If you are one of the many people who have suffered during the recession, and you had to let your house go into foreclosure or had to file bankruptcy, you may be able to finance a house sooner through the FHA. The new FHA guidelines
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Archives for Real Estate and Bankruptcy
In Illinois- When does the property Title Actually Pass to the Lender- and When Will the Lender be Responsible for Association Dues?
Here is a question asked on AVVO.com: In Illinois foreclosure, when does my name get removed from the property deed? And therefore, my obligation to pay the HoA (Homeowners’ Association) fee’s is done? I have heard 2 things. 1) Not until the bank that foreclosed
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Can missed mortgage payments be put into a Chapter 7 as a way to catch up with a mortgage?
This is a question that was asked on AVVO.com: Can missed mortgage payments be put into a chapter 7 as a way to catch up with the mortgage? I am underwater due to medical bills and was unable to pay 6 months of mortgage payments.
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What is an In Rem Judgment in a Foreclosure?
This question came from Avvo.com: My condo was sold at sheriff’s auction and the foreclosing bank was the purchaser. I have received Notice of Motion for Order Approving the Sale.It says “That there shall be an IN REM deficiency judgment entered in the sum of
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Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy?
Question from Avvo.com: Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy? My answer: The Bankruptcy Code (the law) says that you are responsible for any association dues after you file a bankruptcy
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Is a Deed In Lieu a Good Option?
Here is a question I answered about the “Deed in Lieu” option. Deed in Lieu means giving the bank back the house by agreement, right away, instead of making them go through the whole foreclosure process and spending the legal fees required. Question: I can
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Real Estate Taxes and Bankruptcy in Illinois – Recent Court Decisions may help Homeowners
The Background: Most people who get a mortgage on their home pay an “escrow” to the mortgage company or bank. They hold the money in an escrow account to pay the real estate taxes and sometimes the property insurance also. That way, instead of trying
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Which is Better? Foreclosure or Bankruptcy?
Here is a question asked on AVVO.com: Is it better to file a bankruptcy than to have a foreclosure? We bought two houses, one a residential and one was made commercial (for rental purposes) but the second one needed a total renovation and since finances
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Should You Go to Your Foreclosure Court Hearings?
Here is a question posted on AVVO.com: My 1st court date for foreclos(ure) proceeding (fifth third bank) is March 28, I can not file for a chapter 13 until April 11 do I go? I can’t file for a ch13 until April because I had
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Can a Bankruptcy Court Take Property Even Though it is Owned by Multiple People?
Here is the Question: I live in Illinois and have property in canada. I own it with my 2 brothers, sister, and dad. Asked about 1 hour ago – Joliet, IL I may have to file bankruptcy in 2 years when I retire. Can they
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