Hope for Homeowners in Southeastern Wisconsin

Posted by Ryan Blay on April 14th, 2010 in Foreclosure - Saving Your Home, Mortgage Foreclosure Defense, Mortgage Modifications, Not for Profit Organizations, Real Estate, Wisconsin

                Sometimes when you need the most help, it seems like nobody is willing to take the time and make the effort to assist.  In foreclosure, the mortgage companies often tell their customers that they won’t even consider modifications unless they are months behind.  The largest law firms won’t help because they are too busy profiting from the foreclosure fees given to them by the biggest lenders.  Who does that leave to fight the good fight (besides Lakelaw, of course)?

                One such agency is Housing Resources, Inc.  You can visit their website at http://www.hri-wi.org/ or call them at 262-636-8271.  HRI can assist first time homebuyers, and they can assist those struggling through higher than expected mortgage payments, losses of income, and other problems faced by Wisconsin residents in the tough times.

                HRI is a chartered member of NeighborWorks and is one of the few Southeastern Wisconsin locations approved by the Wisconsin Housing and Economic Development Authority to refer homeowners facing foreclosure to Lakelaw for limited free assistance with mortgage woes.  They have a dedicated staff and value privacy.  They have specialists who speak Spanish as well, to ensure that nobody in the community should feel left out.

                When foreclosure looms, there are multiple options.  You can always dial 262-694-7300 and call us at Lakelaw to speak about using bankruptcy and legal defenses to foreclosure to fight the mortgage companies.  You can also call HRI and other counseling agencies to speak with trained specialists to discuss modifications, re-finances, and new rules that impact homeowners such as US Treasury Supplemental Directive 10-02 designed to ease the foreclosure crisis. 

                At Lakelaw, an agency dedicated to keep people in their homes instead of kicking them on the streets is a friend of ours and we are proud to support their tireless efforts.

                And Housing Resources, Inc. can refer you to Lakelaw where you can also get some free legal advice to help you address your mortgage problems, thanks to a grant from the Wisconsin Housing and Economic Development Administration – WHEDA.  For more information about this program, visit www.wisconsinforeclosureresource.com

Wisconsin mortgages usually won't result in deficiency claims

Posted by David Leibowitz on April 6th, 2010 in Alternatives to Bankruptcy, Foreclosure - Saving Your Home, Wisconsin

If you are facing foreclosure in Wisconsin, you’re not likely to suffer a deficiency judgment even if your house has lost a lot of value.  What’s a deficiency judgment?  That’s a judgment against you for the difference between the amount owed on your mortgage and the value of your house.  So many home-owners find themselves “upside-down” – the value of their homes are less than their mortgage.  They don’t see any reason paying for something worth less than it is worth. They don’t think of their home as a wasting asset. So they stop paying on their mortgage. It may be cheaper for them to rent.

Foreclosure is not a good thing. You will lose your home. You’ll have to move. But you probably won’t have to pay a big judgment to the mortgage company. That’s because in Wisconsin, the lender on residential real estate has a choice of waiting 12 months from the time the foreclosure case starts before the foreclosure is complete or 6 months.  If the lender selects the 6 month waiting period, which is almost always the case, the lender must give up any rights to a judgment for the difference between the loan and the value of the home – the deficiency judgment.

So if you face foreclosure in Wisconsin and that’s your only big debt, you at least may be able to avoid the need to file for bankruptcy.

Call us at Lakelaw to discuss your options – we’re at 262 694 7300 and we help people with mortgage foreclosure and bankruptcy throughout the State of Wisconsin.

Illinois Bankruptcy Information

Posted by David Leibowitz on April 3rd, 2010 in Bankruptcy Information

People who file bankruptcy in Illinois need bankruptcy information to make smart decisions. Lakelaw helps people file bankruptcy in Illinois. Lakelaw wants you to have all of the Illinois Bankruptcy Information you need even before you come to visit us in one of our offices – in Chicago or Waukegan.

Some information which you must have in order to be ready to file your bankruptcy case includes:

• Where is the Bankruptcy Court?

Cook County
Dirksen Federal Building 219 S. Dearborn St. Room 800  Chicago, Illinois 60606

DuPage County
DuPage Co Courthouse  505 North County Farm Rd, Rm 2000 Wheaton, Illinois 60187

Kane County
Kane Co. Government Center 100 South 3rd St., Rm 110 Geneva, Illinois 60134

Lake County
301 Greenleaf Ave, Courtroom B. Park City, llinois 60085

Will County
57 N Ottawa St. Room 201 Joliet, Illinois 60432

For chapter 13 meetings

Marilyn O. Marshall
224 South Michigan Avenue Suite 800 Chicago, Illinois 60604-2507

Glenn B. Stearns

DuPage County & Kane County
DuPage Co. Bar Assoc.126 S. County Farm Rd., Lower Level, Wheaton, Illinois 60187

Lake County
Lake County Branch Traffic Court 301 S Greenleaf Avenue, Park City, IL 60085

Will County (includes Grundy, LaSalle, Kendall & Will counties)
57 N Ottawa St. Room 201 Joliet, Illinois 60432

Tom Vaughn, Esq.
200 South Michigan Avenue Suite 1300 Chicago, Illinois 60604-2402

Lydia Meyer
Rockford
Stewart Square Bldg 308 W State St Lower Level – Rm 40 Rockford, Illinois 61101

• Where should I get credit counselling?
• What exemptions can I take? Click here for information about Illinois Bankruptcy Exemptions

At Lakelaw, we want you to have all the information you need to know to be informed and make the best decisions for you.