The single-refiling rule in Illinois foreclosure practice is notoriously complicated. One court may view a complaint as a “new” cause of action, while another may dismiss an almost identical complaint for violating the one-refile limit. Add to that the complexities of trusts as separate legal entities, privity questions, and the unusual structure of securitized mortgage […]
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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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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 »
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 »
As a foreclosure defense attorney for over 15 years, I’ve witnessed firsthand the devastation of financial hardship and the fear of losing your home. But there’s a beacon of hope: short sales. This guide, drawn from my extensive experience helping clients navigate this complex process, will equip you with the knowledge and guidance to determine
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Facing a foreclosure in Illinois can be overwhelming, but it’s important to understand that there are options available. This guide is designed to provide clear information on the Illinois foreclosure process and help you navigate your next steps. Whether you’ve missed payments, received a notice of default, or are already involved in legal proceedings, this
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The History of Strategic Default In this article, we will explore the concept of strategic default, a legal maneuver that gained prominence during the housing crisis of the 2010s. During that period, many homes were worth significantly less than the outstanding mortgage balances, often burdened by second or even third mortgages. As the subprime housing
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