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Foreclosure Column Picked Up by Three Publications

(EMAILWIRE.COM, September 28, 2011 ) Libertyville, Illinois -- Illinois attorney Gary A. Newland’s column addressing the issues of foreclosure and loan modification has been picked up by three publications. The column is a summary of legal issues involving mortgage foreclosure and often contains options for homeowners that are under water. According to Mr. Newland "Everyday a client says to me I cannot afford my house or rental property any more what should I do?" Mr. Newland goes on to say he advises families there are many options individuals and families have and the most common are the ones ones listed below.

-Sell the house if you have equity. If someone has enough equity to sell and cannot afford the house it may be time to get something smaller or even rent. Economists are torn as to when and if the housing market is coming back and many homeowners have been thinking for years it will come back as value continues to decline.

-Loan modification is great option for many. It does generally require a default to get the lender to listen. The stories folks hear about the banks loosing paperwork and offering modification that are unrealistic and unreasonable are common. Loan modification is a good alternative if you qualify. You could have your rate potentially cut in more than half and in some circumstances the bank may even reduce principle. An attorney should be hired for the loan modification process that is experienced in loan modifications.

-Short Sale works for many. A short sale allows you to sell the home and often times the bank will let you out of the debt but not all the time.

-Deed in lieu of foreclosure should be one of the top options but unfortunately we find that banks are not very helpful and cooperative with this option.

-Chapter 7 Bankruptcy allows you to avoid almost all your debts except for student loans a few other debts. It can be a good option depending on your assets and liabilities and may help with a modification.

-Chapter 13 Bankruptcy can also be a good option especially because it may allow the homeowner to strip a second mortgage from the property and avoid the debt.

-Walking away from the house is a common option in today’s troubled times. If you are going to walk away you should talk with an attorney as you may be making the wrong decision.

-Renting the house could be an option or taking on a roommate can help with expenses.

-Consent foreclosure is like a deed lieu once the foreclosure process starts and the banks seem to be more interested in consent foreclosures then deed lieu.

Also, a combination of the above is often a good option as well.

It is not recommended anyone use an out of state service that claims you can be helped through the process as many of those are scams. Debt consolidation is another popular option to help in these troubled economic times but often fails. The best thing to do is contact a lawyer that works in the area of Foreclosure Defense and Strategic Default.

Gary A. Newland is a trial lawyer in Newland & Newland LLP. Gary has made a living fighting for the rights of those being taken advantage of by banks and insurance companies and his column is currently being run in the Veterans View, Healthcare Times and The Chicago Commuter. For more information, please visit Newlandlaw.com.

Lawyer Gary Newland is a member of the national attorney network on LawyerCentral.com.


About Lawyer Central

Lawyer Central Network is a nationwide network of attorneys using technology to increase their individual exposure. Lawyer Central is emerging as a leading public relations and mixed media marketing organization for fast-growing law firms and forward-thinking attorneys. Lawyer Central membership includes access to cutting edge technology, as well as various types of media exposure ranging from practice area videos and in depth interviews to complete public relations and internet relations management.

Lawyer Central
Tara Nagel
800-449-1970
pressrelease@lawyercentral.com


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