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.

50-year-old Evergreen Plaza Losing its Vibrancy, Faces Foreclosure

A lender filed a foreclosure suit against Evergreen Plaza and placed its $20 million loan up for sale. The suit is an attempt to end a long-running loan dispute with the owner of the mall.

Real estate firm CB Richard Ellis Inc. is marketing the past-due loan on the mall, which is located at 9500 S. Western Ave. in Evergreen Park. The current owners started to miss mortgage payments in 2009.

CB Richard Ellis is marketing the 30.2-acre site for redevelopment. The center is now simply called the Plaza and is 62% leased. There are four tenants with leases that run past 2014, including Carson Pirie Scott & Co.

The partners that own the mall proposed redeveloping one end of the property into a 220,000 square-foot open-air shopping center with big-box retailers as part of loan restructuring. However, the proposal has been rejected by Helios AMC, which is handling the loan for investors. The loan was purchased to be part of a pool of commercial mortgage-backed securities. At this time, no foreclosure help is forthcoming.

The partnership is hoping to team up with an investor to buy the note and fund the redevelopment project.

Arthur Rubloff developed Evergreen Plaza in 1952 as an outdoor mall. It became one of the first regional malls in the country after he enclosed it in the 1960’s.

Benjamin Brand Services – Chicago foreclosure lawyer

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