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August 2016 Archives

Stop foreclosure with a Chapter 13 bankruptcy

People who fall on hard times in Illinois may find it difficult to keep up with extensive medical bills, credit card debt and other expenses. When homeowners fall too far behind on making their monthly mortgage payments, however, they could run the risk of losing their homes. Not only is it overwhelming to have a home taken away while in the midst of severe debt, but it can be extremely difficult for people to find a new place to live once they have a foreclosure on their record. After a number of mortgage payments are missed, the bank may try to foreclose on the home, or repossess it. While there are several options for people who are worried about losing their home, filing for Chapter 13 offers one possible solution.

Short sale 101: What you need to know

Whether you are having trouble making your monthly mortgage payment or you are already at a point where you have missed several payments and are at risk of losing your home, you may want to consider a short sale. If your lender approves you for a short sale, you may be able to get out from underneath your home loan, and start fresh by either purchasing a new home or simply leasing while rebuilding your credit. What is a short sale and how can it help you avoid foreclosure on your Illinois home? At Ledford, Wu and Borges, LLC., we understand how stressful it can be to face foreclosure on your home.

Not all debt can be discharged in a Chapter 7 bankruptcy

Liquidation bankruptcy offers a way for people to climb out of an overwhelming pile of debt and expenses. Otherwise known as Chapter 7, this form of bankruptcy gives people the opportunity to wipe their financial slate clean and gain a fresh start. Despite what some people may think, however, not all debt may be eligible for discharge through a Chapter 7 bankruptcy in Illinois. According to the U.S. Courts, there are certain expenses that may remain on a debtors list of financial obligations, even after the bankruptcy becomes finalized.

How to protect yourself from mortgage fraud

As an Illinois resident, you may be considering purchasing your first home, filing for foreclosure, refinancing or making some other major decision regarding your living situation. Whatever the case may be, dealing with home matters can be stressful and overwhelming. It can be difficult to make important decisions when your emotions are running high. During this time, however, it is important that you do not become the next victim of mortgage fraud. People may intentionally pray upon homeowners who are looking to refinance their homes, file for foreclosure or purchase a new home. In order to avoid these deviant con-artists, you must be aware of scam tactics and take precautions when dealing with financial matters regarding your home.

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