Proposed HUD Cuts Could Reduce Chicago Foreclosure Help

Chicago could lose $73 million in federal funds for public housing and $25.8 million in federal funds for social services, according to a Medill Reports story published on October 20, 2011. Because of widespread cuts to the U.S. Department of Housing and Urban Development’s 2012 budget proposed by Republicans in the U.S. House of Representatives, neighborhoods throughout the city could experience an increase in foreclosures and an influx of crime, housing policy experts told Medill.

“If the HUD fund goes away and people can’t get help, we’ll see many people leaving their homes before they even have to,” Braden Listmann, housing policy director of Action Now in Chicago, told Medill. “They go into foreclosure because of that and it has a domino effect on the whole neighborhood.”

Action Now, a grassroots organization for working families that provides counseling services to homeowners at risk of losing their homes to foreclosure, depends on HUD funding. Are you concerned about additional options for foreclosure help going away?

If you are being threatened with foreclosure, you should know that a Chapter 13 or Chapter 7 bankruptcy could not only help you get your finances in order, but could also keep you and your family in your home. Our Chicago bankruptcy lawyers will be happy to answer all of your questions about the process when you contact our firm to set up a consultation. Even if you have never heard of a bankruptcy means test , our firm will assist you in becoming debt free and credit rich.

Benjamin Brand Services – Chicago bankruptcy attorneys

Making Foreclosures Strategic

What if foreclosure could be used for your benefit? According to a September survey conducted by business schools at the University of Chicago and Northwestern University, 34 percent of foreclosures are of the “strategic variety,” the Press-Enterprise reported on October 18, 2011.

Strategic defaulters could afford to stay current on their mortgage payments but decide to “walk away” and let lenders foreclose. In the Press-Enterprise article, one family was preparing to buy a brand new house that was nearly twice the size of their first house, although the new payments will be no more than the old ones. Because it generally takes three years of waiting with strong handling of finances in that time span, it makes sense that some foreclosure veterans are showing up now.

While it is encouraging that some homeowners can use the current housing market to their advantage, where does that leave the families who are facing foreclosure but want to stay in their current home? If you are in need of foreclosure help , then now is the best time for you to consider the benefits of filing bankruptcy . Our Chicago bankruptcy lawyers can help you get deserved relief today by filing a Chapter 13 or Chapter 7 bankruptcy that can help consolidate, reorganize or eliminate your debt. Whether you have heard of a bankruptcy means test or not, our firm can answer all of your questions when you contact our office to set up a consultation.

Benjamin Brand Services – Chicago bankruptcy attorneys

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