The idea of deciding or choosing between a short sale and Chapter 13 bankruptcy might seem odd at first since you might not realize that both options are potential methods for avoiding foreclosure. Yet once you begin to learn more about foreclosure defense options, and ways of preventing foreclosure, you will learn that there may be multiple options available to you, and two of those options might include a short sale or a Chapter 13 bankruptcy filing. Both options are quite different from one another, aside from the fact that they can both allow a homeowner who is struggling with mortgage payments to avoid having a foreclosure on their record.
Our Oak Park foreclosure defense attorneys can explain more about short sales and Chapter 13 bankruptcy filings under the Bankruptcy Code, and we can clarify how these legal tools can allow you to prevent your home from going into foreclosure.
Short Sales Stop a Foreclosure, End Your Mortgage Debt, But Require You to Leave Your Home
When a homeowner is facing foreclosure, a short sale is a popular tool to stop foreclosure and erase mortgage debt, but it requires the homeowner to vacate the property. In other words, you cannot do a short sale and stay in your home.
What is a short sale? With a short sale, the homeowner finds a buyer who is willing to purchase the home for a price of less than what the homeowner currently owes on the mortgage. Then, the homeowner must get permission from the lender to move forward with the sale, and the lender must agree to take an amount that is less than what is currently owed on the mortgage. Typically, with a short sale, your lawyer will also work out a deal with the lender for the lender to forgive any remaining debt (i.e., the difference between the amount owed on the mortgage and the amount for which the property is being sold). A short sale does not damage a consumer’s credit nearly as much as a foreclosure while giving the debtor a way of preventing foreclosure.
Chapter 13 Bankruptcy Can Stop Foreclosure While Keeping You in Your Home
When should you choose Chapter 13 bankruptcy instead of a short sale? This is often a good option for homeowners who are eligible for this type of bankruptcy and who want to reorganize their debts. With a Chapter 13 bankruptcy, you can stop a foreclosure but also remain in your home and get caught up on your mortgage payments.
While a Chapter 13 bankruptcy might immediately seem like the most appealing option to remain in your home and avoid foreclosure, it is important to consider the effects of a reorganization bankruptcy case. You will need to abide by the terms of a repayment plan in this type of bankruptcy (which will last anywhere from three to five years), and you will need to take into account most non-exempt debt when making payments on this plan for an extended period.
Discuss Your Circumstances with an Oak Park Foreclosure Defense Attorney
If you are facing foreclosure, an experienced Oak Park foreclosure defense lawyer at our firm can discuss the pros and cons with you of a short sale or a Chapter 13 bankruptcy filing. Contact the Emerson Law Firm to learn more.
See Related Blog Posts:
Top Things to Know About a Short Sale to Avoid Foreclosure
Am I Eligible for an Option to Avoid Foreclosure?
Friday, June 23, 2023
Tuesday, May 16, 2023
Top Things to Know About a Short Sale to Avoid Foreclosure
Realizing that your home is at risk of foreclosure can be incredibly stressful, and our Oak Park foreclosure defense attorneys know how difficult it can be to understand your options under these circumstances. One common way to avoid foreclosure is the short sale, and our firm routinely represents clients in short sales in the Chicago area. What do you need to learn about short sales and how they work? The following are some of the top things to know about a short sale to avoid foreclosure.
Short Sales Stop Foreclosure
The first and most important thing to know about a short sale is that it is an option for avoiding foreclosure. What is a short sale? As Rocket Mortgage explains, the term “short sale” refers to selling your house for less than the amount that you currently owe on the mortgage in order to prevent the home from going into foreclosure. A short sale does not allow a homeowner to remain in the property since they will be selling it, but it does offer an option for avoiding the damage to your credit that would come with a completed foreclosure. Short sales do still impact your credit, but not to the extent of foreclosures.
Short Sales Require Agreement From the Bank or Lender
A short sale requires the homeowner to get permission from the bank or lender in order to move forward. Since you will be selling your home for less than what you owe on the mortgage, the lender has to agree to the amount that the home will be sold for and must agree to the overall sale. Short sales are often beneficial to lenders when a homeowner has an underwater mortgage and cannot continue making payments because the lender may be able to get more money for the home than they would with a foreclosure. A foreclosure defense lawyer in Oak Park can work with your lender to secure approval for the short sale.
Short Sales Do Not Leave You at Risk of a Lawsuit for the Remaining Amount Owed
With a short sale agreement, your attorney will also typically have the lender agree to forgive any remaining debt you owe on the mortgage as a result of the short sale. As such, you will not have to worry about being sued for the remaining amount owed. You may, however, owe taxes on the amount forgiven.
Contact an Oak Park Foreclosure Defense Attorney
Are you currently at risk of foreclosure and wondering about your options? You may have multiple options available to you, but a short sale is frequently a good option for homeowners who want to avoid foreclosure but know they do not have options for remaining in their homes. Whether you want to learn more about a short sale and receive legal help with the process, or you want to find out about other options for avoiding foreclosure, you should get in touch with one of the experienced Oak Park foreclosure defense lawyers at our firm. We have years of experience representing consumers and homeowners in the Oak Park area, and we can speak with you today. Contact the Emerson Law Firm to find out more about how we can help you with foreclosure defense options.
See Related Blog Posts:
Am I Eligible for an Option to Avoid Foreclosure?
Delinquent Mortgages Decline While Foreclosures Rise
Short Sales Stop Foreclosure
The first and most important thing to know about a short sale is that it is an option for avoiding foreclosure. What is a short sale? As Rocket Mortgage explains, the term “short sale” refers to selling your house for less than the amount that you currently owe on the mortgage in order to prevent the home from going into foreclosure. A short sale does not allow a homeowner to remain in the property since they will be selling it, but it does offer an option for avoiding the damage to your credit that would come with a completed foreclosure. Short sales do still impact your credit, but not to the extent of foreclosures.
Short Sales Require Agreement From the Bank or Lender
A short sale requires the homeowner to get permission from the bank or lender in order to move forward. Since you will be selling your home for less than what you owe on the mortgage, the lender has to agree to the amount that the home will be sold for and must agree to the overall sale. Short sales are often beneficial to lenders when a homeowner has an underwater mortgage and cannot continue making payments because the lender may be able to get more money for the home than they would with a foreclosure. A foreclosure defense lawyer in Oak Park can work with your lender to secure approval for the short sale.
Short Sales Do Not Leave You at Risk of a Lawsuit for the Remaining Amount Owed
With a short sale agreement, your attorney will also typically have the lender agree to forgive any remaining debt you owe on the mortgage as a result of the short sale. As such, you will not have to worry about being sued for the remaining amount owed. You may, however, owe taxes on the amount forgiven.
Contact an Oak Park Foreclosure Defense Attorney
Are you currently at risk of foreclosure and wondering about your options? You may have multiple options available to you, but a short sale is frequently a good option for homeowners who want to avoid foreclosure but know they do not have options for remaining in their homes. Whether you want to learn more about a short sale and receive legal help with the process, or you want to find out about other options for avoiding foreclosure, you should get in touch with one of the experienced Oak Park foreclosure defense lawyers at our firm. We have years of experience representing consumers and homeowners in the Oak Park area, and we can speak with you today. Contact the Emerson Law Firm to find out more about how we can help you with foreclosure defense options.
See Related Blog Posts:
Am I Eligible for an Option to Avoid Foreclosure?
Delinquent Mortgages Decline While Foreclosures Rise
Tuesday, April 25, 2023
Am I Eligible for an Option to Avoid Foreclosure?
Foreclosures are on the rise again in Chicago. While the numbers are not as high as they were during the foreclosure crisis that began nearly 15 years ago, the rates of foreclosure are creeping up, and they are attracting particular attention in major urban areas, including Chicago. Indeed, according to a recent report in Bloomberg, foreclosure starts rose by 22 percent in the first quarter of 2023 compared with numbers from the first quarter of last year, and Chicago has the second-highest rate of new foreclosure starts in the country. In the first quarter alone, there were more than 3,500 foreclosure starts in the Chicago area, a number that makes Chicago second only to New York City in terms of foreclosure starts.
If you are at risk of foreclosure, or if you are already facing foreclosure, what are your options for avoiding it? And should you even be taking steps to avoid it, or should you merely allow the foreclosure to happen and then attempt to get your credit back on track later?
You Should Do Everything You Can to Prevent Foreclosure
Many people who are struggling with debt and are facing foreclosure make the decision to simply allow the foreclosure to happen, but it is almost always beneficial to take steps to avoid foreclosure, and an experienced foreclosure defense attorney can help you with your options.
Why should you try to avoid foreclosure if you can? Not only does foreclosure always result in the loss of your home, but it can also have a substantial impact on your credit — significantly more than some of the options that may be available to you to avoid foreclosure — and it can result in you facing a lawsuit for the bank to recover the money you owe and the loss of any equity in your property. In short, if you can avoid foreclosure, you should.
Ways to Avoid Foreclosure in Illinois
There are many potential ways to avoid foreclosure, and our Oak Park foreclosure defense attorneys routinely assist homeowners with a range of tools for preventing foreclosure in Illinois. The following are just some of the options that could be relevant to your situation:
Contact an Oak Park Foreclosure Defense Attorney
Are you struggling with your mortgage payments and at risk of foreclosure? Now is the time to get in touch with an experienced Oak Park foreclosure defense lawyer who can learn more about your specific circumstances and can discuss different types of foreclosure defense options with you. For many struggling homeowners, there are ways to avoid foreclosure, and our firm can help. Contact the Emerson Law Firm for more information and to speak with an attorney.
See Related Blog Posts:
Delinquent Mortgages Decline While Foreclosures Rise
Foreclosure Rates Continue Uptick
If you are at risk of foreclosure, or if you are already facing foreclosure, what are your options for avoiding it? And should you even be taking steps to avoid it, or should you merely allow the foreclosure to happen and then attempt to get your credit back on track later?
You Should Do Everything You Can to Prevent Foreclosure
Many people who are struggling with debt and are facing foreclosure make the decision to simply allow the foreclosure to happen, but it is almost always beneficial to take steps to avoid foreclosure, and an experienced foreclosure defense attorney can help you with your options.
Why should you try to avoid foreclosure if you can? Not only does foreclosure always result in the loss of your home, but it can also have a substantial impact on your credit — significantly more than some of the options that may be available to you to avoid foreclosure — and it can result in you facing a lawsuit for the bank to recover the money you owe and the loss of any equity in your property. In short, if you can avoid foreclosure, you should.
Ways to Avoid Foreclosure in Illinois
There are many potential ways to avoid foreclosure, and our Oak Park foreclosure defense attorneys routinely assist homeowners with a range of tools for preventing foreclosure in Illinois. The following are just some of the options that could be relevant to your situation:
- Showing that your mortgage servicer or lender violated the law or made an error, and you should not actually be in a situation where you are facing foreclosure;
- Doing a short sale, which requires getting permission from the lender to sell your home at a price below what you owe and asking the lender to forgive the remaining amount;
- Deed in lieu of foreclosure, which involves turning over the deed to your house or apartment to the bank to prevent the bank from foreclosing; or
- Filing for Chapter 13 bankruptcy, if you are eligible, which can actually allow you to catch up on mortgage payments and keep your home.
Contact an Oak Park Foreclosure Defense Attorney
Are you struggling with your mortgage payments and at risk of foreclosure? Now is the time to get in touch with an experienced Oak Park foreclosure defense lawyer who can learn more about your specific circumstances and can discuss different types of foreclosure defense options with you. For many struggling homeowners, there are ways to avoid foreclosure, and our firm can help. Contact the Emerson Law Firm for more information and to speak with an attorney.
See Related Blog Posts:
Delinquent Mortgages Decline While Foreclosures Rise
Foreclosure Rates Continue Uptick
Friday, March 24, 2023
Delinquent Mortgages Decline While Foreclosures Rise
Foreclosure rates tend to be higher in times of economic downturn, and many commentators anticipated that the number of foreclosures across the country would start to increase as moratoriums ended and the financial impact of the COVID-19 pandemic became a reality. Recent data has shown upticks in overall foreclosure rates throughout the United States, with particular spikes in certain urban areas, including in the Chicago area. According to a recent article in DSNews.com, new statistics show that the overall rate of mortgage delinquencies has declined, but the rate of foreclosures continues to climb. What should you know about recent data on foreclosures? And what should you do if you believe you are at risk of foreclosure? Consider the following information from our Oak Park foreclosure defense attorneys.
Drop in Mortgage Delinquencies Coincides with Increase in Foreclosures
In comparison with mortgage delinquency and foreclosure data from a year ago, the news is good in terms of overall mortgage delinquency rates. Indeed, according to the DSNews.com report, as of January 2023, approximately 2.8% of mortgages in the United States “were in some stage of delinquency,” meaning that they were at least 30 days past due, with some already in the foreclosure process. While that percentage might seem high, it actually represents a 5% decrease from the same time last year in January 2022, when about 3.3% of mortgages were in a stage of delinquency. However, the data does not look as good for foreclosures.
Between January 2022 and January 2023, overall rates of foreclosure have actually increased. In January 2022, approximately 0.2% of all homes were in foreclosure, and by January 2023, that number had risen to 0.3%. While the change might not seem significant since the number is small, the rise is notable given the decline in mortgage delinquencies over the same period.
Avoiding Foreclosure: What are My Options?
If you are behind on your mortgage payments and are at risk of foreclosure, what are your potential options for avoiding foreclosure? You may have a few different options, and you should discuss them with a foreclosure defense attorney in Oak Park. Some possible options include, for example:
Contact a Foreclosure Defense Lawyer in Oak Park
Anyone who is at risk of foreclosure or for whom foreclosure proceedings have already begun should get in touch with an experienced Oak Park foreclosure defense attorney who can help. Our firm can assist you with multiple options that may allow you to avoid foreclosure, from a reorganization bankruptcy that could allow you to stay in your home to a short sale or deed in lieu that could prevent your credit from being impacted fully by a foreclosure. Contact the Emerson Law Firm to learn more about potential options for avoiding foreclosure in Illinois.
See Related Blog Posts:
Foreclosure Rates Continue Uptick
Wells Fargo Fined for Wrongful Foreclosures
Drop in Mortgage Delinquencies Coincides with Increase in Foreclosures
In comparison with mortgage delinquency and foreclosure data from a year ago, the news is good in terms of overall mortgage delinquency rates. Indeed, according to the DSNews.com report, as of January 2023, approximately 2.8% of mortgages in the United States “were in some stage of delinquency,” meaning that they were at least 30 days past due, with some already in the foreclosure process. While that percentage might seem high, it actually represents a 5% decrease from the same time last year in January 2022, when about 3.3% of mortgages were in a stage of delinquency. However, the data does not look as good for foreclosures.
Between January 2022 and January 2023, overall rates of foreclosure have actually increased. In January 2022, approximately 0.2% of all homes were in foreclosure, and by January 2023, that number had risen to 0.3%. While the change might not seem significant since the number is small, the rise is notable given the decline in mortgage delinquencies over the same period.
Avoiding Foreclosure: What are My Options?
If you are behind on your mortgage payments and are at risk of foreclosure, what are your potential options for avoiding foreclosure? You may have a few different options, and you should discuss them with a foreclosure defense attorney in Oak Park. Some possible options include, for example:
- Filing for Chapter 13 bankruptcy, which can allow you to stop the foreclosure process from occurring or moving forward, and can allow you to get caught up on mortgage payments through debt reorganization;
- Short sale, which is a process through which the lender agrees for you to sell your house for less than you owe on the mortgage and to forgive remaining debt; or
- Deed in lieu of foreclosure, in which you would sign over your deed to the house to the lender in order to avoid foreclosure.
Contact a Foreclosure Defense Lawyer in Oak Park
Anyone who is at risk of foreclosure or for whom foreclosure proceedings have already begun should get in touch with an experienced Oak Park foreclosure defense attorney who can help. Our firm can assist you with multiple options that may allow you to avoid foreclosure, from a reorganization bankruptcy that could allow you to stay in your home to a short sale or deed in lieu that could prevent your credit from being impacted fully by a foreclosure. Contact the Emerson Law Firm to learn more about potential options for avoiding foreclosure in Illinois.
See Related Blog Posts:
Foreclosure Rates Continue Uptick
Wells Fargo Fined for Wrongful Foreclosures
Friday, February 24, 2023
Foreclosure Rates Continue Uptick
Are you currently struggling to make your mortgage payments? If so, you should know that you are part of a growing group of Americans who are currently, or who could soon be, at risk of foreclosure. Indeed, according to a recent report from ATTOM Data, foreclosure rates are continuing to rise across the country. What should you know about this data, and what can you do if you are facing foreclosure? Our Oak Park consumer protection attorneys are here to discuss the data with you and to provide you with more information about foreclosure defense options.
New Data on Residential Foreclosures
How are foreclosure rates looking at the start of 2023? According to the data analysis from ATTOM, foreclosure filings are rising. Indeed, in January 2023, “there were a total of 31,557 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 36% from a year ago and up 2% from the prior month.” The CEO of ATTOM suggested that the “uptick in overall foreclosure filings nationwide” does appear to be a trend that is likely to continue into 2023.
The Chicago area currently has one of the highest rates of completed foreclosure rates from January 2023, with 206 in total. That number places Chicago alongside four other areas with the highest rates of foreclosure completions based on the population, which include Detroit, New York, Philadelphia, and Riverside, California. Chicago had the second-highest uptick after Detroit.
Can I Take Any Steps to Avoid Foreclosure?
Even when it seems like the start of the foreclosure process is imminent or your lender has already initiated the foreclosure process, it is critical to know that there are still many ways in which you may be able to avoid foreclosure. Depending upon your circumstances, you could be eligible to avoid foreclosure while remaining in your home, or avoiding foreclosure could mean that you will need to give up your house or condo. What are the options for avoiding foreclosure?
First, you should contact a foreclosure defense lawyer who can discuss options with you. If you are eligible for Chapter 13 bankruptcy, you could file for bankruptcy and create a debt reorganization plan that allows you to catch up on mortgage payments and get back on track with the terms of your mortgage. In this scenario, you can avoid foreclosure and stay in your home. When Chapter 13 bankruptcy is not an option, or when you want to avoid bankruptcy, you still have options to avoid foreclosure, but these options will also involve leaving your property. The good news is that avoiding foreclosure with one of these options will allow you to be eligible to buy a home again sooner than you would be able to following a foreclosure:
At the Emerson Law Firm, we can evaluate your situation and discuss all of your potential options with you for avoiding foreclosure. We are experienced Oak Park foreclosure defense lawyers, and we are here to help you. Contact the Emerson Law Firm to discuss your concerns about foreclosure and to learn more about your options.
See Related Blog Posts:
Wells Fargo Fined for Wrongful Foreclosures
Foreclosure Rates are Rising in Chicago
New Data on Residential Foreclosures
How are foreclosure rates looking at the start of 2023? According to the data analysis from ATTOM, foreclosure filings are rising. Indeed, in January 2023, “there were a total of 31,557 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 36% from a year ago and up 2% from the prior month.” The CEO of ATTOM suggested that the “uptick in overall foreclosure filings nationwide” does appear to be a trend that is likely to continue into 2023.
The Chicago area currently has one of the highest rates of completed foreclosure rates from January 2023, with 206 in total. That number places Chicago alongside four other areas with the highest rates of foreclosure completions based on the population, which include Detroit, New York, Philadelphia, and Riverside, California. Chicago had the second-highest uptick after Detroit.
Can I Take Any Steps to Avoid Foreclosure?
Even when it seems like the start of the foreclosure process is imminent or your lender has already initiated the foreclosure process, it is critical to know that there are still many ways in which you may be able to avoid foreclosure. Depending upon your circumstances, you could be eligible to avoid foreclosure while remaining in your home, or avoiding foreclosure could mean that you will need to give up your house or condo. What are the options for avoiding foreclosure?
First, you should contact a foreclosure defense lawyer who can discuss options with you. If you are eligible for Chapter 13 bankruptcy, you could file for bankruptcy and create a debt reorganization plan that allows you to catch up on mortgage payments and get back on track with the terms of your mortgage. In this scenario, you can avoid foreclosure and stay in your home. When Chapter 13 bankruptcy is not an option, or when you want to avoid bankruptcy, you still have options to avoid foreclosure, but these options will also involve leaving your property. The good news is that avoiding foreclosure with one of these options will allow you to be eligible to buy a home again sooner than you would be able to following a foreclosure:
- Short sale; or
- Deed in lieu of foreclosure.
At the Emerson Law Firm, we can evaluate your situation and discuss all of your potential options with you for avoiding foreclosure. We are experienced Oak Park foreclosure defense lawyers, and we are here to help you. Contact the Emerson Law Firm to discuss your concerns about foreclosure and to learn more about your options.
See Related Blog Posts:
Wells Fargo Fined for Wrongful Foreclosures
Foreclosure Rates are Rising in Chicago
Wednesday, January 25, 2023
Wells Fargo Fined for Wrongful Foreclosures
Are you currently facing foreclosure, or was your home foreclosed on as a result of actions taken by Wells Fargo? If so, it is critical to learn more about recent actions taken by the Consumer Financial Protection Bureau (CFPB) against the bank for unlawful acts, including wrongful foreclosures. Last month, the CFPB announced in a news release that it was ordering Wells Fargo “to pay more than $2 billion to redress consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines.” Indeed, according to the news release, “the bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes.” Our Oak Park foreclosure defense lawyers want to provide you with more information about the recent action taken against Wells Fargo and the specific issue of wrongful foreclosures.
Wrongful Fees and Misapplication of Payments
How did Wells Fargo’s actions result in wrongful foreclosures? As the news release from the CFPB explains, “consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank.” In other words, foreclosures resulted from homeowners being improperly charged fees and interest that they could not pay and from homeowners’ mortgage payments being improperly applied to their mortgage debt.
In addition to misapplying payments and charging unlawful interest or fees, Wells Fargo was also cited for improperly denying mortgage modifications to homeowners, which could have prevented foreclosures in some cases. The CFPB’s news announcement specifically notes that the bank’s improper denial of modifications—a number in the thousands—led, in some cases, “to Wells Fargo customers losing their homes to wrongful foreclosures.”
CFPB Enforcement Action
According to CFPB Director Rohit Chopra, “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of families . . . . The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”
In order to remedy the variety of improper and unlawful actions taken by Wells Fargo, the CFPB has taken a series of enforcement actions. Not only will the bank be required to pay more than $2 billion, but it will also need to pay penalties and change the process for assessing certain types of fees.
Contact an Oak Park Foreclosure Defense Lawyer Today
If you are facing foreclosure, you should get in touch with an experienced Oak Park foreclosure defense attorney who can discuss your options with you. Depending upon your circumstances, you could be eligible to consider a short sale, a deed in lieu of foreclosure, and other options. If you faced an unlawful foreclosure, or if you believe you are currently facing an unlawful foreclosure like those discussed above, our firm is also able to assess your case and provide you with more information about your options. Do not hesitate to get in touch with our firm to find out more about how we can help. Contact the Emerson Law Firm today.
See Related Blog Posts:
Foreclosure Rates are Rising in Chicago
Ways to Stop a Foreclosure Before the Holidays
Wrongful Fees and Misapplication of Payments
How did Wells Fargo’s actions result in wrongful foreclosures? As the news release from the CFPB explains, “consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank.” In other words, foreclosures resulted from homeowners being improperly charged fees and interest that they could not pay and from homeowners’ mortgage payments being improperly applied to their mortgage debt.
In addition to misapplying payments and charging unlawful interest or fees, Wells Fargo was also cited for improperly denying mortgage modifications to homeowners, which could have prevented foreclosures in some cases. The CFPB’s news announcement specifically notes that the bank’s improper denial of modifications—a number in the thousands—led, in some cases, “to Wells Fargo customers losing their homes to wrongful foreclosures.”
CFPB Enforcement Action
According to CFPB Director Rohit Chopra, “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of families . . . . The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”
In order to remedy the variety of improper and unlawful actions taken by Wells Fargo, the CFPB has taken a series of enforcement actions. Not only will the bank be required to pay more than $2 billion, but it will also need to pay penalties and change the process for assessing certain types of fees.
Contact an Oak Park Foreclosure Defense Lawyer Today
If you are facing foreclosure, you should get in touch with an experienced Oak Park foreclosure defense attorney who can discuss your options with you. Depending upon your circumstances, you could be eligible to consider a short sale, a deed in lieu of foreclosure, and other options. If you faced an unlawful foreclosure, or if you believe you are currently facing an unlawful foreclosure like those discussed above, our firm is also able to assess your case and provide you with more information about your options. Do not hesitate to get in touch with our firm to find out more about how we can help. Contact the Emerson Law Firm today.
See Related Blog Posts:
Foreclosure Rates are Rising in Chicago
Ways to Stop a Foreclosure Before the Holidays
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