Madigan Should Not Settle Until Robo-Signing Really Ends, County Recorder Says

Winnebago County Recorder Nancy McPherson is one of a dozen county recorders collecting evidence of mortgage document fraud for Illinois Attorney General Lisa Madigan, and she told the Rockford Register Star in a story published on November 15, 2011, that she believes she has found evidence that “robo-signing” is still rampant in the Rock River Valley area. McPherson’s office found hundreds of apparent forgeries in a small sample of foreclosure document and she told the Register Star that she has noticed a greater number of mortgage modification documents. “We’re telling the attorney general not to settle. They haven’t fixed the problem yet,” McPherson said.

The settlement to which McPherson is referring is the rumored agreement the banks have been working with the federal government and 50 state attorneys general on for months. The New York Times reported in October that a possible settlement as high as $25 billion could give $1,500 to any borrower who lost a home to foreclosure since September 2008. That amount, however, is seen as being too generous for those whose foreclosure was done properly, and an insult to the wrongfully evicted.

As our colleagues at the Northwest Chicago bankruptcy firm of U.S. Law Attorneys, Ltd. noted when discussing robo-signing last month, “anyone who thinks they are a victim of such illegal practices have competent and experienced foreclosure attorneys representing their interests.” There is no telling when a settlement will be reached in regards to the robo-signing scandal or who exactly will benefit, but it appears that after a brief slowdown, more homeowners will soon begin looking for foreclosure help .

Would you be satisfied with a $25 billion settlement in this case? Or do you agree with McPherson that the state attorneys general should be holding out until the problem is fixed? Share your thoughts with our Chicago bankruptcy attorney.

Benjamin Brand Services – Chicago bankruptcy lawyer

With Copays Rising, Is Bankruptcy Your Best Medicine?

One of the most common reasons homeowners are finding themselves needing foreclosure help is the cost of medical bills. People already struggling through hard times to pay for medication may have to struggle a little more, as the Associate Press reported on November 16, 2011, that a report from Avalare Health found that copays for preferred brand-name drugs would increase by 40 percent on average next year. Non-preferred brands will average nearly 30 percent more.

However, the AP said that copays for generics will remain stable for preferred drugs, and go down for non-preferred. The annual open enrollment period for senior citizens to change their Medicare prescription plan ends December 7. The AP said monthly premiums for Medicare drug plans are expected to average about the same next year.

On November 3, 2011, the Free Republic reported that the American Journal of Medicine said medical bills are a factor in more than 60 percent of the personal bankruptcies in the United States. Furthermore, approximately 75 percent of bankruptcies that were caused by medical bills involved individuals that actually did have health insurance.

If past medical bills or the rising costs of medication are making it difficult to pay your mortgage, you should know that our Chicago bankruptcy attorney can help you consolidate, reorganize or even eliminate your debt through a Chapter 7 or Chapter 13 bankruptcy.

Benjamin Brand Services – Chicago bankruptcy lawyer

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