Wednesday, August 20, 2014

Illinois Secures Part of $25 Billion National Bank Foreclosure Settlement


The Illinois attorney general, Ms. Lisa Madigan, in conjunction with the Department of Housing & Urban Development, the U.S. Department of Justice and other state attorneys general procured a national settlement agreement with the largest banks in the nation providing $25 billion in aid for homeowners affected by fraudulent mortgage and foreclosure practices. The settlement is the second largest in history obtain through collaborated efforts of state attorneys general, and occurred after months of negotiations and investigations into the questionable lending practices utilized by banks during the real estate boom.

Schaumburg Loan Modification


In addition to providing financial assistance to eligible homeowners, the national settlement also established stringent new rules governing lending servicing standards that are aimed at thwarting abusive practices by lenders in the foreclosure process and complicated procedures homeowners had difficulty navigating when seeking a loan modification.

Relief for Illinois Communities

Attorney general Madigan set aside $70 million in funds from the national settlement to provide housing-related counseling services in addition to community relief efforts for areas most affected by foreclosure burdened with dilapidated neighborhoods filled with vacant and abandoned homes. The funding allocations were determined by a coalition, known as the Attorney General’s Blue Ribbon Advisory Council, of housing and community development experts from state not-for-profits, private and government sectors. Awards were distributed based on housing data relating to foreclosure and vacant homes.

If you or someone you know is facing foreclosure, taking no action to attempt to save the home may not be the best option. Homeowners facing foreclosure have a limited amount of time to assert rights and actions that may help in keeping the property. There are proactive steps that can be taken when dealing with the stress and personal crisis of losing a home. Some actions that should be taken in these circumstances include:

Law Offices of Gilbert C. Schumm


- Seeking legal help: the emotions involved with the possible loss of a home can cloud an otherwise logical mind, and it is in your best interests to find an experienced foreclosure attorney to guide you through this difficult time.
- Communicating: contact the mortgage lender and explain the circumstances that led up to falling behind on payments and ask what steps can be taken to bring the loan up to date.
- Weighing the options: alternatives to foreclosure are available and include short sales, deed in lieu of foreclosure and loan modification.
- Protecting the value of the property: it is possible that significant equity exists in the home being foreclosed on and, as such, it is in the homeowner’s best interest to protect this wealth.

Schaumburg Foreclosure Attorney


Legal Help is Available


If you are facing foreclosure of your home, contact an Illinois foreclosure attorney today to learn about your rights and obligations. Don’t navigate this complex process alone. An experienced attorney can help pursue alternatives to foreclosure and help to save your home. With over 35 years of experience fighting for clients’ rights, the Law Offices of Gilbert C. Schumm can provide real estate advice and serves the Chicago area including Arlington Heights, Rolling Meadows, Des Plaines, and Streamwood. 

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