Chicago Attorney Steven J. Grace

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.

Are Mortgage Companies Required to Offer Loan Modifications? Read More »

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.

End of Relief Programs Spells Trouble for Student Loan Borrowers Read More »

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,

How to Defend Credit Card Lawsuits in Illinois Read More »

Wells Fargo Settlement Checks: Do You Cash In?

Foreclosure, Settlements / Steven J. Grace

Wells Fargo is issuing settlement checks to homeowners affected by foreclosure and mortgage modification errors. If you received a check, find out whether cashing it is in your best interest or if you may be entitled to more compensation through mediation or legal action. These checks are not part of a class action and only apply to home mortgage accounts. Strong cases involve wrongful foreclosure despite income eligibility, bankruptcy filings, or ongoing financial struggles. If you received a Wells Fargo settlement check, explore your legal options before accepting it. Now reviewing Illinois cases only—learn more today.

Wells Fargo Settlement Checks: Do You Cash In? Read More »

Judgment Revival in Illinois: A Guide for Debtors

Collection Defense / Steven J. Grace

Facing a revived judgment can be overwhelming, especially when a creditor attempts to extend the enforcement period of an old debt. In Illinois, judgments remain enforceable for seven years, but creditors can revive them, allowing continued collection efforts like wage garnishments, bank freezes, and property liens. This guide explains what judgment revival means, how to review a petition for revival, key deadlines, and how to contest improper service or inflated balances. Whether you’re in Chicago, Cook County, or anywhere in Illinois, understanding your rights can help you protect your assets and explore options like settlements or bankruptcy to resolve outstanding judgments.

Judgment Revival in Illinois: A Guide for Debtors Read More »

FDCPA for Beginners: Calculating Damages

FDCPA / Steven J. Grace

Welcome to the final installment of our FDCPA for Beginners series. In Part 1, we covered key definitions and how to contest debts early on. Part 2 addressed common violations debt collectors commit during communication. Now, in Part 3, we delve into enforcing the FDCPA, calculating damages, and settlement agreements. Every day, millions of Americans

FDCPA for Beginners: Calculating Damages Read More »

FDCPA for Beginners: Debt Collector Restrictions

FDCPA / Steven J. Grace

This section addresses the limitations and regulations governing debt collectors, specifically how, where, and when they can communicate with you. Understanding these regulations is essential, as they are fundamental to the Fair Debt Collection Practices Act (FDCPA). Throughout my career, I have encountered numerous accounts of debt collectors using abusive language. Degrading, offensive, and hostile

FDCPA for Beginners: Debt Collector Restrictions Read More »

FDCPA for Beginners: Understanding Your Rights

FDCPA / Steven J. Grace

As my practice expands, I continually encounter new areas of law. One legal issue my clients face is interactions with debt collectors—specifically, when, why, and how they can contact you. The most significant statute governing these activities is the Fair Debt Collection Practices Act (FDCPA). This law is important because it empowers the courts to

FDCPA for Beginners: Understanding Your Rights Read More »

Fraudulent Conveyances and Bankruptcy

Asset Protection, Bankruptcy / Steven J. Grace

I frequently receive inquiries about whether transferring a house into a friend’s name before filing for bankruptcy is a viable strategy. Beyond the severe risks of bankruptcy fraud, there are other crucial considerations. A Chapter 7 or Chapter 13 bankruptcy trustee has the authority to invalidate such transfers, potentially selling the property and distributing the

Fraudulent Conveyances and Bankruptcy Read More »

Why You Should Always Disclose Injury Lawsuits In Bankruptcy

Bankruptcy, Exemptions / Steven J. Grace

A question that often comes up in my practice is whether lawsuits, potential lawsuits or other types of legal claims need to be disclosed on a bankruptcy petition. The resounding answer to this question is definitely yes. In fact, if you leave off an injury or workers compensation lawsuit it will probably end up hurting

Why You Should Always Disclose Injury Lawsuits In Bankruptcy Read More »

Author name: Steven J. Grace