• Lenders, Lawyers Could Challenge Chicago Foreclosure Law

    A number of lending institutions and associations have filed protests against the Chicago City Council amendment to the municipal code that changed the definition of mortgagee to consider the lender as an owner of the property, and thus liable to maintain the property. The law passed on July 28, 2011, and supported by Mayor Rahm Emanuel will take effect on September 18, 2011, requiring lenders to take over and maintain vacant, attended residential and commercial properties.

    According to GlobeSt.com, organizations such as the Securities Industry and Financial Markets Association and American Securitization Forum believe the new law goes against existing property law. Daniel Slattery, a Chicago-based partner at Pittsburgh-based Reed Smith, told the website that “foreclosure of any property is only an option, not a legal requirement by lenders … A lender could decide to hold its lien and never act, and still not legally own the property.”

    Who knows how long the political theater over this issue might be stretched out for, but continuing the debate is not much help to the many Chicagoans who need foreclosure help now. Whether a job loss or unforeseen medical bills have you struggling through hard times, our bankruptcy law firm can help you eliminate bills and stop foreclosure. Completing a bankruptcy means test today can go a long way toward ending creditor harassment tomorrow. Contact our office now to set up a free initial consultation with one of our Chicago bankruptcy lawyers.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • Real Estate Industry Continues To Suffer

    While the nearly 278,000 people who worked in the Chicago-area commercial real estate industry in the second quarter was a marginal increase from a year earlier, it is still down nearly 22 percent from its peak in 2006. According to a Crain’s Chicago Business story on September 6, 2011, the decline in construction activity has made 77,000 jobs in the industry disappear, leaving electricians, plumbers and other tradespeople out of work.

    While a senior economist for Moody’s Analytics Inc. told Crain’s that the “outlook has shifted down for Chicago just as it has for the nation,” the firm’s data also showed that construction accounts for the biggest share of local jobs, with about 44 percent currently.

    Crain’s noted that occupancies in the “key sectors” (office, apartments, retail and industrial) are rising again, but “not many developers are talking about building again.” Furthermore, while getting a loan might be simpler than it was a year or so ago, “banks and other lenders are likely to become more cautious if the economy continues to weaken,” according to Crain’s.

    The last thing a person already struggling through hard times needs right now is another loan they will only have difficulty repaying. If it feels as though you are drowning in debt, you should know that you could eliminate bills and stop foreclosure by filing for bankruptcy . Our Chicago bankruptcy attorneys can help you end creditor harassment and get deserved relief today. If you want to know if a bankruptcy means test can result in an affordable bankruptcy now, contact our office today to set up a free initial consultation. Whether you need more Chapter 13 or Chapter 7 bankruptcy information , we can answer all of your questions.

    Benjamin Brand Services – Chicago bankruptcy lawyers