On behalf of Debt Advisors, S.C.

  • 22
  • December
    2010

In Wisconsin, foreclosure filings fell in November to their lowest total in two years. With unemployment rates rising, this was a curious development. Analysts were quick to point out that this apparent good news masked the real reason for the decline.

For the past few months, there have been revelations that banks and major lenders like Bank of America and JP Morgan improperly submitted foreclosure documents using techniques called “robo signing.” This involved lenders’ employees attested to or signed off on thousands of mortgage documents without having read or reviewed them. The consequence is that there might be no proof that a loan was properly sold. Thus, the company that tried to foreclose on a home might not have had the authority to do so.

The downturn in Wisconsin foreclosure filings is reportedly a consequence of the documentation fraud investigation that slowed filings across the country, allowing some homeowners to challenge their foreclosures. However, analysts and those monitoring foreclosures in the state do not feel that the decline is a trend. A key fact is that just two months earlier, foreclosure filings in Wisconsin set a one-month record. Further, the delinquency rate in home mortgages rose in the third quarter to 6.72 percent from 6.65 percent. Banks and lenders have been cleaning up their procedures and returning to the courts, so defaulting homeowners might not be in their homes much longer.

Homeowners facing foreclosure should consult with an attorney to explore their legal options. The federal loan modification initiative known as the Home Affordable Modification Program (HAMP) was designed to assist qualified homeowners in reducing their monthly mortgage payments or in using short sales and deeds in lieu of foreclosure. An attorney can help you determine eligibility and the viability of a short sale.

Another alternative with which an attorney can assist you is filing for bankruptcy protection under either Chapter 7 or Chapter 13. A Chapter 7 filing, if you meet the means test, would temporarily stay a foreclosure proceeding and provide time to sell your property, although the lender would ask the court to lift the stay and allow it to continue with the foreclosure. A Chapter 7 would, however, wipe out unsecured debt, which might allow you to meet your mortgage payments.

An attorney can also explain the benefits and your eligibility for a Chapter 13 filing, which reorganizes your debts and allows you to make repayments over a three- to five-year period. This would also stay any foreclosure proceedings and permit you to make up any past-due mortgage payments during this time.

In the challenging financial landscape, many individuals are looking for resources to help them navigate their debt concerns. For those considering different options, the Debt Advisors website offers valuable insights. Their Wisconsin bankruptcy blog provides readers with updates on relevant bankruptcy news and trends. Moreover, for those thinking of settling their dues, insights into debt-to-payoff balances can be particularly helpful. It’s essential to also keep the family in mind; understanding family financial emergency preparedness is a critical aspect to ensure security in times of unforeseen financial challenges. And as we analyze the financial habits over time, the examination into the generations of debt can shed light on broader economic trends and how they impact various age groups.

If you are in financial hardship, your situation may seem daunting and overwhelming. Speak to an attorney knowledgeable in debt relief matters to evaluate your situation and help you pursue the best option for you and your family. For expert advice in your area, consider visiting the Kenosha Office of Debt Advisors, where you can find professional guidance tailored to your unique circumstances.

Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.

  • Exceptional service. The entire team was friendly and knowledgeable. The attorney took his time to walk me through step by step. I will recommend this law office to anyone!

    J Burks

  • I went through Debt Advisors as a referral by a friend. I am very happy I did so. The staff that I worked with were very helpful and showed a high level of professionalism. They were always able to answer any questions that I had. I was very happy with the attorney that I worked with, Michael Georg. Very professional.

    Terri Grote

  • Attorney Chad Schomburg and Debt Advisors helped me with my debt about three years ago. Chad explained the process to me and answered any questions I had, and the assistants compiled my documentation very efficiently while keeping my case moving forward. They were always available when I needed them, and even years later, I’m able to reach out to them, and they are willing to help. They have turned my life around 100%, and I could not have done it without them! Absolutely recommended!

    Tim Harris

  • They were there for my family from day 1 until the end, 5 years later (Ch. 13). Whenever I had questions or concerns they were always very responsive and gave me excellent advice. Michael and Jeremy are both exceptional bankruptcy attorneys. I highly recommend Debt Advisors.

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    J Hammond

  • Chad Schomburg and his Staff did a phenomenal job for me and in an expeditious manner. I’ve recommend countless clients to Chad Schomburg, Wow!!! Outstanding customer service from the Schomburg office:)

    Lisa Williamson