Law Offices of David P. Leibowitz LLC
Lakelaw is a registered assumed name for Law Offices of David P. Leibowitz LLC
Lakelaw has mediation experience. In 2009, Lakelaw became the only private law firm in Wisconsin to receive funding from the Wisconsin Housing and Economic Development Authority (WHEDA) to fight foreclosures. We’ve done so by advising clients across the state about their legal rights and responsibilities, presented training sessions throughout Wisconsin to other attorneys, and attended dozens of mediations in Milwaukee and Waukesha County on behalf of local homeowners.
When the United States Bankruptcy Court for the Eastern District of Wisconsin was creating a pilot program with similar guidelines, they asked that Lakelaw appear along with other law firms providing guidance on the language and structure of the program.
Lakelaw focuses on two main avenues of financial freedom: consumer bankruptcy and foreclosure defense. Lakelaw can provide separate guidance on fighting the foreclosures. We can also appear on your behalf at the Kenosha/Racine mediations, providing advice and guidance through a complicated process against local and national banks.
Please visit our website at www.lakelaw.com, or call (262) 694-7300 to learn more about us and our values. We have two convenient Wisconsin offices to serve you.
6905 Green Bay Road, Suite 101
Kenosha, WI 53142
On Green Bay Road in Kenosha, just north of Route 50.
740 North Plankinton Avenue, Suite 210
Milwaukee, WI 53203
In the River Bank Plaza Building between Wells and Wisconsin,
Located near the Shops at Grand Avenue
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)
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.
These days, many people find that their home is worth a lot less than the balance due on their mortgages. Worse, people are out of jobs, in debt and facing foreclosure. Everyone wants to keep their home. Can you afford to keep your home? Under what circumstances? How do you make that decision?
The first thing to figure out is your income and expenses. It’s a good idea to limit your housing expenses to about 1/3 of what’s left over after payroll deductions. If you are paying too much for housing, you will have a hard time with food, clothing, transportation and other necessary expenses in your life. And if something unexpected comes up, you’re in trouble again.
Own or Rent?
Compare the cost of ownership of your house to the cost of renting something else in your neighborhood. If you are reaffirming a mortgage debt or two, it’s like buying your house all over again at the current price. I would advise against that unless your alternatives are not any better.
Wait for Chapter 13 Reform?
If Congress amends the Bankruptcy Code by adopting HR 200, now passed in the House Judiciary Committee, you’ll have the chance to file a chapter 13 case if your loan is more than your home value, if you are in default, tried to get a loan modification and mortgage foreclosure is threatened. If you did commit any fraud while getting your loan, you’ll have a chance to have the court rewrite your loan, lower the interest rate, stretch out the term, cure the defaults, eliminate the adjustable mortgage feature and prepayment penalties. You’ll have to pay all your income after expenses to your creditors for three to five years under the supervision of a trustee. It may be worth it to you. But this opportunity is still in the future. It may be worth waiting for in your case.
What does this mean?
You have a difficult decision. We’ve helped our clients to make good decisions for 35 years. We can certainly help you.
If you live in Wisconsin, listen up! You cannot ignore a mortgage foreclosure complaint. If you get served with a summons, you will have 20 days to do something about it. You need to file an answer or a motion on before those 20 days are up. You probably need a lawyer like Lakelaw to help you. If you don’t answer within 20 days, Wisconsin Courts rarely will give you a break. You will face a judgment of foreclosure right away. You will lose your house in a matter of months.
These days, there are many defenses available to foreclosure. Not only that, Lakelaw can help you file a chapter 13 case to protect your house. And if Congress enacts legislation to amend Chapter 13, you’ll be able to reduce your mortgage to the current value of your house, stretch out the loan for up to 40 years, and possibly reduce the interest rate of your loan to an affordable rate.
So be alert! If you get served with a summons or a mortgage foreclosure complaint, don’t be scared. Don’t ignore it. Don’t delay. Call Lakelaw at 262.694.7300 and ask for help right away.
Too many homeowners are facing foreclosure in Illinois and Wisconsin. Chapter 7 bankruptcy won’t help you save your home if you can’t keep up your mortgage payments. Even Chapter 13 wage earner plans are not so great, especially if your house is worth much less than what you owe. But help is on the way. Congress is planning to amend chapter 13 of the Bankruptcy Code. And President-Elect Obama supports this legislation. This change will allow a homeowner to lower the amount due on your home mortgage to no more than the current value of your home. Any excess would be treated as an unsecured claim.
What does this mean? Suppose you have a house worth $200,000 today with a $150,000 first mortgage and a $100,000 second mortgage. As things stand now, in a Chapter 13 bankruptcy case, you’d have to pay the entire $150,000 first mortgage and the entire $100,000 second mortgage plus any arrearages to keep your house. You couldn’t do anything about the interest rates either.
Under the proposed law, you could reduce the second mortgage to $50,000. You might be able to reduce the interest rates on both mortgages. And the remaining $50,000 unsecured balance could be paid off under your chapter 13 plan over a period of up to 5 years. You probably would not have to pay the whole $50,000, but perhaps only a small percentage.
This is a very important change in the law. It would treat you just like any other property owner. So PLEASE, contact your Congressman and Senators TODAY. Tell them you want Chapter 13 amended to protect you and thousands of American homeowners just like you.