Chicago Attorney Steven J. Grace

Insider Tips for Getting a Loan Modification in Illinois

Struggling with your mortgage in Illinois? Loan modifications can make your payments more affordable and help you keep your home. This guide shares expert tips, common pitfalls, and strategies for success. Learn how to stay organized, avoid mistakes, and navigate servicer challenges with confidence. Don’t let setbacks derail your financial future—take control of the process today.

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What to Know About Illegal Loan Interest in Illinois

Payday Loans / Steven J. Grace

High-interest loans have caused major challenges for many in Illinois, particularly those with lower incomes. These loans often charge excessive or illegal interest rates, trapping borrowers in cycles of debt that are hard to escape. To address this, Illinois passed the Predatory Loan Prevention Act, effective March 23, 2021, capping consumer loan interest rates at 36% APR. This law applies to payday loans, car title loans, and other high-cost loans, offering critical protections against predatory lending practices. Learn how this law works, what to do if your loan violates the rules, and how we can help you take action.

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person having issues with online payments

Losing Online Payment Options During Bankruptcy

Bankruptcy / Steven J. Grace

Filing for bankruptcy can provide a fresh start and relief from overwhelming debt, but it also comes with unexpected challenges. Losing access to online payment portals and automatic payments can disrupt your daily routine, making it harder to manage bills and finances. Even those who share accounts with someone filing for bankruptcy may face similar issues. This article explores these common disruptions and provides practical tips to help you navigate them with confidence.

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removing illinois foreclosure cases to federal court

Moving Your Illinois Foreclosure Case to Federal Court

Foreclosure / Steven J. Grace

Foreclosure can be a challenging process for Illinois homeowners, bringing both financial and emotional strain. Most people assume that foreclosure cases stay in state court, but in some situations, these cases can actually be moved to federal court. This article explores the potential reasons for transferring a foreclosure case to federal court, the advantages and drawbacks for homeowners, and the steps involved in the removal process. Understanding your options in federal court could make a difference in the outcome of your case.

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Chicago Family Wins Big in Wells Fargo Case

Consumer Protection, Loan Modification / Steven J. Grace

Imagine trusting your bank for a loan modification to save your home, only to lose it instead. Eduardo and Julia Garcia’s experience with Wells Fargo led to a major legal battle, setting a precedent for consumer protection and accountability in wrongful foreclosure cases. Discover the details of this case, its implications for homeowners, and what Wells Fargo’s settlement checks could mean for those impacted.

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Challenging Standing in Illinois Foreclosure Cases

Bankruptcy / Steven J. Grace

If you’re facing foreclosure in Illinois, one of the most important things you should understand is whether the lender has the right to foreclose on your home. This is called standing. In simple terms, standing means the lender must prove that they have the legal authority to take your house because you haven’t paid your

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Are Mortgage Companies Required to Offer Loan Modifications?

Foreclosure, Loan Modification / Steven J. Grace

Struggling with mortgage payments and unsure if your lender must offer a loan modification? While lenders are not always required to modify loans, they often have financial incentives to do so. This article explores how different loan types—FHA, VA, Fannie Mae, Freddie Mac, and conventional loans—impact your options for avoiding foreclosure. Learn how government-backed loans provide more structured paths to modification and discover how Regulation X can help delay or stop foreclosure. For expert guidance, contact Steven Grace, a Chicago loan modification attorney, to discuss your options.

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man reading that his student loans payments are due

End of Relief Programs Spells Trouble for Student Loan Borrowers

Student Loans / Steven J. Grace

As the end of federal student loan relief programs looms, millions of borrowers face a daunting return to pre-pandemic repayment rules. With missed payments no longer counting toward forgiveness and late fees reinstated, the financial landscape is shifting dramatically. The expiration of these protections could stall the progress many have made toward financial stability, impacting credit scores and homeownership dreams. Explore the significant consequences of these changes and discover strategic approaches to navigating the complex world of student loans, including potential bankruptcy options. Don’t let your financial future be jeopardized—learn how to take control today.

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How to Defend Credit Card Lawsuits in Illinois

Debt Defense / Steven J. Grace

Defending against credit card lawsuits in Illinois can be challenging, primarily because the legal requirements to file such lawsuits are minimal. In my experience, at least 90% of all credit card lawsuits are nearly impossible to defend against because the complaints filed are legally sufficient, leaving little room for a successful defense. As a result,

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Wells Fargo Settlement Checks: Do You Cash In?

Foreclosure, Settlements / Steven J. Grace

Wells Fargo has recently started sending settlement checks to home mortgage accountholders affected by errors in foreclosure proceedings and mortgage modifications. In some cases, these mistakes have had devastating consequences, with homeowners losing their properties and suffering significant credit damage. For many, this can feel like a final blow from a trusted institution—but recent legal

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Author name: Steven J. Grace