Personalized Service from Benjamin Brand, LLP

At Benjamin Brand, LLP, our Chicago bankruptcy attorneys are dedicated to helping people get out of debt and fix their credit. Our foreclosure attorneys offer customized, personal service, so that all clients feel comfortable in our firm. Each of our bankruptcy lawyers is dedicated to making our clients feel at home from the moment they set foot in our office.

If you’re considering filing for bankruptcy in Chicago , choosing the right bankruptcy lawyer is one of the most important steps. This video provides a brief look at the representation offered by Benjamin Brand, LLP. As leading Chicago bankruptcy attorneys, our mission is to change people’s lives. To accomplish this mission, our foreclosure attorneys go over every option and case strategy with our clients, allowing them to make an informed decision when filing for bankruptcy. Our foreclosure attorneys can help explain foreclosure alternatives, including loan modification options.

Understanding the Basics of the Home Affordable Modification Program

The Home Affordable Modification Program is available to people who are employed but are having difficulty making their monthly mortgage payments. By participating in HAMP, a homeowner can lower his or her monthly payments, making them more affordable and sustainable in the long-term. This can help a petitioner facing financial difficulties avoid filing for bankruptcy, escape foreclosure, and still keep his or her home.

Eligibility
Home Affordable Modification Process Chicago If someone is considering filing for bankruptcy, he or she should discuss HAMP with a bankruptcy lawyer. A Chicago bankruptcy attorney can help a petitioner determine whether or not he or she is eligible for HAMP. In general, petitioners need to have obtained their mortgages on or before January 1, 2009 in order to be eligible. In addition, petitioners must owe up to $729,750 on their primary residences or single unit rental properties. In order to qualify for HAMP, a homeowner should consult a foreclosure attorney to ensure that his or her income is sufficient to support a modified payment plan. Someone participating in HAMP also can’t have a felony conviction within the last 10 years in connection with a mortgage or real estate transaction.

Availability
The best way for someone to determine his or her HAMP eligibility is by consulting a mortgage service provider. This will help the petitioner determine whether or not his or her mortgage company participates in the program. If the mortgage company doesn’t participate in HAMP, it might be willing to discuss other foreclosure prevention programs. A mortgage company may also offer loan modification options, so it’s important for a petitioner to discuss these options with a bankruptcy attorney .

Application
In applying for HAMP, a homeowner needs to complete various forms and file them with his or her mortgage provider. A Chicago foreclosure attorney has the experience to ensure that these documents are completed accurately. Chicago bankruptcy attorneys understand how to fill out the Request for Mortgage Assistance Form and related IRS paperwork in Illinois. In addition, Chicago bankruptcy lawyers can help homeowners determine which mortgage loan modifications are best suited to their financial situations.

MetroWest Building in Naperville Facing Foreclosure

The owner of the Helmut Jahn-designed building missed paying off a $23.5 million loan that came due on May 1. The building is controlled by a joint venture led by General Investment and Development Cos. Occupancy has dropped by at last one third since the company purchased the building in 2006.

An affiliate of Allstate Life Insurance Co. filed the foreclosure complaint on May 16 in DuPage County Circuit Court. The filing in court means that no foreclosure help is forthcoming for General Investment.

The 10-story building, which resembles the letter N, was built in 1986 and is visible from the East-West Tollway. Many feel that the building is an unofficial insignia for the city of Naperville.

The most notable tenant departure is from Minneapolis developer Ryan Cos, who once leased an entire floor at MetroWest. The company moved in November 2010 to a building it developed for Delta Dental of Illinois. Bus operator Laidlaw Transit Inc. and Veolia Water North America Operating Services Inc. have also left.

Currently the building is 30% vacant, according to real estate data provider CoStar Group Inc. The largest remaining tenant in MetroWest is Dun and Bradstreet, who leases approximately 26 percent of the building.

The suburban office market is suffering from high unemployment rates, prompting tenants to downsize office space. Other tenants move to other buildings that offer low rents. The trickle down effect is causing landlords to struggle with making monthly loan payments or refinance loans when they mature.

If you are seeking legal assistance with a short sale or foreclosure, contact a Chicago short sale attorney to help with your situation.

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