If you are facing foreclosure, working with an experienced Chicago foreclosure defense attorney can significantly increase your chances of winning the case. In this article, we look at the experiences of Erika Orr and Rosalba Pina, and the advantages and disadvantages of strategic default and refinancing. The articles also provide tips for homeowners facing foreclosure and answer commonly asked questions. You may also find them helpful if you’re thinking about pursuing one of these options.
Case study of MLG Law Group
MLG Law Group, a firm in Chicago that specializes in foreclosure defense, has a national presence. Their attorneys serve clients in Chicago, Orange County, San Bernardino, Riverside, San Diego, and Ventura counties. Their attorneys have litigated cases against almost every major auto manufacturer, including Honda, Mercedes-Benz, Chrysler, and BMW. While a few of them are referred to as “partners” by clients, the MLG/CAS partnership is a separate legal entity.
MLG/CAS did not refute or make the separation-of-powers argument. Their clients’ accounts were automatically withdrawn from their bank accounts every month. The monthly payments increased if foreclosure proceedings were commenced. Ultimately, the firm successfully defended its client’s interests. Their clients were satisfied with their representation and their home values recovered. But this did not end the legal malpractice cases filed against them by the MLG/CAS.
Experience of Rosalba Pina
The Law Offices of Rosalba Pina, P.C., has served more than a thousand clients, mostly Latinos, throughout the state of Illinois and neighboring states. Rosalba Pina is highly qualified to represent you in foreclosure defense cases. She has successfully represented homeowners facing foreclosure. This includes both first-time homebuyers and experienced homeowners facing foreclosure.
The Law Offices of Rosalba Pina, P.C., is located in Chicago. She represents clients in general practice, criminal, and civil cases. She is a member of the Illinois Association of Foreclosure Defense Attorneys and has experience in many different areas of law. Her background as a mediator means that she can effectively communicate with clients from all backgrounds. Her clients appreciate her ability to understand their needs and provide comprehensive solutions.
Experience of Erika Orr
The Experience of Erika Orr as a personal injury and foreclosure defense attorney in Chicago is one of the most compelling reasons to hire her. In 2010, she won a national competition to represent abused and neglected children, which has helped her become one of the most sought-after personal injury attorneys in the country. She has two sons, ages eleven and nine, is a certified public accountant, and has served on the board of nonprofit organizations.
Refinancing vs. Strategic Default
Foreclosure lawyers in Chicago can help you decide whether to opt for a refinancing loan or a strategic default. The former aims to obtain better terms for an existing loan, while the latter seeks to avoid foreclosure by walking away from the property. When you refinance your mortgage, you may apply the proceeds of the sale to the balance owed to the bank. A strategic default is an option that may not be as easy as it sounds, and it can take years to recover from.
Unlike a regular default, strategic default results in a negative credit rating, which may affect your ability to obtain a loan in the future. Additionally, you may end up with income tax problems, so it’s advisable to consult with an accountant before making a strategic default. However, both options have their downsides. A strategic default may not be financially viable in many situations.
Refinancing vs. Sale/Short Sale
When homeowners go through a foreclosure process, they are faced with several legal issues, including whether they have the standing to bring the case. If a homeowner fails to raise a defense in time, the lender can move for a default judgment, or even a summary judgment, resulting in a judgment of foreclosure. Foreclosure defense attorneys can help homeowners by filing a Chapter 13 petition to prevent the foreclosure action and by negotiating with the lender to change the terms of their loans.
Homeowners in Chicago may want to hire an attorney who specializes in foreclosure defense. An experienced attorney can negotiate a short sale with the lender, which can result in loan forgiveness. When a homeowner sells a home for less than it is owed, the bank will usually agree to forgive the loan if the homeowner hires a lawyer. While these strategies can be difficult, they are often a smart choice for many homeowners.
Bankruptcy is a way to stop foreclosure
Foreclosures are rising as a result of Covid-19. Although the federal and state governments are attempting to help borrowers, their solutions are often a band-aid. Bankruptcy can stop the foreclosure process by stopping the collection process. Additionally, bankruptcy stops all collections until the case is completed. If you are considering bankruptcy as a way to stop foreclosure, make sure you carefully consider the pros and cons of filing for bankruptcy.
When a homeowner files for bankruptcy, they can stop the foreclosure process before the home is sold off. The mortgage lender is required to give the homeowner a Notice of Hearing before they can begin the foreclosure process. At the hearing, the court will decide whether the foreclosure process can move forward. Typically, a foreclosure sale takes place within 20 days. However, if your lender is already working with a foreclosure attorney, bankruptcy may be an option.