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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
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.
Posted by David Leibowitz on December 10th, 2009 in Chapter 13, Foreclosure - Saving Your Home, Mortgage Foreclosure Defense, Mortgage Modifications
Today I heard about a couple’s predicament: They just had their second child. Mom is staying home. So the couple went from a two-income household to a one income household. However, they did not go from a two-mortgage home to a one-mortgage home at the same time! As a result of the blessed event, they also faced big credit card and medical debts. What to do?
Well, they could file a chapter 7 bankruptcy – if they qualify through the means test. Their previous six-months income was still high, but that would change within a short period of time. They could also try to defeat the presumption they are abusing the system by showing the permanent change in their income since Mom is staying home with the kids.
This would eliminate a lot of debt, but not the debt that’s giving them the most headaches: Their second mortgage. It’s a high interest home equity loan. And the house is worth even less than the first mortgage. So we discussed Chapter 13 as an option.
Despite the huge influence banks have over Congress, the bankruptcy laws still allow a couple to eliminate the second mortgage in the Chapter 13 if the house is worth even less than the first mortgage. This is fantastic news for our couple because they can stop paying their second mortgage, and pay their chapter 13 Plan instead. That plan will mean that those creditors will be old news in 5 years, and so will that pesky second mortgage. It may seem counterintuitive – paying more money saves you more money? But sometimes that’s just the way it works out.
For financial relief in Kenosha, Racine, Walworth or Milwaukee, call Lakelaw today at 262.694.7300 and ask for Attorney Ryan Blay or David Leibowitz.
This post was written by Ryan Blay, Supervising Attorney in Lakelaw’s Kenosha office.
Posted by David Leibowitz on April 7th, 2009 in Foreclosure - Saving Your Home, Mortgage Modifications, Uncategorized, Foreclosure, Mortgage Modification, Servicers
It’s not easy to contact a mortgage servicer. They say they want to help you get a loan modification agreement. But first, you have to find them. Here’s a handy list of phone numbers. Hopefully, this will help you on your way. And if you need more help, call Lakelaw at 1 866 LAKELAW instead of the mortgage modification company scammers that the United States Department of Justice and Attorneys General around the company are trying to shut down
HOW TO REACH YOUR MORTGAGE COMPANY
Phone: 800-848-9136 (Mortgage)
Phone: 800-836-5656 (Home Equity)
Phone: 510-652-0401
Web: https://chaseonline.chase.com
These numbers and the identities of the banks and mortgage companies are changing every day. If you find out any updates, please let us know and we will post them here.
Posted by David Leibowitz on March 23rd, 2009 in Foreclosure - Saving Your Home, Wisconsin, Foreclosure Prevention, Loan Modification Agreements, Loss Mitigation
Lakelaw has joined forces with Legal Aid Society of Milwaukee to help Wisconsin homeowners fight foreclosure. Under a grant from WHEDA, the Wisconsin Housing and Economic Development Authority, Lakelaw will be providing foreclosure prevention advice and assistance to Wisconsin homeowners from every county other than Milwaukee. Lakelaw Wisconsin maintains offices in Kenosha and LaCrosse. These services will be provided pursuant to a grant from the National Foreclosure Mitigation Counseling Program’s legal assistance funds.
While services under this program will focus on non-litigation strategies, Lakelaw continues to serve its clients directly in all aspects of foreclosure defense in state, federal and bankruptcy courts, in Wisconsin as well as in Illinois.
More information can be found at WHEDA’s foreclosure resource website.
David Leibowitz of Lakelaw and Catey Doyle of the Legal Aid Society of Milwaukee will be presenting a series of training programs for attorneys throughout Wisconsin during the month of April. These sessions will be held in Milwaukee, Madison, Eau Claire and Green Bay.
Details will be posted here, on the Legal Aid Society of Milwaukee’s website and on WHEDA’s foreclosure resource website.
Posted by David Leibowitz on March 22nd, 2009 in Foreclosure - Saving Your Home, Mortgage Modifications
This will be a very short blog entry. That’s because the meat is in the link you’re about to see. The National Consumer Law Center is one of the finest consumer advocacy organizations in the nation. I’ve learned so much there. Hat’s off to them. They are terrific!
Here’s a link to their website with a very wide array of contacts about loan modification resources, both public and private. Please click here to check it out.
Posted by David Leibowitz on March 19th, 2009 in Foreclosure - Saving Your Home
There are so many scam mortgage modification companies out there – it’s ridiculous.
If you can get your mortgage company to slow down or stop its mortgage foreclosure case, you may have a fighting chance to get a legitimate mortgage modification now.
The best way to do this is to visit: http://www.makinghomeaffordable.gov/
This is the official United States “Making Home Affordable” website. This site will help you determine if you have a mortgage eligible for refinance or modification under the two programs already in existence.
You don’t have to wait until S. 61 – the “Helping Homeowners Save Their Homes in Bankruptcy Act” passes in Congress. You can take some steps right now to help yourself.
Of course, you do need to get your mortgage foreclosure to stop. Lakelaw defends people in Illinois and Wisconsin against mortgage foreclosure. We can help you with this.
Don’t pay a mortgage consultant a penny to get the help you need to apply for government sponsored mortgage modifications. Instead, visit the source: http://www.makinghomeaffordable.gov/
And while you’re at it, please contact your Senators and Representatives and urge them to support S 61 and HR 1106. Do it now. Your home may depend upon it.
Click here to contact your Senator and Congressman to support S. 61 and HR 1106.
Posted by David Leibowitz on March 10th, 2009 in Foreclosure - Saving Your Home
Watch out! Borrower beware! Your mortgage modification company may be a fraud. It may be run by the same sub-prime scammerswho got you into this mess in the first place. People in foreclosure want and need mortgage modification agreements.
Many very slick companies are springing up promising homeowners quick and easy mortgage modifications. They will ask for up-front fees of $2000 or more. They claim to be “MORTGAGE EXPERTS.” Mostly, they are experts at marketing and taking your money. Mostly, they are engaged in the unauthorized practice of law. Mostly they are cynical retreads from the sub-prime mortgage industry trying to sucker you out of your money. Run away from them!
For example:
What to watch out for:
There are many TOTALLY FREE – NOT FOR PROFIT MORTGAGE COUNSELLORS WHO CAN PROVIDE LEGIMITMATE HELP. Find them in your area at the link here.
Lakelaw can help you defend your mortgage foreclosure case in court while you get the mortgage modification help you need from a legitimate counselling agency. Steer clear of people who make false promises.
See our pages about defending against predatory mortgages.
Posted by David Leibowitz on February 23rd, 2009 in Foreclosure - Saving Your Home
The Chicago Tribune reported on February 22, 2009 that people are fighting back against their mortgage companies in foreclosure court. It’s hard to win. But it is possible to gain valuable time.
Lakelaw has been at the forefront in fighting mortgage foreclosure. And we have now joined forces with experienced Chicago attorney, Arnold Kaplan to aid us and you in this fight. Arnie is a veteran in the area of mortgage foreclosures. He used to represent lenders and knows all their strategies. As a result, he’s developed, with us, very effective counterstategies to help homeowners fight back.
We can’t promise you that you will win. But we will promise that you’ll get a fair shake in court and informed and aggressive representation with the lender.
Watch our website for more and new information about Arnie and his group as it becomes integrated with our Lakelaw team.
Posted by David Leibowitz on February 22nd, 2009 in Foreclosure - Saving Your Home
John Leland, in the New York Times, wrote and interesting article entitled “Swindlers Find Growing Market in Foreclosures.” Every day, I meet people in Illinois and Wisconsin just like you, so fearful that you will soon lose your home to foreclosure. You bring me the piles of letters you receive from all kinds of people who say they will “help” you.
In most cases, they only want to take money from you. They won’t help you at all.
Here are some facts.
If you get a summons or complaint from the court – it’s not a “letter.” It is a legal demand in court. You can’t ignore this. You have to do something in court. You need a laywer to do this who specializes in mortgage foreclosure defense.
You can try to make a modification agreement with a lender. You don’t need a consultant to do this. There are Not-For-Profit agencies in your community who can help you.\
The US Department of Housing and Urban Development has made a list of approved agencies to call:
Here’s a link to the Illinois list .
In Illinois, all homeowners have a “Bill of Rights.” Check them out.
Lakelaw represents people defending their homes against mortgage rescue fraud in Illinois and Wisconsin
Illinois Lawyer David P. Leibowitz handles business law, estate planning, probate, asset
protection, consumer bankruptcy, business bankruptcy, real estate, elder law, guardianships, identity theft, consumer protection, commercial collections and foreclosure defense matters from Chicago to Milwaukee with offices in Chicago, Skokie, Waukegan, Milwaukee and Kenosha.
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