owns a home worth $100,000 in Chicago, Illinois. Let’s say he has a $70,000 mortgage with the bank, but has fallen $6,000 behind and the mortgage company has started a foreclosure. Johnny was recently out of work do to an injury on the job. He has just went back to work, and sees no way to catch up $6000 any time soon. He has $10,000 in medical bills. He owes $3000 on his car. For our example, let’s say that Johnny makes $3000 per month and takes home about $2100. His mortgage is $700 a month, his car note is $300 and he has $67 left at the end of the month to use to try to catch up with the medical bills and the mortgage arrears.
At first glance, there is no way he can manage this on his own. Under a chapter 13, Johnny can make a monthly payment of $367 to the court. This will allow him to catch up on the mortgage, pay off his car note, and eliminate the medical bills he has. This will only take 3 years. It will protect all of the equity he has in his home and stop the foreclosure!
Therefore, if you are looking to stop foreclosure, and have steady income, Chapter 13 could be a great tool to use. You can always refinance or sell your home while under Chapter 13 if you wish to pay off the bankruptcy and move on with your life. The Chapter 13 stops the foreclosure immediately. Often, your only other option would be to refinance, or enter into a repayment agreement with your mortgage company. All too often, they want a double payment each month until you can catch up. If you had that kind of disposable income, you probably wouldn’t be in this situation in the first place.
Contact an experienced Chapter 13 bankruptcy attorney today to discuss these options. You don’t need a home to file either. Often consumers just wish to get a better deal on their old car note, consolidate their credit card debt to eliminate the high interest rates…or wish to consolidate their old student loans and parking tickets. There is a way to pay back old IRS debt as well as pennies on the dollar.
Pick up the phone and call me at 312-427-7400 and I’ll be happy to give you a free consultation by phone or schedule an appointment at one of our convenient office locations.
We also have a free online legal evaluation to try as well.
The time to act is now if you want to save your home from foreclosure.
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